Market players are focusing on chipping at creating goodwill and a niche amid the market players to attain a competitive edge.
DUBAI, UAE / ACCESSWIRE / January 18, 2021 / Future Market Insights: As per a recent study by FMI, the medical tourism market is poised to expand at an impressive CAGR of 12.3% through 2030. Although healthcare efforts remained centered on managing the COVID-19 outbreak, retreating growth projections to some level for 2020, with the condition stabilizing, treatment of chronic ailments and life-threatening diseases will be on track 2021 onwards.
"Medical tourism is likely to steadily rise due to launch of several e-campaigns by non-government and government organizations and government aids. Efforts taken for the growth of the healthcare infrastructure is likely to thus offer conducive environment for medical tourism market expansion." says the FMI analyst.
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Medical Tourism Market - Important Highlights
- The U.S. will remain lucrative as medical facilities in the U.S. are counted best-in-class and highly advanced.
- Cancer treatment type holds majority of market share among others in the global market.
- Wellness service type is projected to get notably higher demand throughout the forecast period.
- Individual's aged between 66-75 years and 46-55 years travel more often to seek medical care.
- In-person booking will remain preferred amid medical tourists, however, online booking for medical tourism will surge in approaching years.
Medical Tourism Market - Drivers
- Rising healthcare costs in the West and growing incidences of chronic diseases are driving the market.
- Growing demand for several cosmetic process are ensuing in the mounting medical tourism.
- Accessibility of economical treatment options abroad without conceding on the overall quality and standard of healthcare services drives medical tourism in the East.
- Several non-government and government machineries are contributing to campaigns to promote medical tourism.
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Medical Tourism Market - Restraints
- Factors such as partial & lengthy reimbursement by payers difficulties associated with travel, and language barriers, these drawbacks often curtail growth prospects for the market
- VISA approval issues and availability of documentation, hinder the growth of the market.
COVID-19 Impact on Medical Tourism Market
While the unprecedented COVID-19 pandemic may have instigated notable disruptions, regaining is on card, due to swift response by governments across the world. Proactive measures taken by non-government and government organizations will allow the medical tourism market to move ahead despite losses sustained amid the outbreak.
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Competitive Landscape
The medical tourism market is flourishing and healthcare facilities involved in the sector are keenly focus on capitalizing on prevailing prospects. A few are focusing on online campaigns while others are putting their efforts towards collaborations to attain competitive edge.
A few of the prominent players in the medical tourism market include Christus Muguerza S.A.P.I De CV, Global Healthcare Connections, Inc., Shouldice Hospital, Fortis Healthcare Ltd, Asklepios Kliniken GmbH, Apollo Hospitals, Bumrungrad international Hospital, and Gleneagles Hospital.
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About the Study
The study offers readers a comprehensive assessment of the medical tourism market. Global, regional and national-level analysis of the latest trends influencing the market is covered in this FMI report. The study provides insights on the basis of treatment type (dental treatment, cosmetic treatment, cardiovascular treatment, orthopaedic treatment, Neurological treatment, cancer treatment, fertility treatments and other treatments), service type (wellness service and therapeutic service), tourist type (domestic and international), tour type (independent travellers, tour group and package travellers) consumer orientation (men, women and children) age group (15-25 years, 26-35 years, 36-45 years, 46-55 years, 66-75 years), booking channel (phone booking, online booking, and in-person booking), and across key regions (North America, Latin America, Europe, China, Asia Pacific, Middle East & Africa).
Explore FMI's Coverage of the Travel & Tourism Industry
Outbound Medical Tourism: Get insights on the outbound medical tourism through FMI's report covering detailed quantitative and qualitative analysis for projection period.
Dark Tourism: FMI's exhaustive study on the dark tourism covers the latest trends, innovations, key players, and popular strategies for the period.
Intrabound Medical Tourism: Obtain detailed analysis on the intrabound medical tourism through FMI's report covering competitive analysis, key regions, and segmental analysis for 2020-2030.
About Future Market Insights
Future Market Insights (FMI) is a leading provider of market intelligence and consulting services, serving clients in over 150 countries. FMI is headquartered in Dubai, the global financial capital, and has delivery centers in the U.S. and India. FMI's latest market research reports and industry analysis help businesses navigate challenges and make critical decisions with confidence and clarity amidst breakneck competition. Our customized and syndicated market research reports deliver actionable insights that drive sustainable growth. A team of expert-led analysts at FMI continuously tracks emerging trends and events in a broad range of industries to ensure that our clients prepare for the evolving needs of their consumers.
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SOURCE: Future Market Insights