Medical Tourism Market: Trends, Growth & Size Forecast (2025-2033) | UnivDatos

According to UnivDatos’ research report “Medical Tourism Market Analysis, 2020”, the Global Medical Tourism market is projected to grow at a CAGR of XX% during 2021-24F. The advanced facilities, skilled doctors, and low-cost treatment make countries an ideal destination for medical tourists. Moreover, the world-class hospital infrastructure, cost-effective treatment, and personalized care are some of the reasons for the fast growth of the medical tourism industry.

The global medical tourism market is witnessing an uptick on account of the rising prevalence of chronic disease owing to the adoption of a sedentary lifestyle, eating habits, and the need for economical and good treatment among end-users. As per Medical Tourism Statistics, around 14 million people in the world travel to other countries in search of medical care annually. It is an activity worth between 50 and 70 thousand million dollars.

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The key factors attributed to the growth of the market are the availability of additional benefits including better healthcare, latest technologies, innovative medicines, modern devices, better hospitality, and personalized care are accelerating the growth of the medical tourism market. Medical tourists travel from high-income countries to middle and low-income countries seeking health care at a lower price. However, with a growing wealthy class in developing countries and increased access to the Internet, more citizens from around the world are traveling to the United States to receive quality health care and advanced treatments. the number of Chinese patients seeking care in the U.S. has increased more than 634% from 2004 to 2019.

Based on the Treatment Type, the Cancer treatment segment acquired the major market share and grabbed US$ XX Mn revenue from the global Medical Tourism market in 2020. The market share of the cancer treatment segment is proliferating on account emerging number of cancer patients. In 2020, around 19.3 million new cancer cases (18.1 million excluding nonmelanoma skin cancer) and almost 10.0 million cancer deaths (9.9 million excluding nonmelanoma skin cancer) happened.

The Asia Pacific to Grab Lion’s Share, But Europe to witness Explicit Growth

Based on the Region, the Asia-Pacific region dominated the global Medical Tourism market in 2020. The region grabbed US$ XX Mn from the global market. Moreover, the region is projected to maintain its dominance during the forecasted period 2021-24. However, the Europe region is expected to skyrocket with a CAGR of XX% in the forecast period owing, as stated in UnivDatos’ research report “Global Medical Tourism Market Analysis, 2020”. 

According to UnivDatos, the key players with a considerable market share in the global Medical Tourism market are Apollo Hospitals Enterprise Limited, Fortis Healthcare Limited, Asian Heart Institute, Kpj Healthcare Berhad, NTT Medical Center Tokyo, Seoul National University Hospital, Uz Leuven, Wooridul Spine Hospital, Aditya Birla Memorial Hospital and Barbados Fertility Center. The players are focused on launching new products for gaining customers' traction and expanding their geographical reach to get a competitive edge in the industry. Some of the instances are:

·       In 2021, Athina Global Health announced its partnership with Liberty International Tourism Group is launching its Global Medical Value Travel services. 

·       In 2021, the government of Lagos pledges to reverse medical tourism at the launch of Marcelle Ruth cancer Centre.

“Medical Tourism Market” provides comprehensive qualitative and quantitative insights on the industry potential, key factors impacting sales and purchase decisions, hotspots, and opportunities available for the Medical Tourism market across the Globe. Moreover, the report also encompasses the key strategic imperatives for success for competitors along with strategic factorial indexing measuring competitor's capabilities on 16 parameters. This will help companies in the formulation of Go to Market Strategies and identifying the blue ocean for its offerings.   

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Market Segmentation:

1.     By Treatment Type (Cancer Treatment, Orthopedic Treatment, Fertility Treatment, Cardiovascular Treatment, Neurological Treatment, and Others)

2.     By Region (North America, Europe, Asia-Pacific, Rest of the World)

3.     By Company (Apollo Hospitals Enterprise Limited, Fortis Healthcare Limited, Asian Heart Institute, Kpj Healthcare Berhad, NTT Medical Center Tokyo, Seoul National University Hospital, Uz Leuven, Wooridul Spine Hospital, Aditya Birla Memorial Hospital, and Barbados Fertility Center)

Key questions answered in the study:

1.     What are the current and future trends of the Global Medical Tourism industry?

2.     How the industry has been evolving in terms of end-user demand and application areas?

3.     How the competition has been shaping across the countries followed by their comparative factorial indexing?

4.     What are the key growth drivers and challenges for the Medical Tourism industry?

5.     What are the customer orientation, purchase behavior, and expectations from the Medical Tourism firms across various regions?

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