Medical Tourism Market - Availability of Cost-effective Treatments in Emerging Nations Encourages Medical Tourism

A market study on the global tourism market, recently published by Transparency Market Research (TMR) estimates this market to rise at an exceptional CAGR of 17.90% over the period from 2013 to 2019 and reach a value US$32.5 bn by the end of the forecast period.The research report, titled “Medical Tourism Market - Global Industry Analysis, Size, Share, Growth, Trends and Forecast, 2013 - 2019,” states that the worldwide medical tourism market attained a value of US$10.5 bn in 2012.

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Medical tourism is defined as traveling from one location to another with a purpose to gain medical assistance. Generally, people from developing nations travel to developed countries for medical treatments that are unavailable in their own countries due to poor medical and healthcare infrastructure. However, in recent years, people residing in developed economies have also begun travelling to lesser developed countries in order to gain cost-efficient medical assistance.

According to this study, the falling cost of medical procedures in the Philippines, India, Singapore, Thailand, Mexico, Malaysia, Brazil, Turkey, Taiwan, South Korea, Poland, Costa Rica, and Dubai is encouraging people to travel to these countries for their treatment and, in turn, is propelling the global medical tourism market significantly.

The availability of treatments such as bone marrow transplant, cardiac bypass, heart surgery, and dental treatment at relatively low prices and with high healthcare standards is the primary driver of the medical tourism market in India. English can be used as the main working language in this country, which solves the problem of communication. This factor also adds significantly to the growth of this market. Additionally, the presence of advanced medical technologies is likely to fuel the market for medical tourism in India extensively over the forecast period, states the market study.

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The tourism industry in India is focusing specially on the patients coming from countries where English is not a working language. To avoid miscommunication, language translators are being hired, which is helping the India medical tourism market, adds the report. Apart from this, the partnership between Indian hospitals with hospitals in Tanzania, Bangladesh, and Mauritius is also expected to boost this market. On the other hand, Malaysia is also registering strong growth in the global medical tourism market. The Malaysian government has taken up various initiatives to improve the medical service in the country in order to help expand the market, states the research report.

The key players operational in the global medical tourism market mentioned in this market study are Bangkok Hospital Medical Center, Asian Heart Institute, Apollo Hospitals Enterprise Ltd., Bumrungrad International Hospital, Fortis Healthcare Ltd., Min-Sheng General Hospital, Raffles Medical Group, Prince Court Medical Center, KPJ Healthcare Berhad, and Samitivej Sukhumvit.

Transparency Market Research (TMR) is a global market intelligence company providing business information reports and services. The company’s exclusive blend of quantitative forecasting and trend analysis provides forward-looking insight for thousands of decision makers. TMR’s experienced team of analysts, researchers, and consultants use proprietary data sources and various tools and techniques to gather and analyze information.

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This release was published on openPR.