Transparency Market Research is Published new Market Report "Medical Tourism
Market (India, Thailand, Singapore, Malaysia, Mexico, Brazil, Taiwan,
Turkey, South Korea, Costa Rica, Poland, Dubai and Philippines)
- Global Industry Analysis, Size, Share, Growth, Trends and Forecast,
2013 - 2019" The global medical tourism market was
valued at USD 10.5 billion in 2012 and is estimated to reach a market worth USD
32.5 billion in 2019 at a CAGR of 17.9% from 2013 to 2019.
Browse the full report with
complete TOC: http://www.transparencymarketresearch.com/medical-tourism.html
Medical tourism
is defined as an act of travel of patients from their home country to
other destinations for availing medical services. Rise in healthcare costs in
developed countries coupled with the availability of high quality medical
services at a low cost in developing countries have given a boost to
the medical tourism industry. These medical services range from
elective procedures such as cosmetic surgeries to complicated surgeries such as
cardiac, orthopedics, neurosurgery and others. Significant growth in this
industry is due to economic developments in developing countries that in turn
has led to the growth in the medical industry and quality of medical services.
Rise in the
healthcare expenditure in developed countries coupled with in the growing
elderly population has also contributed to the gowth of the medical tourism
across the globe. Economic crisis in the U.S. increased the number of uninsured
population, consequently further triggering the growth of this market.
Recently, there are approximately 50 million uninsured Americans that are
willing to travel abroad for affordable and quality medical care. Globalization
and improved communication technology act as a catalyst to boost the growth of
this industry.
The development
of medical tourism industry is based on several factors such as reduced cost of
procedures, long waiting time and high demand for cosmetic surgeries. Medical
travel is not only witnessed for intricate procedures but is also expanding due
to growing demand for cosmetic and dental procedures since these are usually
not reimbursed under regular health insurance policies. Patients travelling
abroad can save from 30% to 90% on a procedure, including their travel
expenditures, as compared to the medical costs in their own countries. Long
waiting time is another factor which has substantially boosted the growth of
this industry. Patients based in Canada and U.K travel to low cost destinations
for their treatments in order to avoid long waiting periods in their own
countries and receive timely access to serious ailments.
Medical tourism
industry is dominated by the Asian region that has captured the maximum share
of the market. This region is highly competitive owing to the presence of
technologically advanced medical specialties, less stringent government
regulations and attractive locations. Thailand and India are recognized
internationally for their high end medical services and receive patients from
across the globe. Singapore is renowned for its healthcare infrastructure and
receives patients primarily for complex medical procedures. Thailand, India and
Singapore accounted for approximately 60% of the total revenue of the Asian
region in 2012. The Latin American countries such as Brazil and Mexico attract
maximum number of patients from the U.S owing to the geographic proximity and
cultural similarities. Similarly, growth in Turkey is witnessed on account of
growing demand of cosmetic surgeries.
However, a
paradigm shift in the market is seen owing to strong competition among the
players of this industry. Malaysia is poised to have a significant growth in
this market and is likely to emerge as a fastest growing country in terms of
medical tourism with a CAGR of over 25% from 2013 to 2019. This advent in
Malaysian medical tourism market is due to cost advantage over Thailand and
Singapore. Moreover, rise in popularity of Malaysian region is attributed to many
factors such as advanced healthcare infrastructure, highly skilled
professionals, visa benefits and others. Additionally, robust government
support for promotion of Malaysian medical tourism has propelled the growth in
this nation.
Moreover,
increase in the government initiatives and growing inclination of private
sector hospitals towards medical tourism is further supplanting the growth of
this market. Key healthcare providers in this industry include Apollo Hospitals
Enterprise Ltd., Bumrumgrad International Hospital, Bangkok Medical Center,
Prince Court Medical Center and others.
The Medical
Tourism market is segmented as follows:
The global medical tourism
market is segmented into the following categories:
- Medical
Tourism Market, by Geography
- India
- Overview
- Cost Comparison of
Procedures
- SWOT Analysis
- Government Support
- India Inbound Medical
Tourism (No. of patients)
- India Medical Tourism:
Top Revenue Contributing Country (%) (2012)
- Thailand
- Singapore
- Malaysia
- Mexico
- Brazil
- Turkey
- South Korea
- Taiwan
- Prospective Countries
- Costa Rica
- Poland
- Dubai
- Philippines
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