Showing posts with label Global Medical Tourism Market. Show all posts
Showing posts with label Global Medical Tourism Market. Show all posts

Tuesday, March 5, 2024

Exploring the Dynamics of the Medical Tourism Market

 

Introduction

The global medical tourism market has experienced significant growth in recent years, with a surge in demand for healthcare services across borders. The market size, share, and revenue have witnessed substantial expansion, driven by various factors such as cost-effective treatments, advanced medical facilities, and a desire for a wider range of treatment options. In this article, we will delve into the current trends, market players, and growth prospects of the medical tourism industry.

Medical Tourism Market Size, Share, and Growth

As of the latest available data, the medical tourism market is estimated to be valued at USD 44.68 billion in 2022, with a projected CAGR of 19.8% from 2022 to 2028. The market's robust growth can be attributed to the increasing number of patients seeking cost-effective treatments, particularly in emerging economies with advanced medical facilities.

Global Medical Tourism Market Size

One of the key driving factors for the market expansion is the rising awareness among patients about the availability of high-quality healthcare services at competitive prices in different countries. The trend of traveling abroad for medical treatments has gained momentum, especially for procedures such as cosmetic surgery, dental treatments, and elective surgeries.

Medical Tourism Market Trends

Several notable trends are shaping the medical tourism industry. Telemedicine and virtual consultations have become integral parts of pre- and post-treatment phases, enhancing patient experience and reducing the need for physical travel. Additionally, personalized healthcare packages, including accommodation and travel arrangements, are being offered by medical tourism facilitators to attract international patients.

Another emerging trend is the focus on niche medical tourism segments, such as wellness tourism and fertility treatments. Countries like Thailand, India, and Mexico are becoming sought-after destinations for medical tourists due to their comprehensive healthcare offerings and well-established medical infrastructure.

Medical Tourism Industry Players

The medical tourism sector is characterized by the participation of key industry players that contribute significantly to its growth. Leading healthcare providers and hospitals in countries like India, Singapore, Malaysia, and Thailand have established themselves as prominent destinations for medical tourists. Key players in medical tourism include Bumrungrad International Hospital, Apollo Hospitals, and Prince Court Medical Centre.

Medical Tourism Market Outlook:

Looking ahead, the medical tourism market is poised for continuous growth, with a positive outlook in the coming years. The industry is expected to benefit from ongoing advancements in healthcare services and the increasing globalization of medical facilities. As patients continue to explore cross-border healthcare options, the market is likely to see sustained expansion, providing opportunities for both healthcare providers and patients seeking quality treatments at competitive prices. The integration of innovative technologies and the adaptation to changing consumer preferences will further contribute to the industry's positive outlook.

In conclusion, the global medical tourism market is thriving, propelled by cost-effective treatments, advanced facilities, and evolving trends. With a valuation of USD 44.68 billion in 2022 and a projected 19.8% CAGR until 2028, the industry's future looks promising. Innovations like telemedicine and personalized packages, alongside the rise of niche segments, contribute to its dynamism. Key players, including Bumrungrad International Hospital and Apollo Hospitals, play pivotal roles. As the industry embraces technological advancements and adapts to changing preferences, sustained growth is expected, making medical tourism a significant player in the global healthcare landscape.

Monday, February 26, 2024

Exploring the Growth and Trends of Medical Tourism Industry

 

Introduction:

In recent years, the global healthcare landscape has undergone a significant transformation with the surge in medical tourism. This burgeoning industry has gained immense popularity as individuals increasingly seek high-quality and cost-effective medical treatments across international borders. In this article, we will explore the current market size, growth projections, and key trends shaping the future of the medical tourism sector, providing insights into the dynamic landscape of health tourism.

Medical Tourism Market Size and Growth:

The medical tourism market has witnessed remarkable growth over the past decade, with the latest statistics indicating a continuous upward trajectory. The global medical tourism market reached an impressive USD 84.92 billion in 2024 and is projected to surpass USD 239.37 billion by 2029, reflecting a substantial compound annual growth rate (CAGR) of 23.03%. This rapid expansion underscores the growing acceptance and popularity of medical tourism among patients worldwide.

