Potential Impact of COVID-19 on Medical Tourism Market: What to Expect from Industry in 2020?

The COVID-19 crisis has affected the global medical tourism market in a negative way. The governments are taking initiatives to help patients seek healthcare treatment and the market is likely to recover by Q1/Q2 of 2022.

The COVID-19 pandemic has hugely impacted the global medical tourism market and a slight downfall is witnessed in the growth rate as compared to the former predictions. As per new Research Dive published report, the global medical tourism market is anticipated to rise at a CAGR of 11.7% by 2026, generating a revenue of $142.2 billion in the period of forecast from 2019 to 2026. While there is a decrease in the growth rate due to the COVID-19 outbreak, the market is likely to recover by Q1/Q2 of 2022.

Highlights of the Report

As per our analysts, the increasing interests amongst people coupled with technological advancements in healthcare treatment is a significant factor impelling the growth of global medical tourism market.

The projected market size for the medical tourism industry prior to COVID-19 chaos was $73.7 billion in 2020 and this number is expected to drop down to $44.2 billion post-coronavirus pandemic. The risk associated with travel after surgery, language barrier, and quality of staff members will hinder the market growth in the coming years.

Conversely, the rising interests of people towards better quality healthcare coupled with advanced technology and low cost will propel the demand for medical tourism during the forecast period.

Sustaining in the Pandemic Situation

A number of countries all over the world are inviting well known medical specialists Cleveland Clinic, Mayo Clinic, and Harvard Medical International by investing more to develop medical tourism facilities.

Furthermore, other countries are adopting diverse strategies in order to fuel the growth of medical tourism market. For instance, India launched visa facilities for foreigners namely, ‘M-visa,’ to allow foreigners to enter the country for healthcare treatment.

In addition, the doctors in Singapore are treating people to maximum of three diverse locations, which is based on the guidelines of Ministry of Health (MOH) to stop the spread of COVID-19 virus.

The leading players of the medical tourism industry include Anadolu Medical Centre, Shouldice Hospital, Clemenceau Medical Centre, Prince Court Medical Centre, Gleneagles Global Hospitals Group, and Bangkok Hospital.

Global Industry to Witness Significant Growth Post-Coronavirus Chaos

Research Dive states that the global medical tourism market is projected to witness considerable growth post-COVID-19 pandemic. There are various benefits associated with medical travel such as availability of better-quality medical treatment, accessibility of medication, and low costs, which will surge the demand for medical tourism during the forecast period.

Moreover, various countries such as Thailand, India, and Singapore are gaining importance due to availability of low-cost healthcare treatment, which is predicted to propel the market growth after COVID-19 pandemic.

Mr. Abhishek Paliwal
Research Dive
30 Wall St. 8th Floor, New York
NY 10005 (P)
+ 91 (788) 802-9103 (India)
Free : +1 -888-961-4454
Email: support@researchdive.com
LinkedIn: https://www.linkedin.com/company/research-dive
Twitter: https://twitter.com/ResearchDive
Facebook: https://www.facebook.com/Research-Dive
Blog: https://www.researchdive.com/blog
Follow us on: https://covid-19-market-insights.blogspot.com

Growth Outlook: Healthcare Gamification Market Expand their Businesses with New Investments

Download FREE Sample The healthcare gamification market share is predicted to grow at a CAGR of 11.9% by generating a revenue of $47,281.5 Million by 2026. Gamification includes applying the techniques used in game, mechanics of game, and game style in non-gaming applications to engage the audience and make the dull task into more fun and engaging. Basically it is an application of elements in video games, which helps to solve the everyday problem and enables the user to change the behavior, develop skills and enable innovation in health care. The goal of the gamification is to change the behavior of the patient. The increase in the wearables and health & wellness app with gamification is the strong sign that the people are liking it. The increase in the usage of digitalization and the technology adoption are expected to drive the healthcare gamification market. Many companies are using the digital platform for the people to check their health data. For...

COVID-19 Impact: What Challenges Hand Sanitizer Market May See In Next 5 Years?

Inquire Here Before Purchase and Get FREE Sample The communal transmission of COVID-19 has created a significant impact on the hand sanitizer market growth, throughout the projected timeframe. The growth of the global hand sanitizer market is mainly driven by the rising concern about personal safety among the customers. Furthermore, the extensively growing prevalence of viral disorders globally is also creating a huge demand for hand sanitizers, in the review period. Though the businesses across the globe have strictly imposed lockdown in order to reduce the impact of the pandemic spread, the global hand sanitizer industry has shown exponential growth. The ventures involved with hand sanitizer production are adopting numerous strategic steps like product & technology advancements, strategic tie-ups. For example, in June 2020, Procter & Gamble (P&G), has made an announcement to launch of newly invented ‘safeguard sanitizer’. In addition, the enterpris...

What are the Left Atrial Appendage Closure Devices Market Key Insights and COVID-19 Business Impact?

Download FREE Sample Connect with Analyst The COVID-19 outbreak has significantly affected the global left atrial appendage closure devices market. As per American Heart Association, people having high blood pressure, heart valve disease and congenital heart diseases are expected to develop severe coronavirus symptoms. Also, this virus can generate heart strokes through weakening of muscles of the heart. These fators will boost the demand for left atrial appendage closure divices and surge the market growth during the pandemic. Furthermore, the leading manufactures in the global market are adopting various strategies such as product innovations and partnerships to increase their market share in the overall industry. For example, in July 2020, Boston Scientific Corporation announced that the “Watchman FLX left atrial appendage closure device” has been approved by U.S. Food and Drug Administration, which is used to minimize the threat of heart stroke in patients. The stroke r...

MyTrade-Insights

Search This Blog