New York, USA, Feb. 24, 2020 (GLOBE NEWSWIRE) -- According Research Dive - Market Specialist Assessment on medical tourism market insights stating that, global market is estimated to garner $149,345.6 million by 2016 from $58,622.2 million by 2018 at a CAGR of 12.4% during the forecast period, 2019-2026. The report provides a definition of the market, segment analysis, inclusions and exclusions, its primary characteristics and differentiators, and sheds light on the various aspects of the competition the market has been going through. The report also includes an overview of the market size, different segments of the market, scope, trends and opportunities.
The report offers an overview of the global medical tourism market with a concise outline of its key segments. The research report divides the market based on service type and geographic scope. Based on service type, the report divides the market into fertility treatment, cancer treatment, neurological treatment, orthopedic treatment, cardiovascular treatment, cosmetic treatment, dental treatment, and others.
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Major growth drivers
Medical tourism is expected to be a multi-dollar billion market and is predicted to grow considerably in the next decade. Many countries across the globe can see the financial benefits from the emerging market so that they can offer premium medical services at a substandard price, as these prices are directly related to their economic growth.
Due to this the emergence of several hospitals in developing nation has largely contributed to provide the treatment at a lower cost which makes the patient travel across to get their treatment done at a reasonable price. Advanced medicine techniques and highly qualified doctor available at a reasonable price attracts the patients from all over the world.
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Restraining Factors
Lengthy reimbursement of insurance and difficulties associated with the accessories and visa is considered to be the biggest restrains for the market. The patient who have insured themselves even face a lot of problems in related to their insurance policies and with regards to their reimbursement as many insurance companies refuses to cover the patient’s insurance for going abroad and getting them treated. In addition, patients also face the difficulties which are associated with the language barrier, documentation and visa approval issues considered to be the biggest restrains for the medical tourism market.
Cancer Treatment segment is going to witness highest growth rate
Cancer treatment is predicted to have the fastest growth rate in the forecast period. Cancer treatment in medical tourism market share was $2,638.0 million in 2018 and is predicted to grow at a CAGR of 14.2% during the forecast period.
Asia-Pacific is to reign the market during the forecast period
Asia pacific accounted for the highest market share of 37% in 2018. Asia-Pacific region was $21,690.2 million in 2018 and is predicted to grow at a CAGR of 12.2% in the forecast period. Due to the considerable price, advanced level of treatment and machinery, tourism friendly across the countries and lesser government policies towards the tourism is considered to be major driving factor for the region.
Leading players of the market
The key players of the medical tourism market include Bumrungrad International Hospital, Fortis Healthcare, Apollo Hospitals Enterprise Ltd., KPJ Healthcare Berhad, Asklepios Kliniken GmbH, NTT Medical Centre, Asian Heart Institute, UZ Leuven, Aditya Birla Memorial hospital, and Prince Court Medical Centre among others.