New York, USA, Sept. 22, 2021 (GLOBE NEWSWIRE) -- As per the latest report published by Research Dive, the global medical tourism market is predicted to witness a significant rise in revenue from $58.62 billion in 2018 to over $149.34 billion by 2026 at a stable CAGR of 12.4% from 2019-2026.
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Growth:Medical tourism has been a fast growing market due to the multitude of benefits that it provides. A majority of the countries have experienced a noticeable increase in the financial benefits that they’re able to avail. To add further, most of the prices for the treatments available rely on the growth of the economy as a result of which people can benefit from the below average pricing as well. Additionally, various countries have been seeing many hospitals coming up that have also ensured lower treatment costs. These factors are set to further propel the growth of the market.
Restraints: One of the prominent drawbacks of medical tourism is the cost of treatment that is stated to patients at private hospitals. Also, the patients who do not have valid insurance could face issues due to the insurance policies of the country they’re seeking treatments in. Most insurance companies do not agree to reimburse the insurance amounts for travel expenses as well due to which the market may face hindrances in its growth in the analysis period.
Opportunities: Increasing presence of hospitals in both developing and developed countries is expected to contribute to the growth of the global medical tourism market during the analysis period.
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Segmental Analysis
The report is further categorized into segments namely, service type and region.
Cosmetics Sub-segment Predicted to Dominate the Market
By service type, the cosmetic sub-segment accounted for a revenue of $12,603.8 million in 2018 and is expected to dominate the market with a rise in CAGR of 11.9% during the forecast period. Physical appearance is one of the top priorities of people as it helps boost the confidence while also to improve one’s self esteem. The medical tourism market contains a list of destinations that are known for their quality cosmetic surgery treatments. They help in enhancing certain features of a person, a trend that is predicted to further propel the growth of the sub-segment.
Asia Pacific Region Expected to Gain the Highest Market Share
The Asia-Pacific region is held a market share of 37% in 2018 and garnered revenue of $21,690.2 million. It is predicted to rise further at a CAGR of 12.2% in the analysis period. The market provides quality treatments that are also cost effective and are not bound by excessive government policies.\
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Key Players of the Market
The report also provides a list of key market players of the global medical tourism market. They are as given below:
- Bumrungrad International Hospital
- Apollo Hospitals Enterprise Ltd.,
- Asklepios Kliniken GmbH
- Asian Heart Institute
- Aditya Birla Memorial Hospital
- Fortis Healthcare
- KPJ Healthcare Berhad
- NTT Medical Centre
- UZ Leuven
- Prince Court Medical Centre
The report also provides an overview of 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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