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| Medical Tourism Market |
The global medical tourism market is growing significantly due to high cost
of healthcare expenditure in developed countries. According to Centers for
Disease Control and Prevention, approximately 750,000 U.S. people travel out of
the country for medical care each year. In addition, rise in aging population,
reduced cost of procedure in developing countries, and high standards of
medical care at a reasonable price are expected to support the medical tourism
market to grow in the coming years.
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On the basis of treatment, the medical tourism market can be categorized as
dental treatment, orthopedic treatment, cosmetic treatment, cardiovascular
treatment, fertility treatment, and general treatment. Cosmetic treatment leads
the medical tourism market by treatment type, as cosmetic surgery is costly and
is not covered under the health insurance. The oncologic care segment is
expected to grow with the highest rate in the coming years, due to rising
incidence of cancer cases all over the world.
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Some of the factors driving the growth of medical tourism market are long
waiting time for the specialist appointment, geographic proximity, cultural
similarities, and wider treatment options available in developing countries.
However, medical mal-practice, problem in transfer of medical records and
follow up care are some of the factors restraining the growth of the medical
tourism market to some extent.
Medical tourism is promoted in countries such as Taiwan, Malaysia, Brazil,
India, Singapore, Turkey, South Korea, and Mexico. India and Malaysia are
expected to grow with the highest rate in the coming years, due to improving
healthcare infrastructure, high healthcare standards with low cost, highly
skilled professionals, cost effective treatment for several diseases,
increasing government initiatives to improve medical services and availability
of technologically advanced solutions for various conditions. Thailand is the
most preferred destination among the Western European tourists for cosmetic
surgery, and Singapore is specialized in complex procedures. Moreover, medical
tourism in Malaysia is also emerging due to increasing government initiatives
to improve medical services.
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Some of the hospitals operating in the medical tourism market are Apollo
Hospital Enterprise Limited, Asian Heart Institute, Bumrungrad International
Hospital, Min-Sheng General Hospital, Min-Sheng General Hospital, KPJ
Healthcare Berhad, Bangkok Hospital Medical Center, Fortis Health Ltd., Prince
Court Medical Center, Samitivej Sukhumvit, and Raffles Medical Group.
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