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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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.
Highlights of the Report:
- Analysis of the impact of Covid-19 that the market would face in the near future.
- In-depth analysis of the growth drivers and obstacles.
- Profile of all the companies operating in the market.
- Elaborate data about the dominating region.
- Competitive landscape consisting of mergers & acquisitions, investments, partnerships, new product launches, opening of new facilities, and new contracts.
An Overview of the Impact of COVID-19 on this Market:
The emergence of COVID-19 has brought the world to a standstill. We understand that this health crisis has brought an unprecedented impact on businesses across industries. However, this too shall pass. Rising support from governments and several companies can help in the fight against this highly contagious disease. There are some industries that are struggling and some are thriving. Overall, almost every sector is anticipated to be impacted by the pandemic.
We are taking continuous efforts to help your business sustain and grow during COVID-19 pandemics. Based on our experience and expertise, we will offer you an impact analysis of coronavirus outbreak across industries to help you prepare for the future.
To get the short-term and long-term impact of COVID-19 on this Market.
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Access to Low Cost Medication a Primary Driver of Medical Tourism Market
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.
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.
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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:
By Type
- Domestic
- International
By Treatment
- Cosmetology
- Dentistry
- Cardiology
- Orthopedic surgery
- Neurology
- Oncology
- Others
By Geography
- 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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