Demand for Advanced and Cost-effective Medical Services Boosts Global Medical Tourism Market
by Ranu Kurmi tmrA market study on the global
tourism market, recently published by Transparency Market Research (TMR)
estimates this market to rise at an exceptional CAGR of 17.90% over the period
from 2013 to 2019 and reach a value US$32.5 bn by the end of the forecast
period.The research report, titled “Medical
Tourism Market - Global Industry Analysis, Size, Share, Growth, Trends and
Forecast, 2013 - 2019,” states that the worldwide medical tourism market
attained a value of US$10.5 bn in 2012.
Medical tourism is defined as
traveling from one location to another with a purpose to gain medical
assistance. Generally, people from developing nations travel to developed
countries for medical treatments that are unavailable in their own countries
due to poor medical and healthcare infrastructure. However, in recent years,
people residing in developed economies have also begun travelling to lesser
developed countries in order to gain cost-efficient medical assistance.
According to this study, the
falling cost of medical procedures in the Philippines, India, Singapore,
Thailand, Mexico, Malaysia, Brazil, Turkey, Taiwan, South Korea, Poland, Costa
Rica, and Dubai is encouraging people to travel to these countries for their
treatment and, in turn, is propelling the global medical tourism market
significantly.
In addition, the widening range
of medical treatments available in these nations, coupled with technical
advancements in the field of medical and healthcare, is likely to boost this
market greatly during the forecast period, states the market report.
In this study, the global medical
tourism market is analyzed on the basis of its regional spread. India,
Singapore, Thailand, Malaysia, Brazil, Mexico, Turkey, Taiwan, and South Korea
are the major medical tourism markets across the world.
Thailand has emerged as the most
popular destination for cosmetic surgeries among the medical tourists from
Western Europe. In 2012, this country had welcomed around 2.5 million foreign
patients, accounting for approximately 45% of the overall number of foreign
medical tourists arrived in Asia. However, Malaysia is likely to dominate the
global medical tourism market in the coming years.
Almost
0.7 million patients were treated in this nation in 2012. Analysts expect
around 2 mn patients to gain medical assistance in Malaysia by the end of the
forecast period, notes the research report.
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The
report further states that India and Singapore are the most preferred
destinations in case of complex medical procedures. India has attracted a large
number of patients due to its increasing popularity in the field of cardiac
treatments. Costa Rica, Dubai, Poland, and the Philippines have been identified
as the prospective countries for medical tourism in this market study.
Samitivej
Sukhumvit, Raffles Medical Group, Fortis Healthcare Ltd., Apollo Hospitals
Enterprise Ltd., Bangkok Hospital Medical Center, Asian Heart Institute,
Bumrungrad International Hospital, KPJ Healthcare Berhad, Min-Sheng General
Hospital, and Prince Court Medical Center are some of the major organizations
operating in the global medical tourism market.
The global medical tourism
market is segmented into:
By
Region
·
India
·
Thailand
·
Singapore
·
Malaysia
·
Mexico
·
Brazil
·
Turkey
·
South
Korea
·
Taiwan
·
Prospective
Countries
o Costa Rica
o Poland
o Dubai
o Philippines
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