Key Facts About the Global Medical Tourism Market | Technavio

646
0
SHARE

LONDON–The latest market research report by Technavio on the global medical tourism market predicts a CAGR of close to 13% during the period 2017-2021.

The report segments the global medical tourism market by treatment type (cardiovascular treatment, cosmetic treatment, fertility treatment, orthopedics treatment, and dental treatment) and by geography (APAC, EMEA, and the Americas). It provides a detailed illustration of the major factors influencing the market, including drivers, opportunities, trends, and industry-specific challenges.

Here are some key findings of the global medical tourism market, according to Technavio researchers:

  • Leveraging internet to create awareness: a major market driver
  • In 2016, the global medical tourism market was led by cardiovascular treatment that occupied a market share of close to 32%
  • In 2016, the global medical tourism market was dominated by APAC that occupied a market share of more than 50%
  • Bangkok Hospital, Asklepios Kliniken Verwaltungsgesellschaft, Apollo Hospitals, Bumrungrad International Hospital, and Fortis Healthcare are the leading players in the market

This report is available at a USD 1,000 discount for a limited time only: View market snapshot before purchasing

Buy 1 Technavio report and get the second for 50% off. Buy 2 Technavio reports and get the third for free.

Leveraging internet to create awareness: a major market driver

One of the major factors driving the global medical tourism market is leveraging the Internet to create awareness. The advent of the internet has permitted the consumers to browse through and request from a wide range of services offered by vendors through their online websites and portals. The capacity of the vendors to showcase their services online allows to capture a larger share of the market and assist to generate higher revenues. Furthermore, the increasing penetration of Internet will allow the vendors to provide a broad range of services such as dentistry, orthopedics, cardiovascular treatments, cancer treatments to reach new potential customers and increase the customer base for these services.

Looking for more information on this market? Request a free sample report

Technavio’s sample reports are free of charge and contain multiple sections of the report including the market size and forecast, drivers, challenges, trends, and more.

Cardiovascular treatment: largest treatment type segment

Factors such as rheumatic heart disease, hypertension, obesity, and diabetes are the key factors contributing to the increasing prevalence of cardiac diseases globally. This has increased the cost burden of individuals and governments in various countries. To treat such diseases, there is a need for cardiovascular treatments such as Coronary Artery Bypass Grafting and Arrhythmia Treatment which utilize coronary stents and catheters that also can be used for therapeutic and diagnostic purposes. Rising number of atrial fibrillation and angiography cases have fueled the demand for such catheters in the market.

According to Amber Chourasia, a lead analyst at Technavio for research on health and wellness, “Increasing adoption of the robot-assisted surgical platform, growing number of specialized hospitals, and out-patient setting centers such as cath-labs and electrophysiology centers have increased the number of cardiovascular diagnostic and treatment procedures, which have further augmented the market growth. The increasing adoption of technology and innovative products is another significant factor, which draws patients in medical tourism market for cardiovascular treatments.”

Competitive vendor landscape

The global medical tourism market is fragmented because of the high product penetration and brand building. Increasing product/service extensions, technological innovations, and M&A are expected to increase the competition further. The growth of different players in the market highly depends on market conditions and government support. For instance, the market witnessed major regulatory changes in Canada, China, Germany, France, India, Japan, Mexico, South Korea, New Zealand, Thailand, the UK, and the US.

Intense competition, rapid advances in technology, and frequent changes in consumer preferences have led to the higher consolidation of the market. Furthermore, to survive and succeed in this intensely competitive environment, it is imperative for vendors to distinguish their products and service offerings through a clear and unique proposition.

Get a sample copy of the global medical tourism market report free of cost

Access Technavio’s continuously growing health and wellness research library and find expert analysis on hundreds of markets.

About Technavio

Technavio is a leading global technology research and advisory company. Their research and analysis focuses on emerging market trends and provides actionable insights to help businesses identify market opportunities and develop effective strategies to optimize their market positions.

With over 500 specialized analysts, Technavio’s report library consists of more than 10,000 reports and counting, covering 800 technologies, spanning across 50 countries. Their client base consists of enterprises of all sizes, including more than 100 Fortune 500 companies. This growing client base relies on Technavio’s comprehensive coverage, extensive research, and actionable market insights to identify opportunities in existing and potential markets and assess their competitive positions within changing market scenarios.

If you are interested in more information, please contact our media team at [email protected].

Powered by WPeMatico