Acumen Research and Consulting, a global provider of market research studies, in a recently published report titled “Medical Tourism Market (By Medical Treatment: Cosmetology, Dentistry, Cardiology, Orthopedic Surgery, Neurology, Oncology) - Global Industry Analysis, Market Size, Opportunities and Forecast, 2018 - 2026”, forecasts that the global market for medical tourism is expected to grow at a CAGR of nearly 13% from 2018 to 2026 and reach the market value of over $162 billion by 2026. Medical tourism also known as international surgery or surgery aboard; this is the process of leaving the home country in order to have treatment in another country. Medical tourism is not the unplanned surgery in a foreign country due to an unexpected injury or illness. However, it means intentionally going to another country for the purpose of having healthcare or surgery. In a developed country, to undergo medical treatment is very high. It is expected that the treatments are of consistent quality, and the procedures tend to be on the expensive side. Furthermore, the major healthcare products are also a quite expensive price. This situation places a quite big burden on the healthcare systems, globally, accompanied by the additional rising costs of legal action during recent years. As in developed countries people cannot afford the huge expenses associated with medical treatments. Each and every medical bill is not covered by insurance companies, which makes the patients turn to countries abroad. Countries in Asia, South America, and the Middle East provide high-quality medical services at a much lower rate, compared to the developed economies. There are many players which support all medical and non-medical needs of the tourist during their travel.
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The medical tourism market is segmented into cosmetology, dentistry, cardiology, orthopedic surgery, neurology, and oncology and other treatments. In 2017, the largest market share has occupied the cosmetic treatment. During forecast period 2018-2026, the cancer treatment segment is likely to show the fastest market growth and is estimated to grow at a CAGR in terms of revenue. The growth of the cancer treatment segment is recognized to surge in the incidence of cancer worldwide, and a higher number of medical needs which are not available in some countries. This results in increasing the number of foreign travelers seeking good quality cancer treatment. Furthermore, cancer treatment is a prolonged treatment as well as expensive, hence reduced cost of cancer treatment in different countries propelling the growth of the market. Therefore, due to lack of advanced treatment are some countries, so many of the patients choose to travel to other countries with advanced healthcare facilities.
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Top Countries For Cancer Treatment Across The World
Cancer is one of the most life-threatening and tragic diseases in the world. Treatments are available in different country and may vary from other, which is also depending on the severity of each individual case. Mainly, medical tourism is engaged in providing quality treatment rather than affordability of appropriate remedy. Furthermore, while choosing medical tourism many patients are interested in best surgical oncologists in the world and cancer doctors in the world and could choose for Asia, Europe or the Americas. In Europe, prices for cancer treatment are highly competitive and also this region offers a full range of surgical and radiotherapy treatments as well as chemotherapy, which can sometimes be only the course of treatment for some types of tumor. On the other hand in Asia, India is gaining popularity in medical tourism, due to developed technology and continues progress throughout the previous and forecast period. Whereas, in the Americas, the US offers resources to patients such as decrease the price and ensure faster treatment.
The global medical tourism market not only studies the top key players but also takes into consideration the role of the small and medium scale enterprises. Technological advancement has given the enhancement to the industry which is leading to new opportunities and invites new players in form of start-ups. Some of the key players operating in the global medical tourism market, profiled in the report include Bumrungrad International Hospital, Min-Sheng General Hospital, Raffles Medical Group, Bangkok Hospital Medical Center, and among others.
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