According to the recent research report published by Transparency Market Research, the competitive landscape of the global medical tourism market is a highly consolidated one. This consolidation the vendor landscape is due to the fact that there are only a few notable companies operating in the entire market space. The leading companies in the global market for medical tourism are primarily concentrated on the developing different programs that can be highly attractive for patients coming in from different regions.
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Companies in Global Market Thinking to Expand their Services
In order to achieve this objective, the established companies in the global medical tourism market are now working towards expansion of their services. They are doing so either with the help of strategic partnerships, alliances, or tie-ups with small medical facilities or by simply marching independently in the market. With these expansive activities of their services, these notable brands in the global market are now trying to develop a state of the art infrastructure for providing high quality healthcare solutions and services at relatively cost efficient prices.
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Some of the key companies operating in the global medical tourism market are KPJ Healthcare Berhad, Mount Elizabeth Hospital, Apollo Hospitals Enterprises, Bumrungrad International Hospital, and Asklepios Kiniken GmbH among others.
As per the findings of the research report published by Transparency Market Research, the global market for medical tourism is expected to witness a mammoth CAGR of 14.9% over the course of the given period of forecast ranging from 2017 to 2025. With such massive rate of development, the valuation of the global market is expected to reach worth US$160.8 Bn by the fall of 2025. Initially, the valuation of the medical tourism market was around US$46.46 Bn in 2016.
In terms of medical treatment, the orthopedic medical surgery segment is projected emerge as the most prominent one in the global market. The segment is expected to account for the largest share of the global market in the coming years of the forecast period. Growing participation in sports and physical activities that may cause injuries and trauma is the key factor for the development of the segment. In addition to this, growing geriatric population across the world is also expected to play an important role in driving the growth of the segment, and ultimately that of the market in the near future.
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Cost Efficiency and Better Services Key for Market Growth
The concept of medical tourism has come into the picture due to the availability of highly cost efficient medical treatments across different parts of the globe. People tend to visit specialists and experts in different countries rather than those available in their locality or nation as it is more pocket friendly. In addition to this, the companies operating in the market are now offering highly lucrative packages and offers in order to attract more consumers. This too is expected to drive the growth of the global medical tourism market.
There are five major regions of the global medical tourism market. These regional segments are North America, Asia Pacific, Middle East and Africa, Latin America, and Europe. Of these, the global market is expected to be dominated the regional segment of Asia Pacific in the coming years of the forecast period. The availability of highly modern and cost efficient healthcare services is one of the key reasons behind the emergence of Asia Pacific region, South Asia in particular, as the key hub for medical tourism market.
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