Albany, NY, March 09, 2018 (GLOBE NEWSWIRE) --
According to a recent market research report by Transparency Market Research, the key players are investing in expanding their product portfolio based on latest technologies. In 2016, the global medical tourism market was valued at around US$46.46 bn. It is foreseen to soar to around US$160.8 bn by the end of 2025. The global market is expected to witness a strong CAGR of 14.9%. On the basis of medical treatment, the global medical tourism market is foreseen to be led by dentistry segment, owing to rise in prevalence of oral cavity among people. Based on geography, the world medical tourism market is dominated by Asia Pacific.
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Reduced Waiting Time for Treatment A Key Benefit of Medical Tourism
High expenses of the treatment and long waiting hours are among the major reasons why people are adopting and getting inclined towards medical tourism. The market growth is supported by inexpensive international travel and convenience. While the patients from the U.K. travel abroad for medical treatment to bypass the long wait time, people from the U.S. go abroad to avail the treatment at low cost. Advancement in medical field alongside global accreditation are the key elements boosting a greater part of universal patient flow, in the long run contributing in global medical tourism. At present, more than 600 medical divisions and healing centers throughout the globe are licensed by the U.S. Joint Commission International (JCI). The quantity of authorize offices is anticipated to increment nearly by 20% every year. This is another imperative driver related with the market development.
Developing nations, with consistently advancing innovations and significant accomplishments in medical research are expected to quicken the flow of medical tourists over the forecast period. Increase in healthcare investment by different governments and private sectors are additionally expected to support the market development.
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Several Health Risks after Returning Hampers Market Growth
In any case, medical tourists are profoundly inclined to a large variety of health issues after they return. The conditions may incorporate paratyphoid, TB, deep vein thrombosis, amoebic diarrhea, and that's only the tip of the iceberg; because of bad post-operative care and lack of rest. This could influence the market to some degree. Strict documentation processes, problems related to approval of visa, constrained insurance coverage are prognosticated as the most discouraging elements for the global market.
The global medical tourism market is anticipated to witness a noteworthy growth within the forecast period from 2017 to 2025. Some of the key players in the medical tourism industry are Apollo Hospitals, Asian Heart Institute, Prince Court Medical Center, Min-Sheng General Hospital, Gleneagles Hospital, Samitivej Sukhumvit Hospital, Clemenceau Medical Center, Raffles Medical Group, Bangkok Hospital, Fortis Healthcare Ltd., Bumrungrad International Hospital, Wooridul Spine Hospital, Anadolu Medical Center, KPJ Healthcare Berhad, and Asklepios Klinik Barmbek.
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The players in the market are competing on the basis of service quality and cost of medicines. They are also banking upon mergers and acquisitions and joint ventures to fortify their market positions. Examples include the tie-up between IBM Watson and Bumrungrad International Hospital (Bangkok) for better tumor treatment, and the joint effort of Johns Hopkins Medicine (U.S.) with Anadolu Medical Center (Turkey).
Key Takeaways:
1. High expenses of the treatment and long waiting hours are among the major reasons why people are adopting and getting inclined towards medical tourism.
2. Advancement in medical field alongside global accreditation are the key elements boosting a greater part of universal patient flow, in the long run contributing in global medical tourism.
About TMR
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