Â鶹ԭ´´

Medical tourism industry comprises companies that operate by the activity conducted patients that travel to different countries in order to avail medical services, treatments and diagnoses. The increasing travel trend of patients to different countries is a good sign of progress and at the same time induces hope for a brighter and thriving future for medical industry. The availability of medical care across the globe, and especially when the medical specialty treatments situated in different parts of the world, patients travel to avail them. The medical tourism industry currently is in a state of slow development and due to many government and insurance restrictions, patients are slowly going ahead with further treatment plannings. Medical tourism is defined as an act of travel of patients from their home country to other destinations for availing medical services. The development of medical tourism industry is based on several factors such as reduced cost of procedures, long waiting time and high demand for cosmetic surgeries.

Medical travel is not only witnessed for intricate procedures but is also expanding due to growing demand for cosmetic and dental procedures since these are usually not reimbursed under regular health insurance policies. Rise in healthcare costs in developed countries coupled with the availability of high quality medical services at a low cost in developing countries have given a boost to the medical tourism industry. These medical services range from elective procedures such as cosmetic surgeries to complicated surgeries such as cardiac, orthopedics, neurosurgery and others. Significant growth in this industry is due to economic developments in developing countries that in turn has led to the growth in the medical industry and quality of medical services. Recently, there are approximately 50 million uninsured Americans that are willing to travel abroad for affordable and quality medical care. Globalization and improved communication technology act as a catalyst to boost the growth of this industry. The treatments and diagnoses that patients travel range from many complicated surgeries such as cardiac, orthopedic, neurosurgery and many others to cosmetic surgeries and elective procedures.Ìý

Medical Tourism Trends

Patients traveling abroad can save from 30% to 90% on a procedure, including their travel expenditures, as compared to the medical costs in their own countries. Long waiting time is another factor which has substantially boosted the growth of this industry. Patients based in Canada and UK travel to low cost destinations for their treatments in order to avoid long waiting periods in their own countries and receive timely access to serious ailments. The rise in healthcare costs in developed countries coupled with the availability of high quality medical services at lower prices in developing nations has primarily surged the expansion of the medical tourism industry. Moreover, rise in elderly population along with growing number of uninsured population has further triggered the market growth. 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.

The global medical tourism market was valued at $10.5 billion in 2012 and is estimated to reach a market worth USD 32.5 billion in 2019 at a CAGR 17.9% from 2013 to 2019. A number of organizations within the US have developed protocols to assist patients who seek to access medical care abroad. However, thus far the medical tourism industry as a whole has remained mostly unstructured, with no meaningful legislation to govern the practices of participating organizations. 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.
Ìý

Major Companies in Medical Tourism Industry

Major players in the medical tourism industry include Planet Hospital, Bumrungrad International Hospital, Fortis, Apollo Hospitals, Prince Court Medical Center, Clemenceau Medical Center, and Bangkok Hospital Medical Center.