Harrisburg, NC -- (SBWIRE) -- 10/16/2020 -- Medical Tourism Global Market Report 2020-30
The Medical Tourism Market Research Report begins with an overview of the Market and offers throughout development. It presents a comprehensive analysis of all the regional and major player segments that give closer insights upon present market conditions and future market opportunities along with drivers, trending segments, consumer behavior, pricing factors, and market performance and estimation. The forecast market information, SWOT analysis, Medical Tourism market scenario, and feasibility study are the vital aspects analyzed in this report.
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The global medical tourism market is expected to decline from $37.72 billion in 2019 to $19.8 billion in 2020 at a compound annual growth rate (CAGR) of -47.53%. The decline is mainly due to the COVID-19 outbreak that has led to restrictive containment measures involving social distancing, remote working, restriction on cross-border travel and the closure of industries and other commercial activities. The ban on cross-border travel reduces the number of international patients, impacting the market. The market is then expected to recover and reach $33.54 billion in 2023 at CAGR of 19.2%.
Top Key Players in the Global Medical Tourism Market: are Apollo Hospital Enterprise Limited, Prince Court Medical Center, Bumrungrad International Hospital, KPJ Healthcare Berhad, and Fortis Health Ltd.
High healthcare cost in developed countries is driving growth in the medical tourism market as developing countries are able to provide cheaper treatment. Patients usually travel to developing countries with quality healthcare infrastructure and low healthcare costs. According to a study conducted by the Centers for Disease Control and Prevention in 2017, approximately 0.75 -1.6 million people from the USA travel out of the country for medical care to avoid high treatment cost. For instance, a hip replacement surgery in the USA costs approximately $39,299 while the same surgery in India, Costa Rica or other developing countries would cost between $7000 and $15,000 including logistics.
In November 2018, IHH Healthcare acquired Fortis Healthcare for $1.1 billion. Fortis Healthcare was established in 2001 and headquartered at Gurgaon, India. It is an integrated healthcare service provider which works in verticals like hospitals, diagnostics and day care specialty facilities. With this acquisition, IHH Healthcare will get access to Fortis' network of 34 hospitals and enable it to expand its presence in India.
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Regions are covered By Medical Tourism Market Report 2020
North America (the United States, Canada, and Mexico)
Europe (Germany, France, UK, Russia, and Italy)
Asia-Pacific (China, Japan, Korea, India, and Southeast Asia)
South America (Brazil, Argentina, Colombia, etc.)
The Middle East and Africa (Saudi Arabia, UAE, Egypt, Nigeria, and South Africa)
Influence of the Medical Tourism Market Report:
-Comprehensive assessment of all opportunities and risks in the Medical Tourism market.
-Medical Tourism market recent innovations and major events.
-Detailed study of business strategies for the growth of the Medical Tourism market-leading players.
-Conclusive study about the growth plot of the Medical Tourism market for forthcoming years.
-In-depth understanding of Medical Tourism market-particular drivers, constraints, and major micro markets.
-Favourable impression inside vital technological and market latest trends striking the Medical Tourism market.
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What are the market factors that are explained in the report?
-Key Strategic Developments: The study also includes the key strategic developments of the market, comprising R&D, new product launch, M&A, agreements, collaborations, partnerships, joint ventures, and regional growth of the leading competitors operating in the market on a global and regional scale.
-Key Market Features: The report evaluated key market features, including revenue, price, capacity, capacity utilization rate, gross, production, production rate, consumption, import/export, supply/demand, cost, market share, CAGR, and gross margin. In addition, the study offers a comprehensive study of the key market dynamics and their latest trends, along with pertinent market segments and sub-segments.
-Analytical Tools: The Global Medical Tourism Market report includes the accurately studied and assessed data of the key industry players and their scope in the market by means of a number of analytical tools. The analytical tools such as Porter's five forces analysis, SWOT analysis, feasibility study, and investment return analysis have been used to analyze the growth of the key players operating in the market.
Customization of the Report: This report can be customized as per your needs for additional data up to 3 companies or countries or 40 analyst hours.
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