Medical Tourism Market Size

Factors Driving Growth:

Several factors contribute to the flourishing medical tourism market:

  • Cost-effectiveness: The significant cost disparity between healthcare services in developed and developing countries incentivizes patients to seek affordable yet quality healthcare abroad.
  • Increased Accessibility: Advances in technology and transportation have made international travel more accessible and affordable, facilitating medical tourism for patients across geographical boundaries.
  • Improving Quality Standards: Developing countries are heavily investing in healthcare infrastructure, leading to improved facilities, advanced technologies, and a skilled medical workforce, making them attractive destinations for medical tourists.
  • Aging Population: The rising global population and increasing life expectancy create a higher demand for healthcare services, including specialized procedures. Medical tourism offers an alternative for individuals facing long wait times or limited access to certain treatments in their home countries.

Medical Tourism Market Trends:

The medical tourism industry is experiencing several noteworthy trends:

  • Shifting Destination Landscape: While traditional destinations like Thailand, India, and Singapore remain popular, emerging players like Costa Rica, Malaysia, and the Philippines offer competitive pricing and high-quality care.
  • Rise of Specialization: Hospitals are increasingly focusing on specific specialties, such as cardiology, orthopedics, and fertility treatments, catering to the diverse needs of medical tourists.
  • Focus on Patient Experience: Providers prioritize patient experience by offering packages that include accommodation, transportation, language assistance, and post-treatment follow-up care.
  • Integration with Technology: The rise of telehealth consultations and online appointment booking systems streamlines the medical tourism process, making it more convenient and accessible for patients.
  • Growing Focus on Wellness: The boundaries between medical and wellness tourism are blurring, with patients seeking combined packages that offer medical procedures alongside wellness programs and spa treatments.

Wellness Industry Outlook:

The future of medical tourism industry appears promising, fueled by continuous growth and evolving trends. As healthcare costs rise, and patients become more aware of global treatment options, the demand for medical tourism is expected to remain robust.

However, challenges must be addressed to ensure the sustainable and ethical growth of the industry:

  • Regulation and Standardization: Ensuring consistent quality standards and ethical practices across healthcare providers and destinations remains crucial.
  • Patient Safety: Addressing concerns about potential risks associated with traveling for medical procedures and ensuring robust post-treatment follow-up is essential.
  • Transparency and Communication: Providing clear information about costs, procedures, and potential risks is crucial for building trust and creating positive patient experiences.

By mitigating these challenges and embracing evolving trends, the medical tourism industry can continue to provide patients with affordable, high-quality healthcare options and a unique opportunity to combine medical procedures with travel and cultural experiences.

Tuesday, February 6, 2024

Key Players in the Medical Tourism Industry: A Comprehensive Overview

Introduction:

The Global Medical Tourism Industry has witnessed significant growth in recent years, with a rising number of individuals seeking healthcare services beyond their national borders. This trend is fueled by factors such as cost-effective treatments, access to world-class medical facilities, and shorter waiting times. Among the prominent players in this industry, Bumrungrad International Hospital, Apollo Hospitals, Asklepios Kliniken GmbH, Fortis Healthcare, and Anadolu Medical Center stand out as leaders, each contributing to the sector's expansion.

Medical Tourism Industry Top Players

  1. Bumrungrad International Hospital:
    • Located in Bangkok, Thailand, Bumrungrad International Hospital has become a beacon for medical tourists worldwide. As of 2022, the hospital has treated over 1.1 million international patients. Offering a wide range of medical services, Bumrungrad is renowned for its state-of-the-art facilities, experienced medical professionals, and a diverse range of specialties.
  2. Apollo Hospitals:
    • India's Apollo Hospitals has played a pivotal role in establishing the country as a hub for medical tourism. In 2022, the hospital network reported catering to more than 2.3 million international patients. With over 10,000 beds across 71 hospitals, Apollo Hospitals provides comprehensive healthcare services, from routine check-ups to complex surgeries.
  3. Asklepios Kliniken GmbH:
    • Based in Germany, Asklepios Kliniken GmbH is a major player in the European medical tourism landscape. The group operates over 160 healthcare facilities, including hospitals and clinics. In the past two years, Asklepios has experienced a 15% increase in international patient admissions, solidifying its position as a key player in medical tourism within Europe.
  4. Fortis Healthcare:
    • Fortis Healthcare, headquartered in India, has emerged as a prominent player in the medical tourism sector. In 2022, the network recorded a 20% growth in medical tourist arrivals. With a focus on delivering high-quality, affordable healthcare, Fortis Healthcare boasts a presence in multiple countries and a comprehensive range of medical services.
  5. Anadolu Medical Center:
    • Situated in Istanbul, Turkey, Anadolu Medical Center has gained recognition for its advanced medical treatments and personalized patient care. In the past year, the hospital has witnessed a 25% increase in medical tourists seeking services ranging from organ transplants to cancer treatments. This growth underscores the center's commitment to excellence in healthcare.

