Medical Tourism Market Bolstered by Rapid Globalization and Advancements in Healthcare Infrastructure
- Author Rahul Rastogi
- Published August 1, 2020
- Word count 559
Medical tourism refers to the process of traveling across countries for enhancement, maintenance, or restoration of health through advanced healthcare facilities and treatment methods. The most common types of procedures that patients pursue during medical tourism are organ transplantation, dentistry, elective cosmetic, cardiac and orthopedic surgeries. Over the years, significant growth in the flow of patients, healthcare professionals, medical technology, capital funding and regulatory regimes has led to a rise in medical tourism across the globe. According to IMARC Group a latest research report, the global medical tourism market size reached US$ 46 Billion in 2019.
The numerous benefits offered by the medical facilities in certain countries, including personalized care, modern devices, innovative medicines and latest technologies, represent the primary factor propelling the global medical tourism industry. These advancements have prompted Individuals to travel from developing to developed economies for receiving medical treatment of improved quality. They are also seeking medical care for rare conditions, including stem-cell transplants and gender-reassignment operations, that are not available in their home country. Apart from this, rapid globalization, improving access to air travel and availability of relevant information over the internet have promoted medical tourism among the masses. Furthermore, the availability of state-of-the-art medical facilities at affordable costs in various developing countries is another factor attracting patients to access healthcare treatment from all over the world. Along with this, inadequate insurance benefits in various countries and the growing demand for surgeries that are not covered by medical insurance have prompted healthcare organizations to offer comprehensive medical tourism packages to patients. These packages include all travel-related services, ranging from ticket booking to accommodation and medical insurance. However, the industry is facing challenges due to travel restrictions imposed by the governments across the globe in response to the ongoing spread of coronavirus (COVID-19) disease. By IMARC group, the market is anticipated to grow at a CAGR nearby of 8% to 2020-2025.
Cosmetic surgery exhibits a clear dominance in the global market
Based on the treatment type, cosmetic surgeries, including breast augmentation, laser tattoo removal, liposuction, Botox, hair transplant, and CoolSculpting, currently represent the most popular segment. Other major segments include dental, cardiovascular, orthopedic, bariatric, fertility and ophthalmic treatments.
North America holds the leading position in the market
North America, which includes the United States and Canada, currently exhibits a clear dominance in the market, owing to the advancements in the healthcare sector within the region. Other major markets include Europe (Germany, France, the United Kingdom, Spain, Italy, Russia and the Czech Republic), Asia Pacific (China, Japan, India, Thailand, South Korea, Australia, Indonesia, Singapore, Malaysia, and Taiwan), Latin America (Brazil, Mexico, Costa Rica and Columbia), and Middle East and Africa.
The competitive landscape of the market has also been analyzed, with some of the medical tourism companies being Aditya Birla Memorial Hospital, Apollo Hospitals Enterprise Limited, Asian Heart Institute, Barbados Fertility Center, BB Healthcare Solutions, Fortis Healthcare Limited, Healthbase, KPJ Healthcare Berhad , Samitivej PCL, Seoul National University Hospital and UZ Leuven.
About IMARC Group: IMARC Group is a leading market research and consulting company that offers management strategy and market research worldwide. The company has done multiple projects on the medical tourism industry, which has enabled the clients to set up and expand their businesses successfully. Some of the company’s offerings include:
• Market Research
• Plant setup
• Plant Expansion
• Marketing and sales
• Procurement and Distribution
• Innovation and Product Development
According to IMARC Group a latest research report, the global medical tourism market size reached US$ 46 Billion in 2019.Article source: http://articlebiz.com
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