Medical Tourism Market by Treatment Type and Geography – Global Industry Analysis, Growth, Share, Size, Trends, and Forecast 2019 – 2026

The Global Medical Tourism Market is estimated to reach USD 205.9 billion by 2027. The market is set to grow at a CAGR of 20.5% during the forecast period 2020-2026, owing to factors like affordability and accessibility of good quality healthcare services, latest technologies, innovative medicines, health insurance portability, better hospitality and personalized care.

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Medical tourism is conducted by a patient at the time of receiving some form of medical facility, which takes place on national and international levels. For instance, a patient may choose elective surgery in a foreign land for its quality of healthcare service. At times, medical tourism encompasses emergency cases. From a market perspective, high investment by the private sector, consumer choice and adherence to quality standards are some of the factors favoring robust market development in the forecast span.

Medical Tourism Market Trends, Drivers and Opportunities:

The global growth is also witnessed as medical technology has reached its peak in terms of regulations which has given birth to many patterns of consumption of healthcare services in the recent decades. Increase in cross border movements in the pursuit of medical treatment. Medical tourism invites a range of manageable risks and opportunities for patients simultaneously. Fertility issues in married couples is highly prevalent which needs confidentiality and sensitiveness at the same time. A major reason being low-cost treatment and access to health services. In addition, internet technology has opened new horizons for medical industry and has resulted in a high development on national and international level with a lasting impact and outlaying potential.

Access to medical facilities, treatment of various chronic and acute diseases and best quality of healthcare services are some of major features in conducting a medical tour. As per the information in OECD, U.S. patients incur 50% cost of treatment resulting out of heart ailments if the treatment is carried in Asia Pacific. On the other hand, restraints such as travel difficulties, language barriers and lengthy VISA approval somehow confines the approach for medical tourism which in turn impedes the market growth throughout the forecast period.

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