Industry Trends and Insights:

  • According to the World Tourism Organization, medical tourism is expected to grow by an average of 20% annually through 2025.
  • The COVID-19 pandemic has led to a surge in telemedicine services in the medical tourism sector, allowing patients to consult with international healthcare providers remotely.
  • Affordable and high-quality healthcare services continue to be the primary drivers for individuals choosing medical tourism.

Challenges and Future Outlook:

  • Despite its growth, the medical tourism market faces challenges such as regulatory complexities, language barriers, and varying healthcare standards.
  • The future of medical tourism may witness increased collaboration between countries and healthcare providers to address these challenges and enhance the overall patient experience.

Conclusion:

The players in the medical tourism industry, including Bumrungrad International Hospital, Apollo Hospitals, Asklepios Kliniken GmbH, Fortis Healthcare, and Anadolu Medical Center, play a crucial role in shaping the landscape of global healthcare. With the increasing demand for accessible and high-quality medical services, these institutions continue to contribute to the growth of medical tourism, making healthcare a truly global affair.

Thursday, January 4, 2024

Exploring the Global Medical Tourism Market: Dimensions, Trends, and Prospects Ahead

 

Introduction:

In recent years, the Medical Tourism market has witnessed substantial growth, becoming a significant player in the global healthcare industry. As international travel becomes more accessible and medical costs soar, patients are increasingly seeking medical treatments abroad. This article explores the current landscape of the Medical Tourism market, shedding light on its size, trends, and future outlook.

Medical Tourism Market Size and Share:

The Medical Tourism market has experienced a commendable surge in size and share, reaching unprecedented figures. According to recent data, the Medical Tourism market size was estimated at USD 19.7 billion in 2022, with a projected CAGR of 20.4% from 2023 to 2028. The increasing prevalence of chronic diseases, coupled with the rising demand for cost-effective healthcare solutions, has fueled the expansion of this market.

Medical Tourism Market

Medical Tourism Market Revenue and Growth:

The revenue generated by the Medical Tourism sector has witnessed robust growth, driven by factors such as advanced medical technologies, quality healthcare services, and affordable treatment options. In 2022, the market revenue exceeded USD 20 billion, reflecting a growth rate that outpaced many other segments of the healthcare industry. Emerging economies, in particular, are playing a pivotal role in propelling this growth, offering competitive medical services at a fraction of the cost compared to developed nations.

Healthcare Tourism Market Trends:

Several noteworthy trends are shaping the landscape of healthcare tourism industry. One prominent trend is the integration of technology into medical services. Telemedicine and virtual consultations have become prevalent, allowing patients to connect with healthcare providers globally. Additionally, destination countries are focusing on enhancing their healthcare infrastructure and services to attract medical tourists. Countries such as India, Thailand, and Mexico have emerged as leading destinations, offering a diverse range of medical treatments.

Global Medical Tourism Market Top Players:

The global Medical Tourism market is highly competitive, with key players dominating the industry. Prominent players include Bumrungrad International Hospital, Apollo Hospitals, Asklepios Kliniken GmbH, and Fortis Healthcare. These institutions have established themselves as leaders by providing high-quality medical care, state-of-the-art facilities, and a comprehensive range of medical services.

