Need For Cost Effective Medical Treatment To Boost Growth Of Medical Tourism Industry

The publication is titled, “Global Medical Tourism Market Research Report 2021.” The market intelligence report delves into the growth trajectory of the global medical tourism market along with the prominent trends. It analyses the aspects that are expected to hinder or boost the growth of the market during the forecast period. The study further offers information on the key players operating in the global medical tourism software market and their shares, strategies, and product portfolio.

Medical tourism is the movement of patients from the resident country to various different destinations regarding medical treatment. The services include advanced treatments such as orthopedics, cardiac surgery, dental care or elective treatments such as routine health check-ups and cosmetic surgeries. The global medical tourism industry is flourishing due to growing healthcare expenditure in emerging economies along with the accessibility of cheap treatments in these countries. The expensive treatments in developed countries is the chief reason for the relocation of patients to other destinations. In the U.S., almost 50 million people are not insured and about 139 million. Many Americans are also without dental insurance. It has also been estimated that in 2012 about 1.6 million Americans moved to other destinations to seek medical services. The cost of treatment in emerging countries is 20% to 30% less than the cost in the United States. Thus, a patient can save up to 30% to 85% on the medical services along with a sophisticated travel expenses.

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Dynamics such as growing acceptance of advanced technology, rising geriatric population, and promising exchange rates have improved the growth of the global medical tourism market. According to recent estimations, the number of Americans of age 64 years and above are likely to double by the end of 2050. Hence, this rise is expected to boost the demand for affordable and advanced healthcare. Moreover, fiscal crisis in the developed nations has led to the decrease in healthcare expenses. Therefore, mounting healthcare expenses is pushing insurers, health insurance agents, and employers to pursue medical services abroad. Additionally, delayed waiting time in France, Canada, and the U.K. remains is a chief factor that compels the patients to travel to other countries. Likewise, promising exchange rates and growing demand for cosmetic surgeries is boosting the progress of this market.

Cultural similarities and geographic proximities are also driving the growth of the industry. Mexico and Brazil are primarily witnessing patients from the U.S owing to geographic nearness. Furthermore, cost-effective treatments along with growth in baby boomer population are expected to boost the growth of the market. However, the global medical tourism industry is maturing and also requires coordination among the governments, healthcare providers, and insurers. At present, medical tourism industry is largely seized by the private sector. Leading healthcare providers in the market are Bumrungrad Hospital, Bangkok Dusit Medical Services, IHH Healthcare Berhad, Asian Heart Institute, Fortis Healthcare, and Medanta among others.

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