Albany, New York, USA (PRWEB) November 07, 2013
According to a new market report published by Transparency Market Research "Medical Tourism Market (India, Thailand, Singapore, Malaysia, Mexico, Brazil, Taiwan, Turkey, South Korea, Costa Rica, Poland, Dubai and Philippines) - Global Industry Analysis, Size, Share, Growth, Trends and Forecast, 2013 - 2019," the global medical tourism market was valued at USD 10.5 billion in 2012 and is estimated to reach a market worth USD 32.5 billion in 2019 at a CAGR of 17.9% from 2013 to 2019.
Browse the full report with complete TOC at http://www.transparencymarketresearch.com/medical-tourism.html
Medical tourism is defined as an act of travel of patients from their home country to other destinations for availing medical services. Rise in healthcare costs in developed countries coupled with the availability of high quality medical services at a low cost in developing countries have given a boost to the medical tourism industry. These medical services range from elective procedures such as cosmetic surgeries to complicated surgeries such as cardiac, orthopedics, neurosurgery and others. Significant growth in this industry is due to economic developments in developing countries that in turn has led to the growth in the medical industry and quality of medical services.
Rise in the healthcare expenditure in developed countries coupled with in the growing elderly population has also contributed to the growth of the medical tourism across the globe. Economic crisis in the U.S., increased the number of uninsured population, consequently further triggering the growth of this market. Recently, there are approximately 50 million uninsured Americans that are willing to travel abroad for affordable and quality medical care. Globalization and improved communication technology act as a catalyst to boost the growth of this industry.
The development of medical tourism industry is based on several factors such as reduced cost of procedures, long waiting time and high demand for cosmetic surgeries. Medical travel is not only witnessed for intricate procedures but is also expanding due to growing demand for cosmetic and dental procedures since these are usually not reimbursed under regular health insurance policies.
Patients traveling abroad can save from 30% to 90% on a procedure, including their travel expenditures, as compared to the medical costs in their own countries. Long waiting time is another factor which has substantially boosted the growth of this industry. Patients based in Canada and U.K travel to low cost destinations for their treatments in order to avoid long waiting periods in their own countries and receive timely access to serious ailments.
Rise in healthcare costs in developed countries coupled with the availability of high quality medical services at lower prices in developing nations has primarily surged the expansion of the medical tourism industry. Moreover, rise in elderly population along with growing number of uninsured population has further triggered the market growth. Patients are traveling abroad not only for cosmetic surgeries with a quick recovery, but also for sophisticated cardiovascular surgeries. Many countries plan to leverage medical tourism as a strategy to boost their healthcare services and tourism industry. By encouraging its presence in the medical tourism market, a country can stimulate its economic growth and create employment opportunities. Consequently, the medical tourism industry is rapidly expanding and is anticipated to have a significant growth in the near future.
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Medical tourism is a direct result of globalization of healthcare. There is an emerging opportunity for Asian and Middle Eastern countries that are catering to the healthcare requirements of developed countries like the U.S, Canada and European countries. Factors such as medical specializations, geographic proximity, portability of health insurance, and reputation of the country are some of the main reasons that compel the patient to move to another destination. However, factors such as problem in follow-up care, medical malpractice and others could restrain the growth of this market.