The Medical Tourism by The Business Research Company provides market overview across 60+ geographies in the seven regions – Asia-Pacific, Western Europe, Eastern Europe, North America, South America, the Middle East, and Africa, encompassing 27 major global industries. The report presents a comprehensive analysis over a ten-year historic period (2010-2021) and extends its insights into a ten-year forecast period (2023-2033).
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According to The Business Research Company’s Medical Tourism, The medical tourism market size has grown rapidly in recent years. It will grow from $86.95 billion in 2023 to $102.21 billion in 2024 at a compound annual growth rate (CAGR) of 17.6%. The growth in the historic period can be attributed to emerging markets growth, increased incidence of cardiovascular diseases, growth in cosmetics procedures, rise in demand for body contouring and rising disposable personal income.
The medical tourism market size is expected to see rapid growth in the next few years. It will grow to $180 billion in 2028 at a compound annual growth rate (CAGR) of 15.2%. The growth in the forecast period can be attributed to government initiatives, lower cost care for surgeries, increase in geriatric population, rising number of medical tourists and technological advancements. Major trends in the forecast period include metaverse for medical tourism, use of mobile technology, adoption of precision medicine, mergers and acquisitions, use of artificial intelligence and partnerships and collaborations.
High healthcare cost in developed countries is driving growth in the medical tourism market as developing countries are able to provide cheaper treatment. Patients usually travel to developing countries with quality healthcare infrastructure and low healthcare costs. According to a study conducted by the Centres for Disease Control and Prevention, approximately 0.75 -1.6 million people from the USA travel out of the country for medical care to avoid high treatment cost. For instance, a hip replacement surgery in the USA costs approximately $39,299 while the same surgery in India, Costa Rica or other developing countries would cost between $7000 and $15,000 including logistics.
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The medical tourism market covered in this report is segmented –
1) By Treatment Type: Cosmetic Treatment, Dental Treatment, Cardiovascular Treatment, Orthopedics Treatment, Cancer Treatment, Fertility Treatment, Neurological Treatment, Other Treatment Types
2) By Type: Domestic, International
3) By Healthcare Service: Medical Treatment, Wellness, Alternative Treatment
4) By Service Provider: Public, Private
Patients traveling across countries for medical treatment are increasingly using electronic health records to store information related to health in digital format. An electronic health record is the systematic collection of patient health and medical examination reports stored electronically. These health records can be accessed instantly and securely by authorized users. Electronic health records eliminate the need to carry heavy medical records for patients travelling long distances for treatment. Some of the major electronic health records software include eClinicalWorks, Allscripts, Cerner.
The medical tourism market report table of contents includes:
1. Executive Summary
2. Medical Tourism Market Characteristics
3. Medical Tourism Market Trends And Strategies
4. Medical Tourism Market – Macro Economic Scenario
5. Global Medical Tourism Market Size and Growth
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26. South America Medical Tourism Market
27. Brazil Medical Tourism Market
28. Middle East Medical Tourism Market
29. Africa Medical Tourism Market
30. Medical Tourism Market Competitive Landscape And Company Profiles
Top Major Players:
- Prince Court Medical Centre (IHH Healthcare)
- Bumrungrad International Hospital
- Asklepios Kliniken Verwaltungsgesellschaft mbH
- Apollo Hospitals Enterprise Ltd
- Fortis Healthcare
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