India Leads Global Medical Tourism Industry thanks to Presence of Advanced Medical Technologies
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.
The increasing
number of people travelling abroad to seek medical treatment comprises a rising
global trend. The exponentially rising healthcare cost in developed regions,
coupled with the availability of advanced yet cost-effective medical services
in developing countries, is encouraging people to travel abroad for treatment
purposes that may also incorporate an extended holiday. This trend is called
medical tourism and has been showcasing definitive growth around the world over
the past few years.
Demand for Advanced
and Cost-effective Medical Services Boosts Global Medical Tourism Market
Medical tourism may
include sophisticated treatments such as neurosurgery, cardiac surgery,
orthopedics, elective treatments such as cosmetic surgeries and dental care, or
routine health check-ups. The visibly rising cost of healthcare services in
developed countries is the prime factor bolstering the market for medical
tourism. According to a report published by Transparency Market Research,
approximately 50 million people in the U.S. alone are uninsured, while 139
million Americans do not have dental insurance.
An estimated 1.6
million Americans opted for medical tourism in 2012, since the treatment for
the same disease in developing nations costs 20% to 30% less than that in
developed countries. This helps patients and their families save a substantial
share of the cost even after accounting for the travel expenses.
The global medical
tourism market, therefore, sees lucrative opportunities in the forthcoming
years with an increasing number of people making it their preferred choice.
Transparency Market Research, in its latest report, pegs the overall value of
the global medical tourism market at US$10.5 bn in 2012, and it is expected to
reach US$32.5 bn by the end of 2019. If the figures hold true, the global
medical tourism market will exhibit an impressive CAGR of 17.9% between 2013
and 2018.
Asian Countries
Witness Highest Influx of Medical Tourists
With high-quality
infrastructure and low costs, Asian countries have emerged as the most
prominent players in the market for medical tourism over the past few years.
Asia attracted over 5.6 million foreign patients in 2012, generating a revenue
of a whopping US$6.4 bn from medical tourism. The presence of popular tourist
destinations in this region has also contributed to attracting an increasing
number of people from abroad.
India, Thailand,
Malaysia, Singapore, South Korea, and Taiwan are among the Asian countries that
witness the highest number of people travelling from abroad to seek medical
services. For instance, Thailand has emerged as the most popular destination
for medical tourists from Western Europe for cosmetic surgeries. In 2012, Thailand received over 2.5 million
foreign patients that accounts for almost 45% of the total number of foreign
arrivals in Asia. Likewise, India and Singapore specialize in complex
procedures such as cardiac surgeries. In the meantime, Malaysia also has been
attracting a large number of medical tourists due to the presence of a modern
healthcare infrastructure.
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Favorable Government Policies May Boost Global Medical Tourism Market
The medical
tourism market is still in a nascent stage and requires substantial
coordination among healthcare providers, insurers, and governments to enjoy
sustainable growth in the near future. With favorable government policies, the
organizations operating in the market can enjoy a competitive advantage. Some
of the most prominent names operating in this industry include Bumrungrad
Hospital, Apollo Enterprise Ltd, Bangkok Medical Center, Prince Court Medical
Center, Raffles Medical Group, and others.
The global
medical tourism market is segmented into:
By Region
•India
•Thailand
•Singapore
•Malaysia
•Mexico
•Brazil
•Turkey
•South Korea
•Taiwan
•Costa Rica
•Poland
•Dubai
•Philippines
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Us
Transparency
Market Research (TMR) is a global market intelligence company providing
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