According to a new report published by Research Dive, the global medical tourism market is predicted to harvest a revenue of $142.2 billion by 2026, at a CAGR of 11.7% in the forecast time from 2019 to 2026.
The world is facing a surprising change and many of the industries are experiencing thought provoking situation due to the COVID-19 pandemic. The COVID-19 outbreak has negatively impacted the medical tourism market. People around the world are seeking better quality healthcare facilities at optimized rate. In addition, people tend to take medical tourism due to the accessibility of medication in other countries.
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For instance, in U.S. or U.K. people have to wait for long time to undergo medical treatment due to deny of approval by healthcare regulating authorities. But in medical tourism, people tend to get priority and gets treatment in less time. These are the factors responsible for the growth of the market in the forecast period. During this coronavirus crisis situation, we are helping our clients in understanding the impact of COVID-19 on the global medical tourism market.
Our report includes:
- Technological Impact
- Social Impact
- Investment Opportunity Analysis
- Pre- & Post-COVID Market Scenario
- Infrastructure Analysis
- Supply Side & Demand Side Impact
The global medical tourism market is segmented on the basis of treatment type and region. The report provides detailed information about drivers, opportunities, restraints, segmental analysis and competitive players of the market. As per our analysts, growing interest among people for better quality healthcare treatment and rising technology advancements for treatment without facing complications are fueling the market growth in the forecast period. However, language barrier, quality of staff members, and risk associated to travel after surgery are the factors restraining the market growth in the forecast period.
Cancer Treatment Type has Dominant Market Share
Based on treatment type, the global medical tourism market is fragmented into dental, cosmetic, cardiovascular, orthopedic, neurological, cancer, fertility, and others. Among these, cancer treatment type dominated the market shares in the year 2018 and is expected to register a revenue of $7.3 billion in 2026 with a CAGR of 13.4%. Cancer is the most life-threatening disease when contrasted with other diseases. Many countries such as Europe, Asia-Pacific, and Americas have top-class oncologist and latest technology for the cancer treatment. For instance, Quironsalud clinic located in Spain has best cancer treatment in the European region. This factor has dominated the market share of cancer treatment in the forecast period.
Regional Outlook and Major Market Players
Global medical tourism market is analyzed across North America, Europe, Asia-Pacific, and LAMEA. Europe region has dominated the global market share and is estimated to reach up to $32.3 billion till 2026 with a CAGR of 12.1%. This dominance is attributed due to the presence of top-class healthcare facilities in the European countries such as France, Spain, and Italy. For instance, in 2014 European government initiated to allow people for treatment in the parts of Europe. Thus other European countries such as Romania, Poland, and The Czech Republic have gained popularity for medical tourism.
The most prominent players in the global medical tourism market are Shouldice Hospital, Bangkok Hospital, Prince Court Medical Centre, Gleneagles Global Hospitals Group, Anadolu medical Centre, Clemenceau Medical Centre, and other.
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