Medical tourism market to reach $ 273.72 billion by 2027

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Medical tourism

Rising healthcare costs, particularly in the United States, have prompted patients to seek affordable options in emerging markets such as India and Singapore

PORTLAND, OR, USA, Sep 15, 2021 /EINPresswire.com/ – According to a new report released by Allied Market Research, titled ‘Medical Tourism Market by Treatment Type: Analysis of Industry Opportunities and Forecast, 2019 -2027 ″, the global medical tourism market size was $ 104.68 billion in 2019 and is expected to reach $ 273.72 billion by 2027, registering a CAGR of 12.8% from 2019 to 2027 in terms of value. In terms of volume, the global medical tourism market accounted for 23,042.90 thousand patients in 2019 and is expected to reach 70,358.61 thousand patients by 2027, registering a CAGR of 15.0% from 2019 to 2027.

The process of traveling outside the country of residence to receive treatment and medical care is known as medical tourism. Medical tourists benefit from different treatments such as cancer treatment, cardiovascular treatment, neurological treatment and fertility treatment. The escalating costs of associated health care in developed countries have forced individuals to seek affordable alternatives. This is boosting the growth of the global medical tourism market.

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The increase in the incidence of cancer and other serious diseases is expected to boost the demand for healthcare services, which in turn is expected to drive the growth of the medical tourism market. In addition, the affordability, availability and accessibility of quality health services, coupled with the support and assistance of tourism departments and local governments, are fueling the growth of the market. However, the limited coverage and long partial reimbursement offered by insurance companies, as well as the difficulties associated with cross-border travel, such as language barriers, connectivity, documentation and VISA approval issues, are expected to hamper the process. market growth. On the contrary, a larger hospital network under insurance coverage for cashless transactions should provide a potential growth opportunity for the medical tourism market, on a global scale.

Due to the COVID-19 pandemic, the medical tourism market has experienced a significant negative impact across the world. Popular medical tourism destinations such as India, China and other emerging countries have suffered negative effects as a result of the COVID 19 pandemic. The COVID 19 pandemic has posed many challenges such as related restrictions travel, the suspension of cross-border travel during this period. These challenges have crippled travel across the country and in turn have negatively impacted the growth of the medical tourism market.

On the basis of the type of treatment, the cancer treatment segment accounted for the highest medical tourism market share in 2019, due to the increase in cancer incidence worldwide. This is expected to increase the number of cross-border travelers seeking quality cancer treatment. Moreover, cancer treatment is expensive and prolonged treatment, therefore, reduced cost of treatment in different countries is fueling the market growth. Additionally, due to the lack of availability of advanced treatments in some countries, patients choose to travel to other countries that offer advanced health facilities.

As for regions, Asia-Pacific had the highest market share in 2019, due to the availability of quality care at a relatively low treatment cost, the availability of cheap flights and the increased marketing and online consumer information on the availability of medical services. In addition, significant government investments to improve health infrastructure are contributing to the growth of this market. Additionally, Asia-Pacific is expected to grow at the highest CAGR during the analysis period, followed by LAMEA. Europe is expected to grow at a substantial rate, due to the availability of advanced specialized treatments for cancer, neurological and cardiovascular diseases.

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Main conclusions of the study
• Asia-Pacific occupied 35.00% share of the global medical tourism market in 2019.
• The orthopedic treatments segment is expected to grow with the highest CAGR throughout the forecast period.
• The cancer treatment segment accounted for 18.15% of the global medical tourism market share in 2019.
• Asia-Pacific is expected to experience the highest growth during the analysis period, followed by LAMEA and Europe.

Learn more: @ https://www.alliedmarketresearch.com/medical-tourism-market

We’ve also posted some syndicated market research in the other trending area that you might be interested in. Below is the title of the report for your reference, considering the impact of Covid-19 on this market, which will help you assess the aftermath of the pandemic on the short and long term growth trends of this market. Marlet.

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