Medical tourism refers to travelling across international borders for the purpose of obtaining medical treatment. Cosmetic surgery, dental care, elective surgery and fertility treatments are widely performed treatments across the globe. Cardiovascular surgery and genetic disorder treatments are the most preferred forms of medical care in medical tourism. The cost of healthcare is rising in developed countries and this results in the availability of cost effective high quality medical services in developing regions. Medical tourism is used as a key strategy by various regions to boost their tourism industry and healthcare business. The aim of this report is to analyze the present and future trends of the medical tourism market. Some treatments are banned in certain countries; this fact would help to boost the tourism industry market. The report analyzes opportunities in developed as well as emerging economies so that companies can make strategies as per their targeted regions.
High quality medical care at an affordable price is the major driving factor for the medical tourism industry. Surgeries performed in medical tourism are 50% to 90% more cost effective than native hospitals. Moreover, health insurance portability, medical specialization, geographic contiguity and the country’s reputation regarding medical care would help the medical tourism industry to grow at fast rate. Problems in local follow-up care before patients return to their own country, problems with medical record transfer and the patients’ unwillingness to take risks could restrain the growth of the tourism industry.
Medical Tourism Market Analysis by Treatment Type
Medical tourism industry is segmented based on treatments such as cosmetic treatment, dental treatment, cardiovascular treatment, orthopedics treatment, fertility treatment and general treatment. Cosmetic treatments hold the dominant market share because cosmetic surgeries are not covered by insurance. The price of cosmetic surgery is comparatively low in hospitals covered under medical tourism than home countries even after including airfare costs. The market for cancer treatment is expected to grow in the near future as the number of cancer patients is increasing globally.
Medical Tourism Market Analysis by Geography
The medical tourism industry is being actively promoted in countries such as India, Singapore, Malaysia, Mexico, China, Brazil, Turkey, South Korea, Thailand and Taiwan. India is the fast growing region in the medical tourism market as India provides cost effective treatment for several diseases. The availability of the latest medical technology and the solution to the problem of communication drives the market growth in India. Treatments like cardiac bypass, dental treatment, bone marrow transplant and heart surgery are available at a low cost with high healthcare standards. The Indian tourism industry has hired language translators for patients coming from Brazil and African countries. This helps the Indian medical tourism market to grow at faster rate. The Indian hospitals have a tie-up with hospitals in Bangladesh, Tanzania and Mauritius. Malaysia is emerging as a strong competitor in the medical tourism industry. The government of Malaysia has taken initiatives to enhance the medical service of medical tourism industry to increase their market share. The expensive nature of medical treatments in Western European countries as compared to India, Thailand and Malaysia results in the loss business in Western Europe.
Companies are adopting several development strategies to increase their market share in the medical tourism industry. The Indian government has taken initiatives in the public healthcare sector which mainly focus on the medical infrastructure facility and the rural healthcare facility. The Ministry of Tourism promotes medical tourism at various international levels to increase the market share. Medical Visa (Mvias and MXvisa) is a type of visa which has an extended time period for those people who have a diagnosis period of more than 2 months. Some of the hospitals in Thailand and Malaysia offer luxurious accommodations with full time nurses. Apollo hospitals enterprise Ltd, Bangkok Hospital Medical Center, Fortis Healthcare Ltd, Asian Heart Institute, KPJ Healthcare Berhad, and Samitivej Sukhumvit are the key companies profiled in the report.
HIGH LEVEL ANALYSIS
Substantial commercialization of medical tourism in developing economies increases the demand for the medical tourism industry. The market players are targeting patients from developed regions by offering cost effective but high standard treatments for various purposes such as cardiovascular disorders, cosmetics surgery and dental treatments. Governments of various developing regions are providing various benefits to the patients to promote the medical tourism industry in their countries. This report analyzes the regulatory scenario of developing and developed economies. The study mainly focuses on anticipating the medication and techniques that would fuel the market growth. Porter’s Five Forces model in this report shows that the bargaining power of suppliers is high as there are few countries which provide cost effective treatments for certain diseases. The key players of the market are targeting patients from developed countries by adopting product launch and approval as strategies. The bargaining power of buyers is comparatively low due to the unavailability of reasonably-priced medication in their own country. The threat from new entrants is high as the market is attractive and volume driven. The threat from substitute products is low due to the lack of service providers in certain regions. Competition among the existing players is intense as every player is trying to take advantage of the opportunities by providing minimally invasive surgeries to the patients.
The medical tourism industry is segmented on the basis of type of treatment and geography
BY TREATMENT TYPE