Published on : Friday, December 27, 2013
The rise in healthcare costs in developed countries coupled with the availability of high quality medical services at lower prices in developing nations has driven expansion of the medical tourism industry. Moreover, the rise in the elderly population along with a growing number of uninsured people has further triggered the market growth.
Patients are travelling abroad not only for cosmetic surgeries with a quick recovery, but also for sophisticated cardiovascular surgeries. Many countries plan to leverage medical tourism as a strategy to boost their healthcare services and tourism industry. By encouraging its presence in the medical tourism market, a country can stimulate its economic growth and create employment opportunities. Consequently, the medical tourism industry is rapidly expanding and is anticipated to have a significant growth in the near future.
Medical tourism is a direct result of the globalization of healthcare. There is an emerging opportunity for Asian and Middle Eastern countries that are catering to the healthcare requirements of developed countries like the U.S, Canada and European countries. Factors such as medical specializations, geographic proximity, portability of health insurance, and reputation of the country are some of the main reasons that compel the patient to move to another destination. However, factors such as problem in follow-up care, medical malpractice and others could restrain the growth of this market.
The research report on the global medical tourism market helps in understanding the prominent forces responsible for the growth of this industry. In addition, the current market dynamics including drivers, restraints, trends, and developments are covered throughout the report. The research report provides in-depth analysis of the geographies facilitating inbound medical services that include India, Thailand, Singapore, Malaysia, Mexico, Brazil, Turkey, Taiwan, South Korea and prospective countries. Market size estimates and forecast for the period 2011 to 2019 has been given for each of the segments, in terms of USD million, using 2011 as a base year.