Asia-Pacific to Gain Prominence in Medical Tourism Market at Fastest CAGR of 15.5%
PORTLAND, Oregon, August 30, 2018 /PRNewswire/ --
Availability of affordable, high quality care in countries like India, Malaysia, and Thailand coupled with proactive support from government agencies and organizations is expected to boost the growth of the Asia-Pacific medical tourism market.
Allied Market Research recently published a report, titled, Medical Tourism Market: Global Opportunity Analysis and Industry Forecast, 2017-2023. The report includes insights on top winning strategies, leading market players, current market trends, future market potential, and several dynamic factors such as drivers, restraints, challenges, and opportunities. According to the report, the global medical tourism market accounted for $61.17 billion in 2016 and is expected to garner $165.34 billion by 2023, registering a CAGR of 15.0% from 2017 to 2023.
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Prevalence of chronic diseases such as cancer, increase in disposable income, and easy accessibility of good quality healthcare services along with assistance from local governments and tourism departments have boosted the growth of the global medical tourism market. However, several factors such as stringent documentation and issues associated with visa endorsement hamper the growth of the market. On the contrary, advancements in medical technology and availability of advanced medical instruments in medical tourism hubs are expected to fuel the market growth.
Cancer treatment segment to witness highest demand in global market by 2023
The report bifurcates the market based on type of treatment into cardiovascular treatment, orthopedic treatment, neurological treatment, cancer treatment, fertility treatment, and others. The cancer treatment segment accounted for $19.64 billion in 2016, contributing almost one-third of the market share. However, the neurological treatment segment is expected to register the highest CAGR of 15.5% through 2023.
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Asia-Pacific to be the most popular medical destination among orthopedic patients through 2023
The global medical tourism market report includes an in-depth analysis of geographical regions such as North America, Europe, Asia-Pacific, and LAMEA. North America dominated the medical tourism market in 2016, contributing more than 33.1% of the total market share. However, Asia-Pacific is projected to the fastest growing region, registering a CAGR of 15.5% from 2017 to 2023.
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Frontrunners of the global industry
The report includes a detailed analysis of the leading market players in the market, including Apollo Hospitals Enterprise Limited, Asian Heart Institute and Research Centre Private Limited, NTT Medical Center Tokyo, UZ Leuven (University Hospitals Leuven), Aditya Birla Memorial Hospital, Prince Court Medical Centre, Fortis Healthcare Ltd., KPJ Healthcare Berhad, National University Hospital, Infectious Diseases Partners Pte. Ltd., Barbados Fertility Centre, and Samitivej Public Company Limited. These companies have adopted several strategies such as product launch, mergers & acquisitions, collaborations, and partnerships to maintain their position in the global medical tourism market.
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Alternate Titles:
- Asia-Pacific Medical Tourism Market To Grow At Fastest CAGR Of 15.5% During 2017-2023
- Cancer Treatment Segment To Witness Highest Demand In The Global Medical Tourism Market By 2023
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