New York, USA, Sept. 14, 2021 (GLOBE NEWSWIRE) -- According to the report published by Research Dive, the global medical tourism market is expected to generate a revenue of $142.2 billion by 2026, exponentially growing at a CAGR of 11.7% during the forecast period (2019-2026). The comprehensive report provides a brief overview of the current scenario of the market, including other aspects such as dynamics of the market, growth and restraining factors, challenges, and opportunities during the forecast period. The report also offers the market figures, which makes it easier and more beneficial for the new participants to understand the real-time scenario of the market.
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Factors Impacting the CAGR Figures Pre and Post COVID-19 Outbreak
The report reveals the real-time CAGR registered by the market during the pandemic. According to the report, the market is estimated to grow at a CAGR of 11.7% during the forecast period, while it was estimated to be 12.4% in the pre-pandemic scenario. This is majorly due to the lockdowns prevalent in various countries across the globe which resulted in the closure of border of countries during the pandemic so as to curb the spread of the virus. Moreover, shortage of manpower in various clinics is further expected to impede the growth of the market during the forecast period.
Factors Impacting the Market Size Due to COVID-19 Pandemic
According to the report, the real-time market size of medical tourism has been witnessing a significant downfall compared to the pre-pandemic estimations. The real-time market size reached a revenue of $44.2 billion in 2020, while it was anticipated to be $73.7 billion in an evaluation before the advent of the novel coronavirus.
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Long distance of travel, language barriers, and risk of safety are expected to restrain the growth of the market during the forecast period. Furthermore, numerous complications like healing problem, infections, and severe pain after surgery in other countries are further expected to hamper the growth of the global medical tourism market during the forecast period.
Post-Pandemic Insight
As per the report, the global medical tourism market is expected to recover by 1st/2nd quarter of 2022. However, eased travel restrictions and increased tourism around the world is expected to drive the growth of the market during the forecast period. Furthermore, increasing investments done by various countries to set up an efficient medical tourism facility is expected to create enormous opportunities for the growth of the market during the forecast period.
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Key Players of the Market
The major players of the market include
- Bangkok Hospital
- Prince Court Medical Centre
- Shouldice Hospital
- Gleneagles Global Hospitals Group
- Anadolu medical Centre
- Clemenceau Medical Centre
and many more. These players are emphasizing on the research and development, merger and acquisition, and other strategies to restore the market growth in the upcoming years.
For instance, in November 2018, Hospals, a medical tourism startup, has raised $1.5 million in funding from Spiral Ventures and Venture Catalysts (VCats), investment management firms, in order to streamline their processes and provide an enhanced experience for international patients.
The report also summarizes many important aspects including financial performance of the key players, SWOT analysis, product portfolio, and latest strategic developments.
In Addition, the report having some numorus point about the leading Business Manufactures, Like, SWOT analysis, Product Portfolio, Finanical Status - Inquire to Get access for Detailed Top Companies Development Strategy Report
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