The Medical Tourism Market is Expected to Show a CAGR of

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NEW YORK, Feb. 22 2022 (GLOBE NEWSWIRE) — According to the latest industry analysis from Persistence Market Research, the global medical tourism market was rated at $162.7 billion in 2020and should show a CAGR of 10.2% more the forecast period (2021-2031).

Accessibility and affordability of high-quality health care facilities, portability of health insurance, support of local governments and tourism departments, and increased advertising and marketing strategies related to medical tourism are key factors driving the growth of the market. Furthermore, the availability of advanced medical technologies in medical tourism destinations also complements the expansion of the market.

Asian countries accounted for the largest market share owing to their excellent healthcare facilities at relatively low cost of treatment, availability of cheap flights, and increased marketing and online information about the availability of medical services .

Given the consolidation activities in the health tourism industry, collaborations have emerged as a winning strategy for key players. Major players are bolstering their services through partnerships and addressing key and emerging markets.

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  • For example, in January 2021, Changi General Hospital and Shimadzu (Asia-Pacific) jointly launched a center to carry out clinical tests and research based on mass spectrometry for personalized treatment.
  • In February 2021, Apollo Hospitals partnered with Anatomiz3D Medtech to establish hospital 3D printing labs across India.

Key insights from market research

  • Cancer treatment should win 74.1 billion in revenue by 2031 at a CAGR of 9.1%.
  • By age group, the adult segment accounted for the highest 45% share in 2021. The segment has witnessed strong growth due to growing awareness among adults for a healthy lifestyle.
  • Among the applications, therapeutic services have gained popularity 53% market shareand the segment is expected to dominate throughout the forecast period at a growth rate of 9.4%.
  • Based on travelersgroup travelers hold the highest revenue share of 54% at growth rate of 9.3%.
  • North America accounted for the largest share in global medical tourism market in 2020and a similar trend is expected to continue over the forecast years.

“Higher cost of treatment in developed countries is a key factor that is expected to drive demand for medical tourism in other regions over the next few years,” says an analyst at Persistence Market Research.

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Market competition

Major service providers continue to rely on acquisitions, collaborations, alliances and product launches to gain significant revenue shares in the medical tourism market. As such, access to safe and effective treatment will remain a key aspect of succeeding in this competitive market.

What does the report cover?

Persistence Market Research offers a unique perspective and actionable insights into the global medical tourism market in its latest study, presenting a historical demand assessment from 2016 to 2020 and projections for 2021 to 2031.

The research study is based on treatment (dental treatment, aesthetic treatment, cardiovascular treatment, orthopedic treatment, neurological treatment, cancer treatment, fertility treatment and others), age group (children, adolescents, adults and geriatrics ), application (wellness and therapeutic services), and traveler (independent travelers and group travelers), in seven key regions of the world.

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