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Medical
Tourism Market Will Undergo
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Double-Digit
Growth to 2023
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High treatment
costs in developed countries
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driving
patients to migrate
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Wellesley,
MA – September 2018 / Newsmaker Alert / The
medical tourism industry is mainly driven by the globalization of healthcare
and its rising costs in developed countries. A new
BCC Research study projects that this market will reach $51.9 billion
by 2023 and examines it by treatment types and their costs in different
countries. It analyzes current and potential opportunities for the medical
tourism market.
Medical
tourism refers to travel by patients across countries for the purposes
of obtaining medical treatment and benefitting from the treatment, which
might not be accessible in their own nation. Destination countries are
taking initiatives to attract medical tourists, offering medical services
at more affordable prices. From an estimated $27.9 billion in 2018, this
field is projected to undergo a five-year compound annual growth rate of
13.2%, according to BCC Research’s new report, Medical
Tourism Market: Outlook and Trends.
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However,
epidemic outbreaks, patient follow-up and post-procedure complications,
hurdles in obtaining Visas, lack of infrastructure, and political instability
are factors likely to restrain growth of the market. Considering the potential
risks during and after treatment, global medical insurance plays a crucial
role in medical tourism.
Research
Highlights
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With a
collective market share of 45.2%, Thailand and Mexico dominated the medical
tourism market in 2017, followed by India with a market share of 15.4%.
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According
to estimates by the World Health Organization, 12–14 million people go
abroad to receive medical care each year.
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Growth
in the amount of money saved by having treatments conducted abroad has
been shown over the last decade. Medical treatment combined with a luxury
vacation is the latest trend.
“Entrepreneurs
and investors in the healthcare, tourism, and hospitality markets find
significant market opportunity and economic development potential in the
medical tourism industry. Innovation within strategic partnerships and
collaborations can reduce costs and capture market share,” the researchers
note. “Governments of developing countries across the globe have taken
various initiatives to boost growth of the medical tourism market.”
High
Treatment Costs Spur Medical Tourism
Long
waiting lists in developed countries, innovative technologies in healthcare
services, the affordability of international transportation and development
of the internet are factors driving the medical tourism market. The emergence
of international communication companies, which act as intermediaries between
patients and hospital networks, is making it easy for patients to access
information and prices. The high cost of treatment in developed countries
is compelling patients to travel to countries with affordable healthcare
practices.
About
BCC Research
BCC
Research is a publisher of market research reports that provide organizations
with intelligence to drive smart business decisions. By partnering with
industry experts worldwide, BCC Research provides unbiased measurements
and assessments of global markets covering major industrial and technology
sectors, including emerging markets. For more information about BCC Research,
please visit bccresearch.com.
Follow BCC Research on Twitter at @BCCResearch.
Editors/reporters
requesting analyst interviews should contact:
Eric
Surber at press@bccresearch.com
866-285-7215 |