14-Sep-2021 | Zion Market Research
As per the findings of the Zion Market Research study, the global medical tourism market size accounted for $102.60 billion in 2019, and is projected to reach $272.70 billion by 2027, registering a CAGR of 12.7% from 2020 to 2027.
With the presence of a large pool of participants, the global medical tourism market is displaying a highly competitive business landscape, finds a new research report by Zion Market Research (ZMR). Fortis Healthcare, Bumrungrad Hospital Public Co. Ltd., Bangkok Dusit Medical Services, Asian Heart Institute, Prince Court General Hospital, KPJ Healthcare Berhad, Samitivej Sukhumvit, Spire Healthcare, Medanta, Min-Sheng General Hospital, IHH Healthcare Berhad, Raffles Medical Group and Apollo Hospitals Enterprise Limited are some of the key vendors of medical tourism across the world. These players across medical tourism market are focusing aggressively on innovation, as well as on including advanced technologies in their existing products. Over the coming years, they are also expected to take up partnerships and mergers and acquisitions as their key strategy for business development, states the medical tourism market study.
This review is based on a report by Zion Market Research, titled “Medical Tourism Market by Treatment Type (Cancer Treatment, Orthopedic Treatment, Fertility Treatment, Cardiovascular Treatment, Neurological Treatment, and Others): Global Industry Perspective, Comprehensive Analysis, and Forecast, 2020 - 2027.”- Report at https://www.zionmarketresearch.com/report/medical-tourism-market
Citing an instance, in July 2018, Israel government passed a bill regulating medical tourism activities in the country. Earlier, in 2012, UK introduced its first healthcare insurance plan refereed as Passport2Health on medical tourism. Reportedly, the plan provides diagnosis for patients at homes along with private treatment across Europe in the particular network of hospitals and rehabilitation centers in the UK.
Need For Minimizing Healthcare Costs & Long Waiting Queues To Spur Growth
“Medical tourism market is anticipated to rapidly gain traction over the coming years with a huge presence of healthcare service providers across the globe along with the need for reducing healthcare costs as well as long waiting lists,” says the author of this medical tourism market study. Apart from this, traveling ease and the low availability of alternatives for medical treatment are likely to create lucrative avenues for the medical tourism market over the next few years. In addition, massive awareness of the medical tourism concept among the people along with the availability of medical services of medical professionals at reasonable costs is likely to enhance the scope of the medical tourism market over the forecast period.
Presence Of Private Hospitals To Boost APAC’s Regional Dominance
Regionally, Asia Pacific has been leading the worldwide medical tourism market and is anticipated to continue in the dominant position in the years to come, states the medical tourism market study. Public healthcare reforms and the huge presence of private hospitals is the main factor behind the dominance of the Asia Pacific medical tourism market. The high number of market players headquartered in Asia Pacific is another significant factor that is supporting the growth of this regional medical tourism market.
The global medical tourism market is segmented as follows:
By Treatment Type
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