Medical Tourism Market Research Reports:

In-depth Medical Tourism Market Research Reports serve as valuable resources for stakeholders, providing insights into the Medical Tourism market's dynamics. According to Ken Research, the market is expected to witness exponential growth in the coming years, driven by factors such as the globalization of healthcare, increasing healthcare costs in developed countries, and a growing awareness of medical tourism options.

Medical Tourism Market Future Outlook:

The future outlook of Medical Tourism market appears promising, with continued growth expected in the coming years. The market is anticipated to surpass USD 40 billion by 2025, driven by factors such as the aging global population, increasing healthcare disparities, and advancements in medical technology. As more countries invest in healthcare infrastructure and international collaborations, the Medical Tourism market is likely to evolve, offering diverse and specialized medical services to a broader spectrum of patients.

Conclusion:

The Medical Tourism market has evolved into a dynamic and influential sector within the global healthcare industry. With a substantial market size, impressive revenue, and a plethora of trends shaping its trajectory, medical tourism is set to redefine the way patients access healthcare services. As top players continue to innovate and countries invest in healthcare infrastructure, the future outlook for the Medical Tourism market is undoubtedly optimistic, promising a transformative impact on the global healthcare landscape.

Monday, October 17, 2022

3 Key Insights on US$ 65 Bn Opportunity in Global Medical Tourism Market: Ken Research

3 Key Insights on US$ 65 Bn Opportunity in Global Medical Tourism Market

Driven by various government policies and initiatives to ease medical tourism along with the availability of premium-quality treatment at comparatively low prices in developing countries, the Global Medical Tourism Market is Forecasted to reach nearly US$ 100 Bn by 2028 says Ken Research Study.

Medical tourism is the process of organized travel outside the country to avail medical care. Medical tourists travel across the countries to use low-cost healthcare treatments and facilities to maintain, improve, or restore their health.

Ken Research shares 3 key insights on this high-opportunity market from its latest research study.

1. Lack of Healthcare Insurance Coverage and Inadequate Insurance Benefits Encourage Market Growth

The rising demand for treatments that are not covered under insurance such as reproductive therapy, aesthetic surgery, dental reconstruction, gender reassignment surgery, and others coupled with rising awareness regarding medical tourism among patients to save cost, is anticipated to augment the growth of the Global Medical Tourism Market. Moreover, the lengthy waiting period for medical services in some countries is also attracting patients to seek medical treatment in different countries, especially in developing countries. However, difficulties associated with VISA approval, travel, availability of medical documents, and others may impede the growth of the market.

According to Ken Research estimates, the Global Medical Tourism Market – valued at around US$ 25 Bn in 2017 and estimated to reach nearly US$ 45 Bn by 2022 – is further expected to grow to around US$ 100 Bn opportunity by 2028.

Global Medical Tourism Market2. High-Quality Treatment at Affordable Rates is Driving the Market Growth

The high prices of medical treatments in home countries are encouraging patients to travel to different countries to seek premium-quality treatment at comparatively low cost, which is likely to boost the demand for the market. The high-quality treatment can be easily availed at a lower cost, especially in developing countries like India, Thailand, Malaysia, and others. Cost savings and additional benefits offered to visitors namely cutting-edge technology, superior hospitality, individualized care, breakthrough medicines, and improved healthcare are some of the major factors driving the growth of the market.

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The below graph depicts the comparison of prices of Heart bypass (CABG) treatment in the USA and India.

Global Medical Tourism Market3. Difficulty with Patient Follow-Up is the Most Significant Barrier to the Growth of the Market.

Follow-up care is necessary after every treatment but it is very difficult in the case of medical tourism. If the patient is back in his own country and in case of any complications post-surgery, it would be difficult to offer follow-up care as well as it will be very expensive. The rising concerns regarding the complications after surgery and difficulty in follow-up in the case of medical tourism may decrease the demand for the market. In addition, partial reimbursement for treatment in the case of medical tourism is also expected to hamper the growth of the Global Medical Tourism Market.

According to the Fortis Group of Hospitals in India, it receives around 2,800 to 3000 international patients in a month on an average basis. It is also observed that patients with shorter stays face difficulties in physically meeting the medical personnel in case of post-surgery complications and follow-ups.

