the Medical tourism market is likely to grow significantly over the next decade. With the IoT in the picture, complex medical equipment could be monitored, that too, all at once and under one umbrella. Thus, costly downtime could be avoided and predictive maintenance could be encouraged. Additionally, increased spending could be facilitated for disposable items like syringes, gloves, and masks.
According to the latest industry analysis from Persistence Market Research, the medical tourism market was rated at US$162.7 billion in 2020, and should present a 10.2% CAGR over 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 .
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Considering the consolidation activities in the health tourism industry, collaborations have emerged as a winning strategy by major players. Major players are bolstering their services through partnerships and addressing key and emerging markets.
- 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.
- Penang Adventist Hospital
- Twin Towers Medical Center
- Jantung Negara Institute National Institute of Cardiology
- Max Superspecialty Hospital
- Fortis Health
- Apollo Hospital
- Morula IVF
- Mother-child hospital
- Bundamedik Health System
- Bali Mandara Hospital
- Bali Royal Hospital
- BIMC Siloe Nusa
- Love the mother of Kedonganan Hospital
- Love Tabanan Hospital Mo
- Singapore General Hospital
- Changi General Hospital
- Singapore Johns Hopkins International Medical Center
- Tan Tock Seng Hospital
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Key insights from market research
- Cancer treatment is expected to generate $74.1 billion in revenue by 2031 at a CAGR of 9.1%.
- On the basis of age group, the adult segment accounted for the highest share of 45% in 2021. The segment has witnessed strong growth owing to growing adult awareness of healthy lifestyle.
- Among the applications, therapeutic services have gained popularity, accounting for 53% market share, and the segment is expected to dominate throughout the forecast period with a growth rate of 9.4%.
- On a traveler basis, group travelers hold the highest revenue share of 54% at a growth rate of 9.3%.
- North America accounted for the largest share of the global medical tourism market in 2020, and a similar trend is expected to continue over the forecast years.
“The higher cost of treatment in developed countries is a key factor that is expected to drive demand for medical tourism in other regions in the coming years,” says an analyst from Persistence Market Research.
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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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