The global medical tourism market features the presence of a handful of top players, for the market to exhibit a largely consolidated vendor landscape, observes Transparency Market Research (TMR) in a new market intelligence report. Keen players in the medical tourism market are primarily focused on program development that can be attractive for patients from overseas.
To do this, firstly, large players are striving to expand their services, either independently or via tie-ups with small medical facilities. With such expansion, large players are vying to possess state-of-the-art infrastructure to deliver quality healthcare at cost effective prices, adds the report.
Key players operating in the global medical tourism market include Asklepios Kliniken GmbH, Bumrungrad International Hospital, Apollo Hospitals Enterprise Limited, Mount Elizabeth Hospital, and KPJ Healthcare Berhad.
TMR finds the global medical tourism market is likely to rise at a robust 14.9% CAGR between 2017 and 2025. Expanding at this pace, the market valued at US$46.46 bn in 2016 is likely to be worth US$160.8 bn by 2025-end.
In terms of medical treatment, orthopedic surgery accounts for the leading revenue to the global medical tourism market. Rising participation in sports and expanding geriatric population globally susceptible to age-related orthopedic ailments is stoking growth of orthopedic surgery segment. Geography-wise, Asia Pacific spells maximum growth potential among other key regions in the medical tourism market. The availability of quality healthcare at low costs makes Asia Pacific a preferred medical tourism destination.
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Apart from Expert Medical Consultants, Courteous English speaking Support Staff attracts Westerners to South East Asia
“In Western countries, exorbitant cost of treatment especially surgery is often a deterrent for patients, especially the ones not covered by insurance. This often eggs patients in Western countries to travel to low cost treatment nations such as in South East Asia. Recent economic development in emerging economies of Asia Pacific has been a key reason behind the modernization of healthcare services. This, supported by government initiatives and funds from large business houses, healthcare services in emerging economies is witnessing a complete facelift. Medical experts, state-of-the-art medical equipment, plush hospitals, and courteous English speaking personnel are some key attractions because of which medical tourism is receiving a boost in these regions,” says the author of the report.
Another factor fuelling the medical tourism market is the absence of modern healthcare and lack of skilled medical personnel in underdeveloped regions. Due to economic and political reasons, several countries in Africa lack adequate healthcare infrastructure. Diamond traders and business honchos who have made Africa home for wealth creation often travel to developing countries for medical tourism. To serve such needs, the global medical tourism market receives a boost.
Negligence of Nursing Staff and System loopholes hampers Growth
In emerging economies, governments are extending immense support to foster medical tourism. For example, in India, easy transportation, comfortable lodging, and training in multiple foreign languages are closely looked after to serve patients and their families who travel for medical tourism. Large hospital trusts such as the Apollo Group of Hospitals have lodging facilities for individuals accompanying patients to India for medical tourism.
However, incidence of misdiagnosis and negligence on part of nursing staff have had set back on the growth of medical tourism industry.
Nevertheless, gains of quality healthcare experienced by overseas patients in friendly, homely environments outweigh the loopholes in healthcare systems in developing countries. This serves to be a plus for the medical tourism market.
The review presented here is based on the findings of a TMR report, titled “Medical Tourism Market (Medical Treatment - Cosmetology, Dentistry, Cardiology, Orthopedic surgery, Neurology, and Oncology) - Global Industry Analysis, Size, Share, Growth, Trends, and Forecast 2017 – 2025.”
The global medical tourism market is segmented as follows;
Global Medical Tourism Market, by Medical Treatment:
- Cosmetic surgery
- Orthopedic surgery
Global Medical Tourism Market, by Geography
- North America
- Rest of Europe
- Asia Pacific
- Rest of APAC
- Middle East and Africa
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