The global medical tourism market is expected to exhibit a strong 21.4% CAGR over the forecast period by 2023, according to the latest research report from Market Research Future (MRFR).
The global medical tourism market is mainly driven by the growing awareness about the availability of healthcare processes at low prices in the developing world.
The report presents a detailed breakdown of the global medical tourism market’s key drivers and restraints, allied with an analysis of the economic background of the market. Microeconomic and macroeconomic factors having a lasting impact on the global medical tourism market are studied in detail in the report. The leading players operating in the global medical tourism market are also studied in detail in the report.
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Medical tourism is the trend of people from developed countries traveling to developing countries to get specific medical procedures. This has arisen due to the vast price difference for the same medical procedures in developed and developing countries. This allows people from developed countries to get certain treatments at a much reduced rate. Medical tourism has flourished in the 21st century, driven by the significant progress made by the healthcare sector in developing countries.
As the healthcare sector in developing countries has become more and more advanced, its capabilities have increased rapidly. This has allowed the healthcare sector in developing countries to perform medical procedures that were previously the exclusive domain of healthcare entities in developed countries. This has driven the demand for such medical procedures from middle-class individuals in developed countries.
The increasing disposable income of the middle class in developed countries is likely to remain a major driver for the global Medical Tourism Market over the forecast period.
Middle-class consumers are likely to be an important segment for the medical tourism market, as middle-class consumers can’t afford the more expensive medical treatments in their own countries and thus have to seek alternative options.
Even considering the travel expenses and living expenses, medical tourism has emerged as a promising alternative for middle-class consumers in developed countries looking to get certain medical procedures that cost too much in their own countries.
This is likely to drive the global medical tourism market over the forecast period. On the other hand, increasing air fares and travel expenses are likely to be a restraint against the global medical tourism market over the forecast period.
By treatment type, the medical tourism market is segmented into orthopedic/spine treatments, fertility/IVF treatments, dentistry treatments, oncology/cancer treatments, neurology/neurosurgery treatment, cardiovascular/cardiology treatments, and cosmetic treatments.
Cosmetic treatments are likely to remain the leading revenue generator in the global medical tourism market over the forecast period. Cosmetic treatments are available at really cheap prices in developing countries such as ASEAN countries, India, South Korea etc., leading to many consumers opting to travel to these countries in order to get face reconstruction or breast reconstruction surgeries.
- Source: Medgadget