Some of the major market players operating in the medical tourism industry are Apollo Hospital Enterprise Limited, Fortis Healthcare Limited, Asklepios Kliniken GmbH & Co. KGaA and Max Healthcare.
SELBYVILLE, Del., Aug. 24, 2022 /PRNewswire/ — The medical tourism market value is likely to cross USD 107 billion by 2030, according to a new research report by Global Market Insights Inc.
Growing knowledge regarding the advantages of medical tourism among patients is cited as the primary factor affecting the market expansion. Medical tourism is becoming more and more popular, as commercial, and public healthcare facilities launch various campaigns to promote the same. For instance, the Indian Government has recently launched the ‘Heal in India’ campaign with the aim of helping those who wish to avail AYUSH therapies conveniently. The campaign entails setting up specialized desks at ten airports, along with a bilingual portal and easy-to-navigate visa requirements.
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One of the main drivers influencing the expansion of the medical tourism market in developing countries is the high expense of medical treatment procedures in wealthy nations across North America, and Europe. Challenges associated with obtaining health insurance in these nations also act as a chief driver for the industry. To promote the expansion of the medical tourism industry, the governments of economies like Thailand, India, and Singapore rent out facilities at discounted rates and supply incentives to potential visitors and service providers.
A few specialized medical treatments are only available in selected countries leading to a long waiting period which can cause treatment to be delayed and be potentially dangerous for patients. As per the report, this is a major restraining factor for the medical tourism industry growth. Organ transplantation procedures necessitate precise organ matching, and the recipient must wait longer for a matching donor to be found. Furthermore, delays in obtaining suitable visas and political instability are significant factors that may hinder the industry expansion.
Browse key industry insights spread across 135 pages with 139 market data tables & 12 figures & charts from the report, “Medical Tourism Market Analysis By Application (Cardiovascular Surgery, Cosmetic Surgery {Hair Transplant, Breast Augmentation}, Dental Surgery, Orthopedic Surgery, Bariatric Surgery, Fertility Treatment, Oncology Treatment), Industry Analysis Report, Regional Outlook, Covid-19 Impact Analysis, Growth Potential, Competitive Market Share & Forecast, 2022 – 2030” in detail along with the table of contents:
Popularity of minimally invasive technology to drive orthopedic surgery segment
Orthopedic surgery segment held over USD 2.6 Billion in 2021 and is expected to grow significantly during the forecast period. The growth can be credited to the increasing frequency of orthopedic illnesses and lower cost of medical care in growing economies. The introduction of minimally invasive technology, especially in knee and hip arthroscopy, along with improvised regional block anesthesia that enables comfort in orthopedic surgical procedures, is also expected to drive the segment expansion through 2030.
APAC to emerge as a pivotal revenue pocket by 2030
Asia Pacific medical tourism market is anticipated to register substantial growth during the forecast period. The growth can be credited to the increase in the number of people visiting developing nations in the region, such as India, Thailand, Malaysia, and Singapore, for medical treatments. These nations are consistently taking efforts to draw a majority of overseas patients for various medical procedures. LATAM will be another key investment avenue for market players. As per the report, the Latin America market size is anticipated to grow at a CAGR of 20.4% through 2030. The improving economic position of Latin American countries and rising government expenditure on advancing healthcare facilities will boost the LATAM market expansion.
Capacity expansions to define the competitive spectrum
Some of the major industry players operating in the medical tourism market include Apollo Hospital Enterprise Limited, Fortis Healthcare Limited, KPJ Healthcare Berhad, Manipal Hospital, Mount Elizbeth Hospitals, Narayana Health, and Raffles Medical Group.
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SOURCE Global Market Insights Inc.