Medical tourism refers to travelling for the explicit purpose of obtaining medical treatment in a foreign country. This can include anything from specific medical treatments, such as dentistry and cosmetic operations, to wellness travel, which includes overall healing activity such as spas, yoga or counselling. While Health tourism is a wider term for travel that focuses on medical treatments and the use of healthcare services. It covers a wide field of health-oriented, tourism ranging from preventive and health-conductive treatment to rehabilitation and curative forms of travel. Wellness tourism is a related field.
Medical Tourism Market: Key Players
The research study includes profiles of leading companies operating in the global medical tourism market. Key players profiled in the report include: Asklepios Kliniken GmbH, KPJ Healthcare Berhad, Apollo Hospital Enterprise Limited, Fortis Health Ltd., Bumrungrad International Hospital, Asian Heart Institute, Min-Sheng General Hospital, Bangkok Hospital Medical Center, Prince Court Medical Center and Raffles Medical Group.
Drivers for the Global Medical Tourism Market:
Factors propelling market growth comprise inadequate insurance benefits and no healthcare insurance in the local market. In addition, increasing demand for procedures, which are not covered by insurance such as gender reassignment operations, fertility treatment, dental reconstruction, and cosmetic surgery is also driving the market. However, The availability of cheaper treatment options along with better quality of care is the primary factor responsible for the rising preference for offshore medical tourism. Thus all these factors are boosting the market segment.
Opportunities for the Global Medical Tourism Market:
Growing compliance towards international standards of medical treatments will be the major growth driving factor for medical tourism market. Various organizations such as the Global Healthcare Accreditation (GHA) and the Joint Commission International (JCI) provide accreditations to hospitals and medical centers after stringent quality check to provide highly efficient treatment to foreign patients. Various local and international organizations are formulated for maintaining and implementing high quality of medical procedure, thereby propelling industry growth throughout the forecast timeframe.
Restrains for the Global Medical Tourism Market:
The factors that can hinder market growth includes lengthy partial reimbursement and limited coverage offered by insurance companies along with difficulties related with cross border travel such as connectivity, VISA approval issues, and language barriers. However, long waiting time for availing rare medical treatment in foreign countries will hinder the market growth. Furthermore, chances of development of post-surgery complications coupled with limited chance of follow-up will further hamper industry growth in the future.
Region Wise, Global Medical Tourism Market Analysis:
Report covers the region wise analysis, global medical tourism market can be segmented into North America, Europe, Asia Pacific, Latin America, Middle East and Africa. Among all, North America leads the global medical tourism market share followed by Asia Pacific & Europe. While the North America leads the global medical tourism market as the medical tourism market in North America region is highly competitive. Moreover, Developed countries like USA and Canada have invested significantly in research and development (R&D) activities, which are expected to share significant growth in the regional market. These countries are initial adopters of knowledge in various verticals. Additionally, The USA and Canada are also the top economies in retail, financial services, banking, and other industries.
Global Medical Tourism Market: Product analysis
- Cardiovascular treatment
- Cancer treatment
- Cosmetic treatment
- Neurological treatment
- Orthopedic treatment
- Fertility treatment
Global Medical Tourism Market: Application analysis
- Research Laboratories
- Point Of Care testing
Global Medical Tourism Market: Region analysis
- North America
- Rest of Europe
- Asia Pacific
- South Korea
- Rest of Asia Pacific
- Latin America
- Rest of L.A.
- Middle East and Africa
- South Africa
- Rest of Middle East
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