Medical Tourism is basically when a patient resides in a particular country but travels overseas for medical care. Many factors such as affordability, accessibility, or higher level of quality of care leads to patients seeking care in other countries. Availability of latest healthcare technologies with good quality healthcare and assistance from government and tourist departments can lead to a healthy growth in medical tourism market.
The Global Medical Tourism Market will generate an explosive double digit CAGR of 21.4% during the forecast period (2017-2023).
The global medical tourism market has been growing rapidly and expected to reach at a high growth figure over the review period owing to availability of lots of opportunities. Availability of cost-effective treatments, quality service and less waiting period, rising geriatric population, and increasing prevalence of diseases boost the growth of the market. Furthermore, quality of the treatment and increasing level of living standard have fuelled the market growth. However, communication or language barriers and complications due to traveling before and after surgery may restrain the market growth. The major challenge to the market is to control the illegal practices such as organ trafficking.
There are various market players operating in the Global Medical Tourism Market.
- Fortis Healthcare Ltd.,
- Apollo Hospitals Enterprise Limited,
- KPJ Healthcare Berhad,
- Barbados Fertility Centre,
- NTT Medical Center Tokyo,
- Seoul National University Hospital,
- Asian Heart Institute and Research Centre Private Limited,
- Aditya Birla Memorial Hospital,
- Barbados Fertility Centre,
- Asklepios Kliniken Verwaltungsgesellschaft mbH (Germany)
- Prince Court Medical Centre (Malaysia),
- Samitivej PCL (Thailand),
- CHRISTUS MUGUERZA (Mexico),
- Anadolu Medical Center (Turkey)
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Founded on 1983, Apollo hospitals offers an array of medical treatments and established itself as a leader in healthcare services provider domain. It has a strong presence across the world for its healthcare ecosystem, including Hospitals, Pharmacies, and Primary Care & Diagnostic Clinics. The hospital has focused on various inorganic and organic growth strategies to enhance its services and increase its patient base. For instance in the year 2015, Chennai based Apollo hospitals entered into an agreement with The Indian Railway Catering and Tourism Corporation (IRCTC) to provide hassle-free and easy travel for patients who travel to Apollo hospitals for medical care. This agreement also aims to expand its services to neighbouring counties such as Bangladesh and Sri Lanka in order to attract many more patients. Additionally in 2014, Apollo hospitals invested over 150 crores for promotion of medical tourism in Karnataka.
Incorporated on 1996, Fortis hospital is one of the leading healthcare provider. Fortis healthcare owns a plethora of healthcare centres such as multi-specialty hospitals as well as super-specialty centres providing tertiary and quaternary healthcare to patients in areas such as cardiac care, orthopedics, neurosciences, oncology, renal care, gastroenterology and mother and child care firm has focused on various strategies such as collaboration, acquisition and receiving patents to enhance its customer base and geographic presence. For instance in 2016, Fortis Hospitals was awarded Best Medical Tourism Hospital by Federation of Karnataka Chambers of Commerce and Industry (FKCCI). Such acclamation enhance the hospitals healthcare system and enforces faith in patients to avail treatment from Fortis hospitals.
The global medical tourism market consists of four regions: the Americas, Europe, Asia Pacific, and the Middle East & Africa.
The Asia Pacific dominates the market, particularly, India due to rising developing healthcare infrastructure, increasing government support, and presence cost-effective treatments. Additionally, continuous innovation in the treatment methods and the presence of the leading players contribute to the market growth.
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America holds the second position in the market due to availability of the innovative healthcare solutions for diagnostics and treatment, and government support.
European market is growing steadily because people from Europe are traveling to America and Asia Pacific region to seek cost-effective treatments. The courtiers such as Poland, Belgium, Hungary, and Czech Republic are adding fuel to the market growth in this region, and Germany is attracting more number of foreign patients.
The Middle East & Africa is expected witness limited growth due to limited access to the healthcare resources and lack of advanced treatment methods.
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