The global medical tourism market is rising at a fast pace, driven by governments support across various n. This information has been shared by Fortune Business Insights in its report, titled “Medical Tourism Market Size, Share and Global Trend By Type (Domestic, International), By Treatment (Cosmetology, Dentistry, Cardiology, Orthopaedic surgery, Neurology, Oncology, Other), and Geography Forecast till 2026”. The report highlights the various aspects and advantages of the fledgling global medical tourism market. Medical tourism can be understood as a form of globalisation which involves travel across international borders to avail medical facilities in foreign destinations. Medical tourism or travel has grabbed the interest of governments and medical professionals alike. Governments view medical exploratory activities as an opportunity to showcase their unique healthcare services; medical professionals seek newer frontiers to research alternative medicines and treatments for prevailing diseases. For example, homeopathy and Ayurveda in India offer effective alternative remedies to western allopathy. In the end, both parties inject the necessary fuel that will propel growth of the global medical tourism market.
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some of the key players in the global medical tourism market:
- Bumrungrad International Hospital
- Mount Elizabeth Hospital
- Bangkok Chain Hospital
- KPJ Healthcare Berhad
- Apollo Hospitals Enterprise Limited
- Fortis Healthcare Limited
- Asian Heart Institute
- Asklepios Kliniken GmbH
Access to Low Cost Medication a Primary Driver of Medical Tourism Market
Developed countries such as the U.S. are often criticized for their expensive healthcare delivery systems. For example, in the U.S., a Harvard study showed that medical care is the country is unaffordable owing to inflated prices of drugs, high salaries of doctors, and high cost of hospital administration. Therefore, patients from such countries desperately search for destinations where healthcare is more affordable and accessible. Developing countries such as India and Brazil offer the perfect solution and lay the foundation for the global medical tourism market to flourish. The World Health Organization (WHO) recently declared Brazil as having the best healthcare delivery system in Latin America.
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In addition to affordable medication, patient waiting time is also a key factor that explains the surge in the global medical tourism market. This rise in demand is mainly witnessed among patients from developed countries where the average patient waiting time is high as compared to countries such as India. Other factors catalyzing the growth of the global medical tourism market include better patient comfort, advanced medical equipment, alternative treatment methods, and customized medical services.
Slow Response Time Impedes the Growth of This Market
The global medical tourism market is affected by poor quality outcomes and poor and slow response times experienced by some of the medical tourists. A lead analyst at Fortune Business Insights cites a research conducted by the Medical Tourism Association which states that about 44.9% of medical tourists reported of slow response time in hospitals. Furthermore, 14.3% of the tourists complained of poor quality outcomes. This does not bode well for the global medical tourism market. The situation is exacerbated by poor communication and transport infrastructure along with barriers posed by language in these developing countries.
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