Medical Tourism Market Value to Hit $30 Billion by 2025: Global Market Insights, Inc.
Latin American medical tourism market is poised to achieve over 7% CAGR from 2019 to 2025, impelled by various measures undertaken by the governments of developing countries such as Mexico and Colombia to improve healthcare infrastructure.
Sep 13, 2019, 04:00 ET
SELBYVILLE, Del., Sept. 13, 2019 /PRNewswire/ -- Thailand medical tourism market is estimated to exceed USD 500 million by 2025. High growth is attributable to its unique hospitality and internationally accredited hospitals. Increasing healthcare expenditure coupled with the presence of state-of-art technology will positively impact the industry growth in the country. Thailand is known for advanced dental surgery as well as dermatologic and cosmetics procedure. Furthermore, quality healthcare at an affordable price will assist industry growth over the forthcoming years.
Indian market presents a profitable growth opportunity at 11.3%. The high growth rate is credited to the rising number of medical tourists availing various medical treatments. Development of healthcare infrastructure coupled with presence of technologically advanced techniques are few of the major factors driving business growth. Moreover, availability of high-quality medical treatment at significantly low cost compared to developed economies coupled with high success rate will boost medical travel in the country.
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Global Medical Tourism Market expected to cross USD 30 billion by 2025; according to a new research study published by Global Market Insights, Inc. High cost of medical procedures in developed regions will increase the preference for treatment in developing countries, thereby stimulating the global medical tourism industry in the coming years. Availability of comprehensive healthcare solutions and presence of revolutionary technology in developing regions at low cost will make it an attractive destination for medical tourists. For instance, a majority of Americans prefer Brazil, Thailand and other developing countries for cosmetic surgery and cardiovascular treatment due to affordable healthcare.
Increasing government initiatives and policies to spread awareness regarding medical tourism will escalate market growth during the forecast timeframe. For instance, the Medical Tourism Association is the first international non-profit association for medical tourism and global healthcare. The association aims to raise awareness amongst the general public regarding a high level of quality healthcare options available in various countries. Moreover, various countries have their own governing authorities that ensure the quality of treatment procedures to safeguard medical tourists' health, thus favoring business growth.
Furthermore, comfortable and inexpensive international travel and raising awareness amongst the patients will positively impact the medical tourism market in the upcoming years. For instance, various hospitals and government associations are effortlessly promoting medical tourism and the merits associated with it.
Browse key industry insights spread across 126 pages with 128 market data tables & 6 figures & charts from the report, "Medical Tourism Market Size By Application (Cardiovascular Surgery, Cosmetic Surgery {Hair Transplant, Breast Augmentation}, Dental Surgery, Orthopedic Surgery, Bariatric Surgery, Fertility Treatment, Oncology Treatment) Industry Analysis Report, Regional Outlook (U.S., Canada, Germany, France, Spain, Italy, Turkey, Poland, India, Thailand, Singapore, Malaysia, Mexico, Colombia, Costa Rica, UAE, South Africa), Application Potential, Competitive Market Share & Forecast, 2019 - 2025" in detail along with the table of contents:
https://www.gminsights.com/industry-analysis/medical-tourism-market
However, the absence of organized healthcare structure that may lead to improper diagnosis and treatment will impede the global medical tourism market over the projected timeframe.
Cosmetic surgery is anticipated to show a substantial growth rate of 6.4% during the forecast timeframe due to the high costs of surgeries in developing economies. Availability of technologically advanced and minimally invasive surgical procedures for aesthetic purposes will drive market growth in developing economies such as Turkey and Mexico in the future. Additionally, as the influence of aesthetics is growing among people, the demand for cosmetic surgeries is increasing across the world that will further assist the segmental growth in the coming years.
Prominent industry players in medical tourism market include KPJ Healthcare Berhad, Manipal Hospitals, Mount Elizabeth Hospitals, Narayana Health, Raffles Medical Group, Max Healthcare. The industry players focus on expanding its market foothold by opening new establishments, acquisitions and mergers, and collaborations. For instance, in January 2018, Narayana Health acquired Health City Cayman Islands (HCCI). The acquisition helped Narayan Health to expand its geographical presence overseas.
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Medical Tourism Market Statistics to 2025
The world medical tourism industry is anticipated to secure significant 6.5%+ CAGR up to 2025, driven by high costs of medical procedures in developed countries.
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SOURCE Global Market Insights, Inc.