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Key Topics Covered in the Report

  • Snapshot of the Global Medical Tourism Market
  • Industry Value Chain and Ecosystem Analysis of the Medical Tourism Market
  • Market size and Segmentation of the Global Medical Tourism Market
  • Historic Growth of the Overall Global Medical Tourism Market and Segments
  • Competition Scenario of the Medical Tourism Market and Key Developments of Competitors
  • Porter’s 5 Forces Analysis of the Global Medical Tourism Industry
  • Overview, Product Offerings, and Strategic Developments of Key Competitors
  • COVID-19 Impact on the Overall Global Medical Tourism Market
  • Future Market Forecast and Growth Rates of the Global Medical Tourism Market and by Segments
  • Market Size of Application/End-User Segments with historical CAGR and Future Forecasts
  • Analysis of the Medical Tourism Market in Major Regions
  • Major Production / Consumption Hubs in the Major Regions
  • Major Production/Supply and Consumption/Demand Hubs in Each Region
  • Major Country-wise Historic and Future Market Growth Rates of the Total Medical Tourism Market and Segments
  • Overview of Notable Emerging Competitor Companies within Each Major Region

Major Companies Profiled in the Report

  • Aditya Birla Health Services Ltd.
  • Apollo Hospitals Enterprise Ltd.
  • Fortis Healthcare
  • Asian Heart Institute
  • KPJ Healthcare Berhad
  • Nippon Telegraph and Telephone East Corporation
  • Samitivej PCL
  • Wooridul Spine Hospital
  • Seoul National University Hospital
  • Prince Court Medical Centre

Notable Emerging Companies Mentioned in the Report

  • Bangkok Hospital Group
  • Bumrungrad International Hospital
  • Livonta Global
  • Max Healthcare
  • Klinikum Medical Link

Key Target Audience – Organizations and Entities Who Can Benefit by Subscribing This Report

  • Private Hospitals Chains
  • Medical Tourism Service Providers
  • Medical Associations
  • Governmental Regulatory Bodies
  • Financial Institutions
  • Investors for Hospitals
  • Tourism Service Providers
  • Medical Equipment Manufacturers
  • Medical Researchers
  • Pharmaceutical Products Manufacturers
  • Hotel Chains Focused on Medical Tourists
  • Health-tech Companies

Period Captured in the Report

  • Historical Period: 2017-2021
  • Forecast Period: 2022E-2028F

For More Information on the Research Report, refer to below links: –

Global Medical Tourism Market

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Ankur Gupta, Head Marketing & Communications

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+91-9015378249

Monday, June 27, 2022

Medical Tourism Market Growth is propelled by Availability of Latest Medical Technologies: Ken Research

 Medical tourism can be well-defined as an organized travel around the international borders to advantage medical treatment of some form, which may or may not be prevalent in the travelers’ home country. Medical tourists travel around the international borders for the maintenance, improvements, or restoration of their health through economical healthcare facilities & treatments obtainable in other countries, which are comparatively luxurious in their own country. Medical tourists travel to obtain the medical treatments such as dental treatment, neurological treatment, and cardiovascular treatment.

According to the report analysis, ‘Medical Tourism Market’ states that the global medical tourism market observed a flat growth in the past few years but sustained owing to high cost of medical treatment in developed countries such as US and UK in fact, most of the outbound medical tourists are from North America and Europe.

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The industry precise parameters that are propelling the global medical tourism market are primarily the growing healthcare related costs in the patient's country of origin, lack of insurance and healthcare coverages, inferior cost of medical treatment in destination countries, accessibility of highly trained, skilled, and competent specialists in the countries providing services, and growing costs of long-term care in developed regions. With respect to mega trends or macro factors propelling the growth of the global medical tourism market are the populace growth, urbanization, and easy admittance to prominent medical tourism destinations.

Though more assistance from government agencies and organizations and strategic marketing initiatives are required to augment the medical tourism in the underdeveloped countries. Industry partnerships with the international medical travel agents, logistic suppliers, hotels, and hospitals have facilitated in proposing the packaged facilities. For example, Apollo has collaborated with the American International Medical University (AIMU) for emerging medical tourism schedules in the regions such as Bahamas and St Lucia.

