Medical tourism can be explained as the place where individuals who live in one nation go to another nation to get surgical, dental, or other medical care in order to seek equivalent or more prominent care than they would have in their own nation, and are going for medical care due to better access to healthcare in that particular country, or their capability to afford the travel, or in order to get more elevated amount of nature of care.
According to a research by Transparency Market research (TMR), in year 2012, the market was evaluated to be around worth US$ 10.5 bn. This value is likely to reach around US$ 32.5 bn by the end of 2019. The global medical tourism market is anticipated to witness growth with a steady CAGR of 17.90% within the forecast period from 2013 to 2019.
Medical Tourism Market to Pick up Noticeable Pace in Coming Years
The medical treatment incorporate dental implant, heart valve replacement, breast implant, angioplasty, heart bypass, tummy tuck, hip replacement, spinal fusion, cosmetic surgery, and other treatment.
The patients fly out abroad to get the medical treatment on account of cost-sparing, better quality care, reasonableness, no holding up time, and more customized health services. Medical tourism is a type of outsourcing medical administrations to ease nations. The medical tourism market is in incipient stage and is required to pick up energy amid the conjecture time frame.
Economic Crisis to Become Major Factor for Market Demand for Medical Tourism
Major driving factors such as ascend in geriatric populace, expanding selection of complex innovation and positive exchange rates have supported the development of this market. As indicated by current estimations, number of Americans of age 65 years or above is relied upon to twofold by 2050.
Also, financial emergency in the developed nations has prompted the lessening in human services use. In this way, rising medicinal services use is encouraging the health care coverage specialists, insurers, and employers to look for medical administrations abroad. Further, long holding up time in nations, for example, U.K., Canada, and France stays one of the main considerations that force the patients to move to different goals. Likewise, ideal trade rates and ascend in cosmetic procedures is contributing in growth of medical tourism market.
Cultural Similarities and Geographical nearness to drive the Market Growth
Geographic closeness and social similitudes are likewise driving development of this industry. For example, Mexico and Brazil essentially witness patients from the U.S because of geographic proximity. In addition, low cost medicines combined with ascend in person born after WW2 populace are further moving development of this market. Likewise, development in Turkey is seen because of rise in popularity for cosmetic procedures.
The ease related with medical methods in India, Singapore, Brazil, Costa Rica, Thailand, South Korea, Poland, Mexico, Turkey, Taiwan, and the Philippines contrasted with different nations has urged individuals to go to these countries, boosting the worldwide medical tourism market widely. Aside from this, the wide cluster of choices for treatment in these nations is likewise energizing the worldwide market for medical tourism, all things considered. Bumrungrad Hospital, Raffles Medical Group, Apollo Enterprise Ltd, Bangkok Medical Center, and Prince Court Medical Center are some of the major players in the global market.
Transparency Market Research (TMR) is a next-generation provider of syndicated research, customized research, and consulting services and engaged by Fortune 500 companies to support their strategic business decisions.
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