Medical tourism is defined as the travel of patients from their home country to different destinations for the purpose of treatment that may also incorporate an extended holiday. Rise in healthcare costs in developed countries coupled with the availability of high quality medical services at lower prices in developing nations has primarily surged the expansion of the medical tourism industry. Moreover, rise in elderly population along with growing number of uninsured population has further triggered the market growth. Patients are travelling abroad not only for cosmetic surgeries with a quick recovery, but also for sophisticated cardiovascular surgeries. Many countries plan to leverage medical tourism as a strategy to boost their healthcare services and tourism industry. By encouraging its presence in the medical tourism market, a country can stimulate its economic growth and create employment opportunities. Consequently, the medical tourism industry is rapidly expanding and is anticipated to have a significant growth in the near future.
Medical tourism is a direct result of globalization of healthcare. According to the Medical Tourism Association, a global non-profit organization, it was estimated that approximately 1.6 million Americans travelled to other destinations in 2012 for medical services and this number is anticipated to grow in the near future. Rising number of uninsured population and rise in demand for cosmetic surgery is further driving market growth. There is an emerging opportunity for Asian and Middle Eastern countries that are catering to the healthcare requirements of developed countries like the U.S, Canada and European countries. Factors such as medical specializations, geographic proximity, portability of health insurance, and reputation of the country are some of the main reasons that compel the patient to move to another destination. However, factors such as problem in follow-up care, medical malpractice and others could restrain the growth of this market.
The research report on the global medical tourism market helps in understanding the prominent forces responsible for the growth of this industry. In addition, the current market dynamics including drivers, restraints, trends, and developments are covered throughout the report. The research report provides in-depth analysis of the geographies facilitating inbound medical services that include India, Thailand, Singapore, Malaysia, Mexico, Brazil, Turkey, Taiwan, South Korea and prospective countries. Market size estimates and forecast for the period 2011 to 2019 has been given for each of the countries, in terms of USD million, using 2012 as a base year. The market overview section of the report comprises qualitative analysis of the overall market considering the factors determining the market dynamics such as drivers, restraints and opportunities along with Porter’s five forces analysis. These different analyses would provide a thorough understanding about the market from its past, present and future perspectives and help market players to design effective business strategies. Further, the report on medical tourism comprises executive summary chapter that will help you understand the overall market size, growth rate of various segments, geographies and competitors present in the market in a very precise manner.
This report on medical tourism also deals with various government initiatives taken by different countries in order to boost the medical tourism market. Besides, this report covers various aspects such as market size on the basis of number of medical tourists, revenue generated from foreign patients and market segmentation based on the most sought after procedures. Medical tourism report also provides profiles of major hospitals that provide medical treatment to foreign patients. Some of the significant players in this market include Apollo Hospitals Enterprise Ltd., Bumrungrad International Hospital, Asian Heart Institute and others. These market players are profiled on the basis of various attributes such as company overview, recent developments, financial overview and strategies adopted by them to flourish in the market.
The global medical tourism market is segmented into the following categories: