Insights Into The Medical Tourism Market’s Growth Potential 2024-2033
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What Growth Rate is Forecasted for the Medical Tourism Market over the 2024-2033 Period?
The dimension of the medical tourism market has expanded swiftly in the past few years. It is projected to catapult from $86.95 billion in 2023 to $102.21 billion in 2024, achieving a compound annual growth rate (CAGR) of 17.6%. The surge seen in the past can be credited to the growth of emerging markets, a surge in cardiovascular illnesses, escalation in cosmetic procedures, an increase in the demand for body contouring, and the upswing in disposable personal income.
Anticipated to witness an accelerated expansion in the coming years, the medical tourism market is projected to reach a staggering $180 billion by 2028, with a Compound Annual Growth Rate (CAGR) of 15.2%. Factors fueling this growth over the forecast period include governmental measures, more economical surgical care, a surge in the elderly population, an increase in medical tourists, and advances in technology. The forecast period is also predicted to see pivotal trends such as the application of the metaverse in medical tourism, the utilization of mobile technology, the incorporation of precision medicine, business mergers and acquisitions, the implementation of artificial intelligence, and strategic partnerships and alliances.
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Which Factors Are Stimulating Growth in the medical tourism Market?
The inflated cost of healthcare in the developed world is fuelling growth in the medical tourism sector as treatments in developing countries are more economical. Patients typically choose to visit countries with reliable healthcare infrastructures and lower medical costs. Research by the Centres for Disease Control and Prevention reveals that an estimated 0.75 -1.6 million Americans travel abroad for medical treatments to evade the exorbitant cost. For example, in the United States, hip replacement surgery costs an average of $39,299. Meanwhile, the same operation costs between $7000 and $15,000, including logistics, in developing countries like India and Costa Rica.
What Are the Main Segments of the Medical Tourism Market?
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
What Innovative Trends Are Redefining the Medical Tourism Landscape?
The trend of patients journeying between nations for medical care is witnessing a gradual increase in the use of electronic health records for storing health-related data in digital formats. Essentially, an electronic health record is a methodical aggregation of a patient’s health details and medical tests recorded electronically. These health files can be swiftly and securely reached by those who have access permission. The need to bear cumbersome medical documents for patients commuting over extended distances for healthcare is obviated by electronic health records. Key software for these electronic health records consists of eClinicalWorks, Allscripts, and Cerner.
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Which Regions Are Key Players in the Growth of the Medical Tourism Market?
North America was the largest region in the medical tourism market in 2023. Western Europe was the second largest region in the global medical tourism market share. The regions covered in the medical tourism market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa
The Medical Tourism Global Market Report 2024 offers a comprehensive overview of the audio equipment market, covering historical data from 2010 to 2021 and providing a ten-year forecast from 2023 to 2032. This report examines the size of the medical tourism market, its market share, and analyzes key competitors along with their market positions.
The Table Of Content For The Medical Tourism Market Include
1. Medical Tourism Market Executive Summary
2. Medical Tourism Market Segments
3. Medical Tourism Market Size And Template Market Growth Rate
4. Key Medical Tourism Market Trends
5. Major Medical Tourism Market Drivers
……
25. Key Mergers And Acquisitions In The Medical Tourism Market
26. Top Medical Tourism Companies
27. Medical Tourism Market Opportunities And Strategies
28. Medical Tourism Market, Conclusions And Recommendations
29. Appendix
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