Demand for Medical Tourism to Restore exhibiting a Growth of 10.2% Through 2031
NEW YORK, Sept. 9, 2021 /PRNewswire/ -- As per Persistence Market Research's latest industry analysis, the global medical tourism market was valued at US$ 162.7 Bn in 2020, and is expected to exhibit a CAGR of 10.2% over the forecast period (2021-2031).
Accessibility and affordability of high-quality healthcare facilities, health insurance portability, support from local governments and tourism departments, and increasing advertising and marketing strategies related to medical tourism are key factors driving market growth. Furthermore, availability of state-of-the-art medical technologies at medical tourism destinations is also supplementing market expansion.
Asian countries accounted for the largest market share due to their excellent healthcare facilities at relatively low cost of treatment, availability of inexpensive flights, and increase in marketing & online consumer information about the availability of medical services.
Considering consolidation activities in the healthcare tourism industry, collaborations have emerged as a winning strategy by key players. Leading players are strengthening their services through partnerships and reaching out to key as well as emerging markets.
Request for sample PDF of report: https://www.persistencemarketresearch.com/samples/32740
- For instance, in January 2021, Changi General Hospital and Shimadzu (Asia Pacific) jointly launched a center to conduct mass spectrometry-based clinical testing and research for personalized treatment
- In February 2021, Apollo Hospitals partnered with Anatomiz3D Medtech to establish Hospital 3D Printing Labs across India.
Key Takeaways from Market Study
- Cancer treatment is expected to gain 74.1 Bn revenue by 2031 at a CAGR of 9.1%.
- Based on age group, the adults segment accounted for the highest share of 45% in 2021. The segment witnessed high growth owing to rising awareness among adults for a healthy lifestyle.
- Among the applications, therapeutic services gained popularity accounting for 53% market share, and the segment is expected to dominate throughout the forecast period at a growth rate of 9.4%.
- Based on travellers, group travellers hold the highest revenue share of 54% at a growth rate of 9.3%.
- North America accounted for the largest share in the global medical tourism market in 2020, and a similar trend is expected to continue during the forecast years.
Know the methodology of report by asking an expert: https://www.persistencemarketresearch.com/ask-an-expert/32740
"Higher treatment cost in developed countries is a key factor that is expected to drive demand for medical tourism across other regions over the coming years," says an analyst of Persistence Market Research.
Ask an expert for any other query: https://www.persistencemarketresearch.com/checkout/32740
Market Competition
Leading service providers continue to rely upon acquisitions, collaborations, alliances, and product launches to gain large revenue shares in the medical tourism market. As such, providing access to safe and effective treatment will remain key aspects to succeed in this competitive marketplace.
What Does the Report Cover?
Persistence Market Research offers a unique perspective and actionable insights on the global medical tourism market in its latest study, presenting historical demand assessment of 2016 – 2020 and projections for 2021 – 2031.
The research study is based on treatment (dental treatment, cosmetic treatment cardiovascular treatment, orthopedic treatment, neurological treatment, cancer treatment, fertility treatment, and others), age group (children, adolescents, adults, and geriatric), application (wellness services and therapeutic services), and traveller (independent travellers and group travellers), across seven key regions of the world.
Related Reports:
- Medical Imaging Reagents Market
- Medical Case Management Services Market
- Medical Kits Market
- Medical Imaging Management Market
- Medical Membrane Devices Market
About Persistence Market Research:
Persistence Market Research (PMR), as a 3rd-party research organization, does operate through an exclusive amalgamation of market research and data analytics for helping businesses ride high, irrespective of the turbulence faced on the account of financial/natural crunches.
Overview:
Persistence Market Research is always way ahead of its time. In other words, it tables market solutions by stepping into the companies'/clients' shoes much before they themselves have a sneak pick into the market. The pro-active approach followed by experts at Persistence Market Research helps companies/clients lay their hands on techno-commercial insights beforehand, so that the subsequent course of action could be simplified on their part.
Contact:
Rajendra Singh
Persistence Market Research
U.S. Sales Office: 305 Broadway, 7th Floor, New York City, NY 10007 United States
Tel.: +1-646-568-7751
USA - Canada Toll-Free: 800-961-0353
Email: [email protected]
Visit Our Website: https://www.persistencemarketresearch.com
SOURCE Persistence Market Research Pvt. Ltd.
WANT YOUR COMPANY'S NEWS FEATURED ON PRNEWSWIRE.COM?
Newsrooms &
Influencers
Digital Media
Outlets
Journalists
Opted In
Share this article