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Cheaper Treatment Options and the Availability of Better Technology and Professionals are driving the growth of the Medical Tourism Market

HYDERABAD, TELANGANA, INDIA, January 12, 2023 /EINPresswire.com/ -- The Medical Tourism Market size is forecast to reach $27.38 billion by 2024, growing at a CAGR of 8.17% during 2019-2024. The medical tourism market growth is characterized by the advancement of medical technology in foreign nations. There is a rise in awareness among people regarding the price difference between their nation and other foreign nations. These factors can grow the overall medical tourism market considerably. Some of the most common procedures that are done by people that travel for treatments are dental tourism for dental treatment and dental reconstruction, fertility tourism for fertility treatment, plastic surgery tourism for cosmetic surgery, gender reassignment surgeries, cancer treatment, orthopaedic treatment, neurological disease treatment and elective surgery.

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Key Takeaways

1. The Asia-Pacific Region currently dominates the medical tourism market since there is a considerable treatment price difference from other countries. More regions are profiled in the report. The medical tourism market scope for different regions is also given in the final report.

2. Cheaper options for treating various diseases are the major driver of the market. Other significant market drivers are also mentioned in the report. Medical tourism market trends are also provided.

3. An increase in travel difficulties is considered a significant market challenge. Other market challenges are mentioned in the final report.

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Segment Analysis

1. The cancer treatment segment is estimated to have the highest growth rates during the forecast years. This segment is projected to grow at a CAGR of 9.4% during the forecast period. This is owing to the rising incidences of cancer and the significant treatment price differences between the countries. The reduced cost of cancer treatment in certain countries will create a boost in the market for medical health tourism for cancer treatment.

2. Currently, APAC Countries dominate the medical tourism market share with a regional share of 42% since there is a considerable price difference for various treatments in the region without compromising on the quality. Moreover, there is always a considerable development for medical infrastructure in these countries further boosting the medical tourism market demand in the region. Some of the popular countries in the APAC region for medical and wellness tourism are India, Thailand, South Korea, Singapore and Malaysia. These countries are popular as medical destinations since the medical services offered by them are typically on par with developed nations in terms of quality with a significantly lower price range.

Competitive Landscape:

The top 5 players in the medical Tourism Industry are -

1. Galenia Hospital
2. Hospital San Jos
3. Mdica Sur
4. Star Mdica
5. Bumrungrad International Hospital

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Related Reports:

A. Wellness Tourism Market
https://www.industryarc.com/Research/Wellness-Tourism-Market-Research-508540

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