Medical Tourism Market 2022
Medical Tourism Market is there to witness a placid CAGR of 10.2% between 2022-2031, reaching US$ 441 Bn. Telehealth has turned out to be a boon – be it with remote monitoring or treating several patients at a distance simultaneously. The time as well stresses on the part of patients and physicians gets saved this way. Virtual follow-up also opens doors for multitasking by the healthcare personnel. This is the present and also would be the future of the healthcare vertical.
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As per Persistence Market Research’s latest industry analysis, the global medical tourism market was valued at US$ 162.7 Bn in 2020, and is expected to exhibit a CAGR of 10.2% over the forecast period (2021-2031).
Accessibility and affordability of high-quality healthcare facilities, health insurance portability, support from local governments and tourism departments, and increasing advertising and marketing strategies related to medical tourism are key factors driving market growth. Furthermore, availability of state-of-the-art medical technologies at medical tourism destinations is also supplementing market expansion.
Asian countries accounted for the largest market share due to their excellent healthcare facilities at relatively low cost of treatment, availability of inexpensive flights, and increase in marketing & online consumer information about the availability of medical services.
Considering consolidation activities in the healthcare tourism industry, collaborations have emerged as a winning strategy by key players. Leading players are strengthening their services through partnerships and reaching out to key as well as emerging markets.
- For instance, in January 2021, Changi General Hospital and Shimadzu (Asia Pacific) jointly launched a center to conduct mass spectrometry-based clinical testing and research for personalized treatment
- In February 2021, Apollo Hospitals partnered with Anatomiz3D Medtech to establish Hospital 3D Printing Labs across India.
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Key Takeaways from Market Study
- Cancer treatment is expected to gain 74.1 Bn revenue by 2031 at a CAGR of 9.1%.
- Based on age group, the adults segment accounted for the highest share of 45% in 2021. The segment witnessed high growth owing to rising awareness among adults for a healthy lifestyle.
- Among the applications, therapeutic services gained popularity accounting for 53% market share, and the segment is expected to dominate throughout the forecast period at a growth rate of 9.4%.
- Based on travellers, group travellers hold the highest revenue share of 54% at a growth rate of 9.3%.
- North America accounted for the largest share in the global medical tourism market in 2020, and a similar trend is expected to continue during the forecast years.
“Higher treatment cost in developed countries is a key factor that is expected to drive demand for medical tourism across other regions over the coming years,” says an analyst of Persistence Market Research.
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Market Competition
Leading service providers continue to rely upon acquisitions, collaborations, alliances, and product launches to gain large revenue shares in the medical tourism market. As such, providing access to safe and effective treatment will remain key aspects to succeed in this competitive marketplace.
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