According to the new report published by Allied Market Research, titled, “Medical Tourism Market by Treatment Type: Global Opportunity Analysis and Industry Forecast, 2017-2023” the global medical tourism which was valued at $61,172 million in 2016 is projected to reach $165,345 million by 2023, growing at the rate of 15% annually from 2017 to 2023.
North America is the highest anticipated revenue contributor throughout the forecast period.
The increase in the cost of healthcare in developed nations has forced the people to look for affordable alternatives and has therefore helped the medical tourism market to thrive. Medical tourists avail different services and treatments such as cancer treatments, cardiovascular treatment, neurological treatment, fertility treatment, and others.
Availability of good quality healthcare services assists the tourists in finding a better destination for medical tourism. The increase in the cases of serious ailments like cancer and other life-threatening diseases add to global medical tourism.
Apart from cancer treatment, neurological disorders treatment segment is anticipated to be the fastest growing treatment type segment with a CAGR of 15.5% from 2017 to 2023, owing to factors such as growth in the prevalence of neurological diseases and surge in global geriatric population.
The global medical tourism market is dominated by North America and Asia Pacific and collectively accounted for 63.6% of the overall medical tourism market in 2016. Availability of affordable treatment in regions like Mexico, Thailand, Malaysia, India, and Singapore helped them grow as a preferred spot for medical tourism.