A global surge of patient pool and healthcare professionals along with enhancement in medical technology has propelled the growth in the medical tourism market. Medical tourism is when the consumers opt to travel abroad to take advantage of some form of medical treatment at a more affordable price. Rise in the large number of uninsured population in developed countries like the U.S. and frail reimbursement policies has forced people in these regions to exploit cost effective methods of medical treatments. Even people with insurance policies have to pay out of their pockets for certain elective surgeries. The average waiting time for patients undergoing joint replacement, cataract surgery or CABG in Canada is approximately 253 days, 128 days and 71 days respectively. Thus, long waiting periods and out of pocket payments are compelling the patient population to seek treatment in countries providing cheaper and better healthcare facilities.
The global medical tourism market is estimated to grow with a CAGR of 9.5% from 2012 to 2018 owing to lower cost of treatment. Improved quality of care is also one of the essential factors for this shift. Superior infrastructure, better affordability, accessibility and easy availability of information through media, telecommunication and internet access has created huge interest from citizens of developed countries to explore medical tourism as a potential option for treatment of their diseases.
To capture this market, both private business sectors and national governments of developing countries are promoting medical tourism as a potentially lucrative source of foreign revenue.
The essential factors influencing the growth of this market are low labor costs, lower costs associated with malpractice litigation and insurance, limited involvement of third party payers and rise in aging population. Internationally accredited hospitals in the medical tourist regions are factors that are propelling the growth of this market.
Some essential factors hindering the growth are - domestic policy changes, travel restrictions, political instability, bilateral exchanges between the countries. Despite all these restraints, the market is expected to see substantial growth in the coming years. The major regions emerging as a market for medical tourism are Latin America and Asian countries like India, Thailand, Singapore, and Malaysia.
This research report analyzes this market depending on its market segments, major geographies, and current market trends. Geographies analyzed under this research report include
- North America
- Asia Pacific
- Rest of the World
This report provides comprehensive analysis of
- Market growth drivers
- Factors limiting market growth
- Current market trends
- Market structure
- Market projections for upcoming years
This report is a complete study of current trends in the market, industry growth drivers, and restraints. It provides market projections for the coming years. It includes analysis of recent developments in technology, Porter’s five force model analysis and detailed profiles of top industry players. The report also includes a review of micro and macro factors essential for the existing market players and new entrants along with detailed value chain analysis.
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