Global Medical Tourism Market to Grow with a CAGR of 7.8% During the Forecast Pe

Posted by Nikita Manwar on October 9th, 2019

The Global Medical Tourism Market was valued at USD 75 Billion in 2018, and is expected to reach USD 137 Billion by 2026, growing at a CAGR of 7.9% during 2019–2026. The key factors boosting growth of the market are the increasing awareness among the population regarding global treatment, improved healthcare services and low procedural cost in the developing nations, increase in need for quality patient care, efficiency in solutions.

Furthermore, advancements in medication management and advanced clinical procedures with the use of advanced healthcare services in developing nations coupled with low procedural cost compared to developed nations have led to burgeoning market growth of Medical Tourism market.

Cardiovascular speciality segment is expected to dominate global Medical Tourism market during the forecast period. In 2018, more than half of the market share was held by Asia-Pacific. However, the highest growth rate is expected to be witnessed by the Dentalcare segment in speciality segment during the forecast period owing to increasing demand of healthy teeth.

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Technological and service advancements in hospitals and services in Medical Tourism industry and increasing awareness about the global treatment and cost effectiveness are likely to drive the growth of global Medical Tourism market in near future.

Hospitals uses comparative cost brochures of various countries for a particular treatment for patients, doing partnerships with various outsourced agents to launch healthcare service packages internationally. For example, All the multi-speciality hospitals in India have different packages according to the treatment for the foreign patients which attract the patients and increase the incidence of incoming foreign patients.—-GMI Research

Based on geography, Asia-Pacific held the largest share in the market in 2018 because of high technological advancement in the hospitals, increase in number of hospitals and surgical centers in the region and low procedural cost compared to other regions. In addition, there has been a rise in the number of people wanting technological services for the diagnosis and treatment but at a cheaper cost.

Key takeaways/key essentials:

  • In 2018, the Cardiovascular treatment type held more than half of the market share.
  • BB Health Solutions, Euro medical Tours, Raffles Media Group, Apollo Hospitals the leading players holding approximately around one third of the market share.
  • The Dental Care is anticipated to grow at the highest rate during the forecast period from 2019 to 2026.
  • APAC region occupied maximum revenue share in global Medical Tourism market in 2018.

Some of the key players operating in global Medical Tourism market include include BB Health Solutions, Euro medical Tours, Raffles Media Group, Apollo Hospitals, Health base, Medretreat, KPJ Healthcare Behard, Prince Court Medical Center, Cosmedic Travel and others.

The global Medical Tourism market has been segmented on the basis of speciality type, the market comprises of Cardiovascular Treatment, Orthopedic Treatment, Neurological Treatment, Cancer Treatment, Fertility Treatment, Cosmetic Surgery, Dental Care, Other Surgery.

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Nikita Manwar

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Nikita Manwar
Joined: September 10th, 2019
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