Medical Tourism Market: Medical Management, Recent Developments, and Future Challenges
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.
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