The global medical tourism market is set to grow at a compound annual growth rate of 13 percent through 2021, based on a Technavio report, according to NB Herard.
Here are six insights:
1. Internet use is a key driver of the medical tourism market.
2. The cardiovascular treatment segment dominated the market in 2016, capturing a 32 percent market share.
3. The Asia-Pacific region led the market in 2016, capturing more than 50 percent of the market.
4. Canada, China, Germany, France, India, Japan, Mexico, South Korea, New Zealand, Thailand, the U.K. and the U.S. all saw regulatory changes in the medical tourism industry.
5. Thailand-based Bangkok Hospital, Germany-based Asklepios Kliniken Verwaltungsgesellschaft, India-based Apollo Hospitals, Thailand-based Bumrungrad International Hospital and India-based Fortis Healthcare are key market players.
6. Competition, technological advancements and consumer preference changes have yielded greater market consolidation.