Global Medical Tourism Industry to Cross USD 150 billion till 2022
Medical tourism means travelling to another country for availing medical services. These could be any kind of services such as dental or surgical. It has been observed that in medical tourism, people tend to receive greater care than they would have received in their own country; though this can be a point for debate. However, medical services in other countries are mainly preferred because they are cost effective.
Many hospitals also promote medical tourism services as it gives them financial stability and exposure in the society. Currently, global medical tourism market is led by topmost hospital groups across the globe. The global medical tourism industry stood at around USD 30 Billion in 2013 and is projected to cross USD 150 Billion by 2022 growing at a healthy CAGR of over 15%.
As mentioned earlier, the high cost of medical treatments in the developed countries such as U.S & U.K. has fuelled the development of global medical tourism sector. India, Thailand, Singapore, Malaysia, Mexico, Brazil, Turkey, South Africa, Costa Rica, Poland, Dubai & Philippines are the leading countries in the global medical tourism market. The market was pegged at USD 10.5 Billion in 2012. Basically, it has been observed that Cultural similarities and demographic proximities play a vital role in the development of global medical tourism industry.
Asia has become one of the most important, prominent & emphatic regions, as far as the global medical tourism industry is concerned. High-quality medical services along with best-in-class infrastructure & cost-effective treatments are the major driving factors responsible for the spread of this industry across the globe.
Medical tourism is among the major revenue generators for the developing countries around the globe. Hence, the respective governments of the countries provide support to such services. ‘Pro-Medical Tourism Industry Policies’ are being implemented consistently throughout the year. These governments give subsidies on infrastructural developments of healthcare services, relaxed visa regulations for patients & their relatives travelling with them, also the supportive legal issues resolutions. In 2011, in a bid to promote the medical tourism in Thailand, their ministry decided to allow an extended stay of 90 days, without a visa, to the medical tourists from the six GCC countries.
According to the surveys made by prominent market research and consulting firms, without compromising the quality of services, per capita, health care expenditure is highest in the U.S while it is least in India. Hence, India is predicted to be a major potential market for the global medical tourism industry.
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