Global Medical Tourism Market : Opportunity Analysis and Industry Forecast, 2019–2027
Medical Tourism Market Overview:
The global medical tourism market was valued at $104.68 billion in 2019 and is expected to grow to $273.72 billion by 2027, with a CAGR of 12.8 percent in value from 2019 to 2027. In terms of volume, the worldwide medical tourism market saw 23,042.90 thousand patients in 2019 and is expected to reach 70,359 thousand patients by 2027, with a CAGR of 14.0 percent between 2019 and 2027.
COVID-19 outbreak had a detrimental influence on all categories of the medical tourism market to varied degrees. Elective procedures, such as dental treatment, aesthetic therapy, and others, for example, were more affected.
Medical tourism is described as a planned trip across international borders to receive medical treatment in some kind that is not available in the travellers' native country.
Medical tourists cross international borders in order to maintain, improve, or restore their health by using low-cost healthcare facilities and treatments accessible in other nations that are less expensive in their home country. Medical tourists travel to receive treatments such as cardiovascular care, dental care, and neurological care.
The worldwide medical tourism market is being driven by the affordability and accessibility of high-quality healthcare treatments, as well as aid from tourist departments and local governments. Furthermore, the industry is predicted to develop due to the availability of cutting-edge medical technologies in medical tourism centres around the world. However, the medical tourism market's growth is hampered by long, partial reimbursement by payers, as well as challenges related with travel, language barriers, documentation availability, and VISA clearance issues. The extension of the hospital network under insurance coverage for cashless transactions, on the other hand, is likely to serve as an opportunity for the expansion of the hospital network.
Due to significant uncertainty in demand for certain products for medical and industrial applications, as well as increased variability in supply chain and manufacturing productivity, the unprecedented nature of the COVID-19 pandemic and its impact on the global economy has caused disruption of various businesses.
COVID-19 outbreak had a detrimental influence on all categories of the medical tourism market to varied degrees. Elective procedures, such as dental treatment, aesthetic therapy, and others, for example, were more affected.
Medical tourism is described as a planned trip across international borders to receive medical treatment in some kind that is not available in the travellers' native country.
Medical tourists cross international borders in order to maintain, improve, or restore their health by using low-cost healthcare facilities and treatments accessible in other nations that are less expensive in their home country. Medical tourists travel to receive treatments such as cardiovascular care, dental care, and neurological care.
The worldwide medical tourism market is being driven by the affordability and accessibility of high-quality healthcare treatments, as well as aid from tourist departments and local governments. Furthermore, the industry is predicted to develop due to the availability of cutting-edge medical technologies in medical tourism centres around the world. However, the medical tourism market's growth is hampered by long, partial reimbursement by payers, as well as challenges related with travel, language barriers, documentation availability, and VISA clearance issues. The extension of the hospital network under insurance coverage for cashless transactions, on the other hand, is likely to serve as an opportunity for the expansion of the hospital network.
Due to significant uncertainty in demand for certain products for medical and industrial applications, as well as increased variability in supply chain and manufacturing productivity, the unprecedented nature of the COVID-19 pandemic and its impact on the global economy has caused disruption of various businesses.
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