Medical Tourism Market to Set Phenomenal Growth by 2025
The competitive landscape of the global medical tourism market is a consolidated one. This consolidation of the global market is due to the presence of only of handful of notable players. The leading players in the global medical tourism market are mainly concentrated on the program development, which can be highly attractive for patients from different regions.
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Partnerships and Tie-ups Key for Leading Players
For achieving this objective, the leading players in the global market are working towards expanding their services, either with the help of tie-ups and partnerships with small medical facilities or simply going independent. With such expansion of their services, these leading players are trying to create state of the art infrastructure for delivering high quality healthcare services at highly cost effective prices.
Some of the notable companies operating in the global medical tourism market include names such as KPJ Healthcare Berhad, Mount Elizabeth Hospital, Apollo Hospitals Enterprises, Bumrungrad International Hospital, and Asklepios Kiniken GmbH among others.
According to the research report published by Transparency Market Research, the global medical tourism market is projected to exhibit a highly impressive CAGR of 14.9% for the given projection period of 2017 to 2025. With such high rate of growth, the global market is projected to reach a valuation worth US$160.8 bn by the fall of 2025. Initially, the global market was valued at US$46.46 bn back in 2016.
With respect to medical treatment, the segment of orthopedic medical surgery is expected to account for the biggest share in the global market. Increasing participation in sports activities and growing geriatric population across the globe are expected to push the development of the segment.
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Increasing Investments by Governments to Push Market Growth
In the west, the cost of medical expenses is extremely high. If some surgeries are not covered by the insurance, patients generally prefer to deter away from the procedure. This practice is not recommended as it puts the health of the patient at risk. Thus, to solve such problems patients generally travel to other cost-efficient countries in regions such as South Asia. Recently, economic growth and developments in the countries in the Asia Pacific region is one of the key reasons behind the modernization of the healthcare services. Moreover, such initiatives are backed by the governments by providing funds and investments. This too is expected to help in the development of the global medical tourism market.
There are five key regions that are important for the development of the global medical tourism market. These are North America, Latin America, Asia Pacific, Europe, and the Middle East and Africa. Of these regions, the global medical tourism market is expected to be dominated by the Asia Pacific segment. Developing medical infrastructure and cost-efficient services are helping to push the development of the regional segment.