The global medical tourism market is rising at a fast pace, driven by governments support across various n. This information has been shared by Fortune Business Insights in its report, titled “Medical Tourism Market Size, Share and Global Trend By Type (Domestic, International), By Treatment (Cosmetology, Dentistry, Cardiology, Orthopaedic surgery, Neurology, Oncology, Other), and Geography Forecast till 2026”.
The report highlights the various aspects and advantages of the fledgling global medical tourism market. Medical tourism can be understood as a form of globalisation which involves travel across international borders to avail medical facilities in foreign destinations. Medical tourism or travel has grabbed the interest of governments and medical professionals alike.
Governments view medical exploratory activities as an opportunity to showcase their unique healthcare services; medical professionals seek newer frontiers to research alternative medicines and treatments for prevailing diseases. For example, homeopathy and Ayurveda in India offer effective alternative remedies to western allopathy. In the end, both parties inject the necessary fuel that will propel growth of the global medical tourism market.
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Global Medical Tourism Market report covers extensive primary research. This is accompanied with detailed analysis of qualitative and quantitative aspects by various industry experts and key opinion leaders to gain deeper insights into the market and industry performance. The report gives a clear picture of the current market scenario, which includes the historical and forecasted market size, in terms of value and volume, technological advancement, macroeconomic, and governing factors of the market. The report provides comprehensive information about the strategies of the top companies in the industry, along with a broad study of the different market segments and regions.
Key Industry Developments :
- In June 2019, Clear bridge Health announced building the 1,500 square foot clinic in Causeway Bay, Hong Kong to better cater to both domestic patients and medical tourists. The construction of the new clinic will be able to accommodate more visiting physicians and specialists, such as obstetrician, gynaecologist and gastroenterologist.
- According to the Medical Tourism Market Report 2015, India was found as one of the lowest cost and highest quality of all medical tourism destinations. India has persistently recognized the opportunity and showed its strength and potential in global market through public-private partnership, thereby pavement its way to become a hub for medical tourism.
Slow Response Time Impedes the Growth of This Market
The global medical tourism market is affected by poor quality outcomes and poor and slow response times experienced by some of the medical tourists. A lead analyst at Fortune Business Insights cites a research conducted by the Medical Tourism Association which states that about 44.9% of medical tourists reported of slow response time in hospitals. Furthermore, 14.3% of the tourists complained of poor quality outcomes. This does not bode well for the global medical tourism market. The situation is exacerbated by poor communication and transport infrastructure along with barriers posed by language in these developing countries.
Dynamic Competition Accelerating Growth
Competition among key players to capitalize on the existing opportunities in the rapidly advancing global medical tourism market has grown exponentially. Research and development activities are being funded by private companies to maintain their competitive edge in the market. For example, Clearbridge Health has announced the building of a massive clinic in Hong Kong that will serve as a work floor for visiting medical specialists.
In India, the southern state of Kerala is actively promoting health and medical tourism as an integral part of its tourism industry to attract foreign tourists. Such examples are proof that competition in the global medical tourism market is taking place not just between private players, but also in the public sector.
Frequently Ask Question :
The “Third World” Preference
According to a report by the US-based National Centre for Policy Analysis, India and Thailand are two of the most popular medical destinations among medical travellers. In case of India, the main reasons for this are low cost of medical services, easy prior availability of price information and a largely English speaking population. Thailand is equally popular and sometimes even preferred more than India due to better infrastructure, despite the prices being not as low as India.
North America is expected to lead the global medical tourism market in the forecast period owing to growing demand for low cost healthcare and aging population. As seen through the examples of India and Thailand, the Asia-Pacific region holds unbound potential for the global medical tourism market in the coming decade. Germany and Turkey will also see expansion in their respective medical tourism sectors.
List of the major players in the global medical tourism market:
- Bumrungrad International Hospital
- Mount Elizabeth Hospital
- Bangkok Chain Hospital
- KPJ Healthcare Berhad
- Apollo Hospitals Enterprise Limited
- Fortis Healthcare Limited
- Asian Heart Institute
- Asklepios Kliniken GmbH
Medical Tourism Market Segmentations:
- Orthopedic surgery
- North America (USA and Canada)
- Europe (UK, Germany, France, Italy, Spain, Scandinavia and Rest of Europe)
- Asia Pacific (Japan, China, India, Australia, Southeast Asia and Rest of Asia Pacific)
- Latin America (Brazil, Mexico and Rest of Latin America)
- Middle East & Africa (South Africa, GCC and Rest of Middle East & Africa)
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