Pune, India -- (SBWIRE) -- 02/20/2018 -- Medical tourism or health tourism refers to visiting overseas to a overseas country for the purpose of searching for healthcare services. The sports aren't confined to handiest surgical intervention and can contain medical take a look at-ups, and different practices that require professional scientific interventions. In keeping with OECD estimates, nearly 50 million medical vacationers travelled to the emerging international locations in 2016.

The Global Medical Tourism Market is growing at a steady pace and it is expected to grow at a CAGR of 21.4% during the forecasted period 2017-2023.

The Medical tourism market is been driven by factors such as rising geriatric population, high cost of treatment in developed countries, availability of cost-effective and quality treatments in developing countries, development of effective travel especially air travel, assistance from tourism departments and local governments, availability and spread of latest medical technologies throughout the world, high penetration of health insurance, development of communication technology, and others.

The rise of in-vitro fertilization, surrogacy, retro-production has also stimulated the market. International accreditation is a key factor boosting international medical tourism. Currently, over 600 health facilities in the world are accredited by the U.S. Joint Commission International (JCI), which is growing by 20% each year.

The market restraints are limited coverage and insufficient reimbursement offered by insurance companies, difficulties associated with cross border travel, such as cultural barriers, connectivity issues, documentation, and VISA approval issues, and others.

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Key Players in the Global Medical Tourism Market

Some of the key players in this market are

Asklepios Kliniken Verwaltungs gesellschaft mbH (Germany),
Fortis Healthcare (India),
Gleneagles Global Hospitals Group. (India),
Prince Court Medical Centre (Malaysia),
Samitivej PCL (Thailand),
Christus Muguerza (Mexico),
Anadolu Medical Center (Turkey)

Regional Analysis of Global Medical Tourism Market

The market is spurring at the rapid pace due to growing awareness and the improvements in the service conditions provided by medical tourism providing vendors. Asia Pacific has the lion's share of greater than 40% in 2016 of the medical tourism market, followed by the Americas. Malaysia, Thailand Singapore, Taiwan, India, South Korea, and are the dominating nations in the Asia Pacific market. India has specialized in cardiac procedures, Thailand in cosmetic surgery and Singapore is renowned for complicated surgical procedures.

The Americas is led by nations such as Ecuador, Mexico, Costa Rica, Venezuela, and Cuba. The Central and South American economies have specialized in plastic surgeries owing to their tourism destination status for Americans and Canadians. The America medical tourism market is anticipated to reach USD 102,496.8 million, growing at a CAGR of 22% during the forecast period of2017 to 2023.

Europe is expected to be led by the x-soviet economies of Slovakia, Poland, Ukraine etc. the inclusion of Poland and Romania in the European Union is expected to be the strongest driver of the market. The Middle East and Africa market is expected to be one of the fastest growing due to increasing investment on healthcare and the development of large hospital complexes such as the King Fahd hospital in Riyadh, Saudi Arabia.

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