Global Medical Tourism Market to be Driven by Lower Cost of Medical Services in Developing Economies

Medical tourism refers to patients traveling from their own country to a different country for a medical treatment, which may also include an extended vacation. The increase in healthcare costs in developed economies and the availability of high-quality medical facilities and services at a lower price in developing economies has boosted the expansion of medical tourism industry across the globe. Patients are travelling to foreign lands not only for cosmetic surgeries, but also for complicated and sophisticated procedures such as cardiovascular surgeries. Most countries hosting a large influx of such tourists have planned to take advantage of medical tourism to boost their tourism industry and healthcare facilities and services. Due to this, a country can enhance its economic growth and generate huge employment opportunities.

In 2012, the global medical tourism market was valued at US$10.5 billion and is estimated to reach US$32.5 billion by the end of 2019, growing at a substantial 17.9% CAGR between 2013 and 2019.

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Government Initiatives to Promote Medical Tourism Expected to Result in Market Growth

The reduced cost of medical procedures, huge uninsured population, advancing technology, diversified treatment options, and aging population are some of the factors expected to boost demand for medical tourism in the coming years across the globe. Moreover, governments of several countries have undertaken initiatives to encourage medical tourism, which will open huge opportunities for market players across the globe. However, medical malpractice, difficulty in follow-up care, the negative image of some countries in Western perception, and other related issues are expected to hamper the growth of the global medical tourism market in the coming years.

In the U.S., around 50 million people do not have medical insurance and around 139 million don’t have dental insurance. In 2012, about 1.6 million people from the U.S. travelled to different destinations for medical services. The cost of treatment in developing countries is up to 30% less in comparison to healthcare costs in the U.S, which can amount to lot of savings even factoring in travel expenses.

Thailand to Remain Popular Destination for Cosmetic Surgeries in the Near Future

The global medical tourism market has been geographically segmented into countries such as Thailand, Malaysia, Mexico, India, Singapore, Turkey, Brazil, South Korea, Taiwan, and other prospective countries (such as Philippines, Dubai, Poland, and Costa Rica).

In 2012, Asia Pacific attracted approximately 2 billion foreign patients for medical services, which generated total revenue of about US$6.4 billion. The growth of the medical tourism market in Asia Pacific is due to the presence of well-developed and rapidly expanding medical tourism infrastructure in the aforementioned countries. For cosmetic surgeries, Thailand continues to be the most popular destination. In 2012, Thailand recorded an influx of around 2.5 million foreign patients, which accounted for around 45% of the Asia Pacific medical tourism market.
 
The global medical tourism market is still in the maturing stage and requires immense coordination between healthcare providers, insurers, and government agencies. In the present scenario, the global medical tourism industry is majorly controlled by private players. Some of the prominent players operating in the global medical tourism market are Asian Heart Institute, Bangkok Hospital Medical Center, Prince Court Medical Center, Bumrungrad International Hospital, KPJ Healthcare Berhad, Apollo Hospitals Enterprise Limited, Samitivej Sukhumvit, Min-Sheng General Hospital, Fortis Healthcare Ltd., and Raffles Medical Group.

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