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Medical tourism will register a growth of USD 16,880 million

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https://en.travel2latam.com/nota/75519-medical-tourism-will-register-a-growth-of-usd-16880-million
Medical tourism will register a growth of USD 16,880 million
Source: CATM
July 21, 2022

Technavio report identifies North America as a key growth region


Technavio's medical tourism market report expects the market size to increase by USD 16.88 billion between 2020 and 2025.

The segment has grown by 22.93% year-on-year in 2021. However, the growth momentum is expected to be slow to a CAGR of 16.04% during the forecast period. The report offers up-to-date analysis of the current market scenario, the latest trends and drivers, and the overall market environment. 

The global medical tourism market is fragmented due to high product penetration and brand building. Competition in the market is expected to intensify during the forecast period with an increase in product or service extensions, technological innovations, mergers and acquisitions, and joint ventures. The lack of a strong distribution network can limit the entry of new players. Therefore, providers must expand geographically while reviving domestic demand to achieve sustained growth.

The availability of low-cost treatment options has been instrumental in driving the growth of the market. However, the lack of advanced infrastructure in developing countries could hamper the growth of the market. Competitors must focus on differentiating their product offerings with unique value propositions to strengthen their market presence. Market vendors also need to take advantage of existing growth prospects in fast-growing segments while maintaining their positions in slow-growing segments.

The global medical tourism market is segmented as follows:

Type of treatment
Cardiovascular
treatment Cosmetic
treatment Fertility
treatment Orthopedic treatment
Others

The cardiovascular treatment segment will have the largest market share. The segment is mainly driven by the increasing prevalence of cardiovascular diseases caused by an increase in the number of risk factors such as rheumatic heart disease, hypertension, obesity and diabetes. Additionally, vendors' increased focus on providing cost-effective devices will have a positive impact on segment growth.

The medical tourism market is growing steadily in North America. The region will account for 32% of the market share during the forecast period. The wide availability of high-quality healthcare facilities in the US and Canada is driving the growth of the regional market. Furthermore, the growing awareness and affordability of medical services in Mexico will positively influence the growth of the medical tourism market in North America during the forecast period.

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