The global medical tourism market is led by some of the key companies including Apollo Hospitals (India), Prince Court Medical Center, and Bumrungrad International Hospital (Thailand). Key companies are concentrating on sophisticating some of the medical tourism services including neurosurgery, cardiac surgery, dental care, cosmetic surgeries, and orthopedics. Over the past years, the global medical tourism market has growth at a considerable rate owing to the rising medical infrastructure and the availability of medical devices. Globalization of health care services has largely propelled the global medical tourism market. Transparency Market Research Report (TMR), in its new report, states that changing trends in globalization of the healthcare industry have assisted people to avail affordable medical services.
The global medical tourism market is expected to reach US$32.5 bn by 2019. Based on geography, the global medical tourism market was dominated by India in the recent past and the trend is expected to continue in the years to come. The medical tourism market in India is predicted to reach US$14,058.1 mn by 2019, followed by Brazil. Asia has become the most prominent markets for medical tourism, with countries such as India, Malaysia, Thailand, and Singapore leading the demand for healthcare services. Cultural similarity and geographic proximity are two of the factors that can be credited for the growth of the medical tourism market in Asia.
Aging Population to Propel Global Demand for Medical Tourism
The rising aging population is a boon for the global medical tourism market. With age, people are facing many health issues. The demand for quality medical care and treatment is increasing in many nations. Some other factors expected to boost the demand for medical tourism are the reduced cost of procedures, large uninsured population, the rising tourism industry, and wider treatment options. An improved healthcare infrastructure is benefiting the players operating in the global medical tourism industry to offer required services. Thanks to improved medical infrastructure, aging people are able to avail medical services while being on a tour.
Follow-up Care to be the Biggest Challenge
Although the global demand for medical tourism is increasing at a considerable pace, the lack of follow-up care is expected to be the biggest challenge for the key companies operating in the global medical tourism market. “Management of post-treatment complications and post-operation complications are still a problem for the patients,” says TMR analysts. Local healthcare service providers find it uncomfortable to solve complicated medical cases that are performed by unknown medical professionals in various tourist locations. This is another problem expected to restrict the growth of the global medical tourism market.
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Government Support to Create New Opportunities
Governments of many nations are supporting medical tourism by increasing their funding for research and development of new drugs. With favorable government policies, medical tourism has been simplified. Medical tourism has gained significant importance in the global tourism market. Governments of countries such as India, Singapore, Thailand, and China have formed separate medical tourism agencies to be a part of the growing global medical tourism market. Many governments are allowing new companies to enter the global medical tourism market, which is expected to propel the market in many ways.
This information is based on the findings of a report published by Transparency Market Research titled “Medical Tourism Market – Global Industry Analysis, Size, Share, Growth, Trends and Forecast, 2013 – 2019.”