The Global Medical Tourism Market is growing at a steady pace and it is expected to grow at a CAGR of 21.4% during the forecasted period 2017-2023.
Medical tourism is a rising trend in global healthcare sector which is often defined as the activities to improve the well-being of medical traveller or medical tourist. These activities may involve medical check-ups, various treatments, surgeries, and other wellness practices that require skilled medical interventions. Generally, patients travel to another country mostly due to the advantage of low cost medical services and less waiting time. This market is growing at a tremendous rate and is expected to continue its growth over next few years. The Global Medical Tourism Market is forecasted to demonstrate a spectacular growth by 2023.
The market is going to continue with the same trends of growth during the forecast period. Moreover, another major advantage of medical tourism is to get immediate access to healthcare services. For instance, in the U.S. or the U.K, patients sometimes have to wait for months to get the kind of treatment they need. However, anyone who wants to undergo a procedure or therapy and which is not approved by the healthcare regulating authority in the home country is destined to wait in pain. But in medical tourism institutions abroad, the patient is the priority and he gets the treatment as soon as possible.
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Healthcare cost is continuously increasing in high-income countries of North America and Europe. Hence, the patients shift from developed countries to developing countries to access low cost quality medical services. Rising cost of the treatments and increasing number of uninsured people are leading to the growth of global medical tourism market. It is estimated that around 11% of the American population are without insurance and they cannot afford costly medical services.
The global economic growth, increasing flow of travellers, adoption of advanced technology in healthcare, rising capital funding, internet source of information, government initiatives, and regulatory regimes has propelled market growth enormously.
Global Medical Tourism Market – Competitive Analysis
Asklepios Kliniken Verwaltungsgesellschaft mbH (Germany), Fortis Healthcare (India), Gleneagles Global Hospitals Group. (Singapore), Prince Court Medical Centre (Malaysia), Samitivej PCL (Thailand), CHRISTUS MUGUERZA (Mexico), Anadolu Medical Center (Turkey), and others are some of the prominent players at the forefront of competition in the Global Medical Tourism Market and are profiled in MRFR Analysis.
Fortis Healthcare is a chain of super specialty hospitals in India out of these Bengaluru based hospitals are renowned for medical tourism. This hospital has been accredited by the Joint Commission International (JCI), the National Accreditation Board for Hospitals & Healthcare Providers (NABH) and the National Accreditation Board for Testing and Calibration Laboratories (NABL). The total bed strength was around 457 in 2016. This hospital has expertise in cardiac care, orthopedic, urology, neurosciences, gastroenterology, emergency and critical care, radiation oncology, sports medicine, plastic and reconstructive surgery, oncology, and others. Moreover, the hospital group treated around 2.5 million patients in 2016.
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Gleneagles Global Hospitals Group was established in 1957 and is based in Singapore. This hospital became a part of Parkway Holdings Limited after 1987. This hospital is one of the leading hospital in South East Asia and renowned for medical tourism. This hospital provides wide range of treatments in neurology, orthopedic surgery & sports medicine, cancer (oncology), pediatrics, otorhinolaryngology, ophthalmology, cardiovascular, endocrinology, kidneys, respiratory medicine, gastroenterology, urology, obstetrics & gynaecology, and many others.
Samitivej PCL was established in 1979 and based in Bangkok, Thailand. The hospital is one of the top three hospitals from South East Asia and provides various treatment through its centers. The major area of operations is Allergy Center, Breast Center, Dental, Dermatology, Hair Restoration Medical Center, and many others. Moreover, the hospital employs more over 2,000 health professionals. Bangkok base Samitivej Sukhumvit has a strength of about 275 beds with around 400 specialist, 87 examination suites and over 1,200 caregivers. The hospital treats around one million patients out of which around 40% are from different country.
Global Medical Tourism Market – Regional Analysis
Medical tourism is rapidly gaining popularity among the high-income nations due to cost effectiveness and quality. The most common procedures that medical tourist undergo in another countries includes cosmetic, dentistry, and heart surgery. Moreover, ease in visa rule, government support and extended insurance coverage are another key drivers for the market. According to the report by Oxford Economics and Visa, around 11-14 million people travelled abroad for healthcare services. The U.S. is one of the leading country in terms of the medical tourists as well as spending. Around 150,000 to 320,000 U.S. citizens travelled to another country to get affordable healthcare services.
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