Research Report Covers the Medical Tourism Market Forecasts, 2016 - 2020
Key trends that define the market potential in developing countries is the fact that almost all types of medical devices, implants and pharmaceuticals are 10 times cheaper due to intense competition among local and international players. The governments and regulatory system is another challenge for manufacturers since it is currently designed so that middle income and low income class can avail crucial medical facilities. This brings down the cost of medical equipment, drugs and devices significantly. Cosmetic procedures are another segment within the medical tourism industry, currently growing at a high double CAGR of 19%. In 2014, the global market for medical tourism was estimated to be valued at US$ 16.5 billion and anticipated to touch approximately US$ 35.0 billion mark by 2020. The evaluation of this market is particularly challenging due to the pivotal role played by developing countries instead of the conventional leaders that are present in the western hemisphere. Under the current definition, anyone who travels abroad for the purpose of receiving medical care or treatment can be considered as a medical tourist. An estimated 3 million people travel abroad from North America and Europe to the Asian continent for various types of medical treatment.
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Other popular medical specialties for tourism include dentistry, cardiovascular (angioplasty, transplants and stenting), orthopaedics (joint implants, reconstructive, spine and sports medicine), fertility and reproductive among others. Screening and diagnostics are considered to be a major source of revenue through medical tourism as well. Monetary savings through medical tourism in countries such as India, Costa Rica, Thailand and Malaysia can be as high as 70% as compared to costs incurred in developed countries such as United States and Europe.
Spearhead Acuity Business Research & Consulting Private Limited (SA-BRC) is a premium Life Science business intelligence and data analytics firm. SA-BRC team offers a wide range of business intelligence services to multiple stakeholders such as Medical Device Manufacturers, Service Providers (Hospitals, Payers, etc.), Suppliers, Group Purchase Organizations, Distributors and all other individuals in the entire value chain of healthcare industry. Our research and consulting capabilities extend across several sub-domains within the sphere of Life Sciences such as Biotechnology, Healthcare IT, Medical Devices, Veterinary Sciences, Wellness Products and Pharmaceuticals.
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