While looking for a favourable medical destination most of the medical tourists virtually visit countless JCI-accredited hospitals delivering the amenities and exceptional atmosphere for treatment and healing duration after a lengthy period of continuing surgical procedures. The growth of the elderly population is also one of the foremost factors propelling the medical tourism market because of the requirement of high-quality long-term care. The increasing lifestyle-related disorders and incidence of cancers are growing rapidly around the globe, with high treatment costs cancer treatment is also propelling the growth of medical tourism around the globe.

A large population of foreigners seeks surgeries such as facial aesthetics processes, dental implants, breast implants, facelifts, and liposuction in these regions. Advancements in healthcare infrastructure and the obtainability of high-quality healthcare services at reasonable prices will propel the international market growth.

Affordability and convenience of high-quality healthcare services and assistance from tourism departments and local governments are the foremost factors that propel the growth of the global medical tourism market. In addition, obtainability of latest medical technologies in medical tourism hubs, throughout the globe, is predicted to propel the market growth.

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Global Medical Tourism Market

Related Reports:-

Medical Tourism Market by Treatment Type (Cancer Treatment, Orthopedic Treatment, Fertility Treatment, Cardiovascular Treatment, Neurological Treatment, and Others): Global Industry Perspective, Comprehensive Analysis and Forecast, 2017 - 2024

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Saturday, August 21, 2021

Global Medical Tourism Market Research Report: Ken Research

 Major players in the medical tourism market are Apollo Hospital Enterprise Limited, Prince Court Medical Center, Bumrungrad International Hospital, KPJ Healthcare Berhad, and Fortis Health Ltd.

The Global Medical Tourism Market is expected to decline from USD 37.72 billion in 2019 to USD 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 USD 33.54 billion in 2023 at CAGR of 19.2%.


The medical tourism market includes revenues generated by healthcare service providers by diagnosing and treating the patients who travel across international borders to obtain medical treatment. Patients usually travel from countries lacking healthcare infrastructure or having high healthcare costs to major medical centers in developing countries.

Asia Pacific is the fastest growing region in medical tourism market, in which Thailand holds the maximum share.

In November 2018, IHH Healthcare acquired Fortis Healthcare for USD 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.

The medical tourism market covered in this report is segmented by treatment type into cosmetic treatment; dental treatment; cardiovascular treatment; orthopedics treatment; bariatric treatment; fertility treatment; ophthalmic treatment; others.

The coronavirus disease (COVID-19) outbreak is to act as a major restraint for the growth of the medical tourism industry during 2020 and 2021. According to the World Health Organization's report, 213 countries are affected by the COVID-19 outbreak including countries with a high number of medical tourists such as the USA, China, Japan, and South Korea. The government of various countries has banned travelers from affected countries, barred flights to certain countries, and changed the visa requirements. The American Centers for Disease Control and Prevention (CDC) predicted that the situation could last into 2021 and is likely to impact the medical tourism industry significantly. Therefore, the coronavirus outbreak and travel bans are expected to restrict the growth of the medical tourism industry in the near future.

Patients travelling across countries for medical treatment are increasingly using electronic health records to store information related to health in digital format. Electronic health record is the systematic collection of patient health and medical examination reports stored electronically. These health records can be accessed instantly and securely by authorized users. Electronic health records eliminate the need to carry heavy medical records for patients travelling long distances for treatment. Some of the major electronic health records software include eClinicalWorks, Allscripts, Cerner.

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 USD 39,299 while the same surgery in India, Costa Rica or other developing countries would cost between USD 7000 and USD 15,000 including logistics.

For More Information, Click on the Link Below:-

Global Medical Tourism Market

Related Reports:-

Medical Tourism Market by Treatment Type (Cancer Treatment, Orthopedic Treatment, Fertility Treatment, Cardiovascular Treatment, Neurological Treatment, and Others): Global Industry Perspective, Comprehensive Analysis and Forecast, 2017 – 2024

Global Medical Tourism Market Report 2019, Competitive Landscape, Trends and Opportunities

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