The Global Medical Tourism Market was worth USD 19.7 billion in 2016 and estimated to be growing at a CAGR of 18.8%, to reach USD 46.6 billion by 2021.
Medical tourism is defined as to travel across countries with the reason for benefiting medical treatment of some form, which might not be accessible in the travelers' nation of origin. This treatment may incorporate a wide cluster of therapeutic services.
However, the most frequently profited services includes dental care, elective surgery, fertility treatment, and cosmetic surgery. Developed nations like the U.S., Germany, UK, Japan, Canada, and France offers highly advanced treatments.So, patients used to travel to such destinations when the quality care is not available in the local environment.
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High treatment costs and long waiting time’s circumstances for medical procedures, advancements in technology, and development of market are the major factors driving the growth of the market. Stringent documentation forms, issues related with visa endorsement, and limited protection scope are the restraining the growth of the market.
Developing countries with evolving innovation and technology is fueling the market.
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The Global Medical Tourism Market is broadly segmented into type of treatment. On the basis of the type of treatment, the market is further segmented into Orthopedic Treatment, Cardiovascular Treatment, Dental Treatment Fertility Treatment, Cosmetic Treatment, Neurological Treatment, Cancer Treatment, and Others.
On the basis of geography, the global market is analyzed under various regions namely North America, Europe, Asia-Pacific, Latin America, Middle East and Africa. Cosmetic treatment holds the largest share, because cosmetic treatment is not covered under insurance.
Leading healthcare players contributing to the global medical tourism market include Min-Sheng General Hospital, Apollo Hospitals Enterprise Limited, Samitivej Sukhumvit, Fortis Healthcare Ltd., Asian Heart Institute, Prince Court Medical Center, Bangkok Hospital Medical Center, KPJ Healthcare Berhad, Raffles Medical Group, and Bumrungrad International Hospital.
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