Medical Tourism expected to Reach $165,345 Million by 2023
Allied Market Research recently published a new research on Medical Tourism whose title is Medical Tourism Market by Treatment Type – Global Opportunity Analysis and Industry Forecast, 2017-2023
The research shows that a major increase is expected between 2016 and 2023. Global Medical Tourism Market, valued at $61,172 million in 2016, is estimated to reach at $165,345 million by 2023.
Medical tourism is the process of traveling across international borders to find medical treatments outside the travelers’ home country. Usually the most frequently researched services concern cancer treatment, orthopedic treatment, neurological disease treatment, elective surgery, fertility treatment. And this is why Allied Market Research focuses in particular on these specialties. The research is also segmented based on treatment type and geography across North America, Europe, Asia-Pacific, and LAMEA.
The reason for traveling abroad to find a medical treatment depends on affordability and accessibility of good quality healthcare services and on the availability of state-of-the-art medical technologies.
Other factors may influence this growth such as health insurance portability, rise in marketing activities of medical facilities, but also the increase in incidence of cancer and other serious disease. There are also many issues that could slow market growth such as insurance companies and cross border travel costs, language barriers and VISA approval issues.
Nevertheless, cancer treatments (that accounted about one-third of the market in 2016) and neurological disorders treatments are most likely the segments that will lead the market growth in the next years.
By geography, in 2016 the market was led by North America and Asia-Pacific that accounted for 63.6% of the overall medical tourism market. But Asia-Pacific is the fastest growing region followed by LAMEA thanks to the increase in success rates and the fair price range. Accessibility and availability of healthcare facilities and an increase in healthcare and research expenditure are other important factors that will determine a rapid market growth in this area, also due to its economic development. Thailand and Singapore are the major shareholders in this area.
This report offers a detailed quantitative analysis of the market trends from 2016 to 2023 and provides extensive competitive analysis and profiles of key market players, such as Apollo Hospitals Enterprise Limited, Fortis Healthcare Ltd., Asian Heart Institute and Research Centre Private Limited, KPJ Healthcare Berhad, NTT Medical Center Tokyo, Seoul National University Hospital, UZ Leuven (University Hospitals Leuven), Infectious Diseases Partners Pte. Ltd., Aditya Birla Memorial Hospital, Barbados Fertility Centre, Prince Court Medical Centre, and Samitivej Public Company Limited.
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