- Access to wider treatment options at less cost and globalization of health care systems key underpinnings to rising valuation of medical tourism
- Health insurance portability across countries cement demand for medical tourism in another countries, Asia Pacific emerged at the forefront
ALBANY, N.Y., April 15, 2021 /PRNewswire/ -- The drive for medical tourism has stemmed from the trend of improving patient care outcomes with the help of globalized access to health care. Medical tourism has reduced the wait times, substantially decreased the cost of quality medical care, and improved patient care in foreign countries. The medical tourism has made long-ranging impacts on the patient care in importing and exporting health care systems. For instance, sometimes, individuals seek medical care to a foreign nations because they are ineligible for the same in their countries.
The access to cutting-edge technologies, international hospital accreditations, and evolving protocols of continuity of care are the key imperatives on which demand has thrived in the medical tourism market.
Globally, the medical tourism market was pegged at US$ 61.3 Bn in 2018, and is projected to rise at CAGR of 10.5% during the forecast period of 2019 – 2027.
Key Findings of Medical Tourism Market Study
Compliance to international quality standards key force
Numerous imperatives make medical tourism attractive. The healthcare systems in importing countries have seen rise in adoption of advanced technologies and medical devices for surgeries, which lack in exporting countries. The need for building trust has led several hospitals and clinics in importing countries to comply with various international quality standards. A case in point is Joint Commission International Standards (JCI). Rise in number of JCI accredited hospitals in Asia has been a key accelerant for growth. China, Japan, India, South Korea, Thailand, Malaysia, Singapore, and Philippines have been at the forefront of improving access to patient care through medical tourism.
Portability of health insurance is a key aspect in broadening the autonomy for patients to seek medical care in importing countries in the medical tourism market. For instance, European countries have seen growing penetration of health insurance portability, thereby boosting the uptake of patient care under medical tourism. The globalization of insurance has creating a winning proposition for healthcare systems in importing countries but also benefits patients from exporting countries.
Political instability and unrest may be key bottlenecks in uptake of patient care through medical tourism. Warring nations and a stressed relationship between exporting and importing nations dampen the demand for medical tourism. For instance, Thailand has been home to political unrest in recent times. This will dissuade people from seeking health care in the country. Instances of terrorist attacks and high crime rates may be rampant in some countries in the Middle East. All these impede the growth of the medical tourism. There are a few other key concerns, such as varying rules pertaining to medical negligence. Compensation frameworks for malpractice at times are burdened by complexity, acting as a glaring constraint for the demand in the medical tourism market.
Hospitals and healthcare providers are geared toward bagging regulatory approvals, integrating technologically advanced products with patient care workflows, and engaging in collaborative agreements with other key players.
Phyathai Hospitals Group
Al Rahba Hospital
Bahrain Specialist Hospital
Dr. Soliman Fakeeh Hospital
Saudi German Hospital (SGH) Group
Apollo Hospitals Enterprise Limited
Fortis Healthcare Limited
Explore Transparency Market Research's award-winning coverage of the global Healthcare Industry:
Transparency Market Research is a next-generation market intelligence provider, offering fact-based solutions to business leaders, consultants, and strategy professionals.
Our reports are single-point solutions for businesses to grow, evolve, and mature. Our real-time data collection methods along with ability to track more than one million high growth niche products are aligned with your aims. The detailed and proprietary statistical models used by our analysts offer insights for making right decision in the shortest span of time. For organizations that require specific but comprehensive information we offer customized solutions through adhoc reports. These requests are delivered with the perfect combination of right sense of fact-oriented problem solving methodologies and leveraging existing data repositories.
TMR believes that unison of solutions for clients-specific problems with right methodology of research is the key to help enterprises reach right decision."