According to “Medical Tourism Market 2020 Global Industry Analysis Report” published by Fortune Business Insights, the Global Medical Tourism Market Size is to expand at highest CAGR and will reach remarkable market value during 2020 to 2026. Medical Tourism Market is segmented on the basis of Type, Treatment and Geography Forecast till 2026.
Major Medical Tourism Market Companies Market Analysis covered in the report include Mount Elizabeth Hospital in Singapore, Apollo Hospitals Enterprise Limited and Asian Heart Institute in India, Asklepios Kliniken GmbH in Germany, Bumrungrad International Hospital in Thailand, among others.
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Global Medical Tourism Market Highlights:
Global Medical Tourism Market to Gain Considerable Traction by 2026; India Ranks High Among Medical Travelers: Fortune Business Insights. The report highlights the various aspects and advantages of the fledgling global medical tourism market. Medical tourism can be understood as a form of globalization 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.
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.
Geographically the global market is segmented into North America, Asia Pacific, Latin America, the Middle East & Africa.
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.
Medical Tourism Market Growth Factors:
Developed countries such as the U.S. are often criticized for their expensive healthcare delivery systems. For example, in the U.S., a Harvard study showed that medical care is the country is unaffordable owing to inflated prices of drugs, high salaries of doctors, and high cost of hospital administration. Therefore, patients from such countries desperately search for destinations where healthcare is more affordable and accessible. Developing countries such as India and Brazil offer the perfect solution and lay the foundation for the global medical tourism market to flourish. The World Health Organization (WHO) recently declared Brazil as having the best healthcare delivery system in Latin America.
In addition to affordable medication, patient waiting time is also a key factor that explains the surge in the global medical tourism market. This rise in demand is mainly witnessed among patients from developed countries where the average patient waiting time is high as compared to countries such as India. Other factors catalyzing the growth of the global medical tourism market include better patient comfort, advanced medical equipment, alternative treatment methods, and customized medical services.
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.
KEY QUESTIONS ANSWERED:
- What is the market size and growth rate of the global and regional market by various segments?
- What is the market size and growth rate of the market for selective countries?
- Which region or sub-segment is expected to drive the market in the forecast period?
- What Factors are estimated to drive and restrain the market growth?
- What are the key technological and market trends shaping the market?
- What are the key opportunities in the market?
- What are the key companies operating in the market?
- Which company accounted for the highest market share?
- Why Choose Fortune Business Insights?
Table Of Content:
1.1. Research Scope
1.2. Market Segmentation
1.3. Research Methodology
1.4. Definitions and Assumptions
- Executive Summary
- Market Dynamics
3.1. Market Drivers
3.2. Market Restraints
3.3. Market Opportunities
- Key Insights
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