Sarasota, FL -- (SBWire) -- 04/08/2019 --According to the report, global medical tourism market was valued at approximately USD 15.5 billion in 2017 and is expected to generate revenue of around USD 28.0 billion by the end of 2024, growing at a CAGR of around 8.8% between 2018 and 2024.
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.
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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.
"Medical tourism market is anticipated to rapidly gain traction over the coming years with huge presence of healthcare service providers across the globe along with need for reducing healthcare costs as well as long waiting lists," says the author of this medical tourism market study. Apart from this, travelling ease and low availability of alternatives for medical treatment are likely to create lucrative avenues for medical tourism market over the next few years. In addition, massive awareness about the medical tourism concept among the people along with availability of medical service of medical professionals at reasonable costs is likely to enhance the scope of 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 on the dominant position in the years to come, states the medical tourism market study. Public healthcare reforms and 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 being headquartered in Asia Pacific is another significant factor that is supporting the growth of this regional medical tourism market.
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The global medical tourism market is segmented as follows:
By Treatment Type
Cancer Treatment
Orthopedic Treatment
Fertility Treatment
Cardiovascular Treatment
Neurological Treatment
Others
By Region
North America
The U.S.
Europe
UK
France
Germany
Asia Pacific
China
Japan
India
Latin America
Brazil
The Middle East and Africa
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Need for Minimizing Healthcare Costs & Long Waiting Queues to Spur Growth
Global medical tourism market expected to generate revenue of around USD 28.0 billion by the end of 2024, growing at a CAGR of around 8.8% between 2018 and 2024. Modern healthcare at affordable prices is offered to medical tourists in various countries at the different level of economic development