The medical tourism market size is expected to reach USD 207.9 billion by 2027, expanding at a CAGR of 21.1%, according to a new report by Grand View Research, Inc. Medical tourism generates direct foreign exchange income and contributes to the overall development of any economy. It provides employment and business opportunities for residents. Moreover, it helps in the growth of associated businesses such as pharmaceuticals, healthcare devices, and tourism. Government support to maintain the general reputation and political stability of the host country is a key influencing factor that drives the market.
Government
authorities are willing to invest in local enterprises to capitalize on the
growth of the market. Such government bodies are authorizing projects that help
in the overall development of infrastructure in the country such as the public
transport system and water supply facilities to attract high-end travelers.
Medical
tourism has led to a rise in state-of-the-art healthcare facilities in
developing countries to attract foreign nationals, resulting in the fast growth
of healthcare infrastructure in such countries. Moreover, healthcare providers
now offer comprehensive tour packages that include services ranging from ticket
booking to hotel stay and healthcare insurance.
Full Research Report On Medical Tourism Market Visit Here:
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Medical Tourism
Market Report Highlights
- Thailand
dominated the market in terms of revenue in 2019 pertaining to the huge
difference in treatment cost in comparison to developed countries. Around
2.8 million people visited Thailand to seek medical care in 2018 owing to
low cost and good quality healthcare services
- In 2016,
Thailand ranked 18th in the International Healthcare Research Center’s
Medical Tourism Index. Moreover, the country ranked 13th on the same index
in terms of quality of facilities and services provided owing to
well-developed healthcare infrastructure and an increasing number of
healthcare professionals
- In Thailand,
Asia’s first largest private hospital, Bumrungrad International Hospital,
is also the first hospital to receive JCI accreditation and ISO 9001
certification. Till date, over 53 private hospitals have received JCI
accreditation
- Singapore,
Colombia, Taiwan, and Spain are some of the fastest-growing medical
tourism destinations in medical tourism market. Medical tourism is one of
the important factors for revenue generation for these countries. They
have an advanced healthcare infrastructure and skilled manpower to cater
to international patients
- Thailand is
popular for cosmetic procedures and India is most preferred for
cardiovascular and orthopedic procedures. Brazil and Costa Rica are
preferred for dental procedures.
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About Grand View Research
Grand
View Research, Inc. is a U.S. based market research and consulting company,
registered in the State of California and headquartered in San Francisco. The
company provides syndicated research reports, customized research reports, and
consulting services. To help clients make informed business decisions, we offer
market intelligence studies ensuring relevant and fact-based research across a
range of industries, from technology to chemicals, materials and healthcare.
For more info visit @ https://www.grandviewresearch.com
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