India Leads Global Medical Tourism Industry thanks to Presence of Advanced Medical Technologies

The global medical tourism market is led by some of the key companies including Apollo Hospitals (India), Prince Court Medical Center, and Bumrungrad International Hospital (Thailand). Key companies are concentrating on sophisticating some of the medical tourism services including neurosurgery, cardiac surgery, dental care, cosmetic surgeries, and orthopedics. Over the past years, the global medical tourism market has growth at a considerable rate owing to the rising medical infrastructure and the availability of medical devices. Globalization of health care services has largely propelled the global medical tourism market. Transparency Market Research Report (TMR), in its new report, states that changing trends in globalization of the healthcare industry have assisted people to avail affordable medical services.

The global medical tourism market is expected to reach US$32.5 bn by 2019. Based on geography, the global medical tourism market was dominated by India in the recent past and the trend is expected to continue in the years to come. The medical tourism market in India is predicted to reach US$14,058.1 mn by 2019, followed by Brazil. Asia has become the most prominent markets for medical tourism, with countries such as India, Malaysia, Thailand, and Singapore leading the demand for healthcare services. Cultural similarity and geographic proximity are two of the factors that can be credited for the growth of the medical tourism market in Asia.

Aging Population to Propel Global Demand for Medical Tourism

The rising aging population is a boon for the global medical tourism market. With age, people are facing many health issues. The demand for quality medical care and treatment is increasing in many nations. Some other factors expected to boost the demand for medical tourism are the reduced cost of procedures, large uninsured population, the rising tourism industry, and wider treatment options. An improved healthcare infrastructure is benefiting the players operating in the global medical tourism industry to offer required services. Thanks to improved medical infrastructure, aging people are able to avail medical services while being on a tour.

Follow-up Care to be the Biggest Challenge

Although the global demand for medical tourism is increasing at a considerable pace, the lack of follow-up care is expected to be the biggest challenge for the key companies operating in the global medical tourism market. “Management of post-treatment complications and post-operation complications are still a problem for the patients,” says TMR analysts. Local healthcare service providers find it uncomfortable to solve complicated medical cases that are performed by unknown medical professionals in various tourist locations. This is another problem expected to restrict the growth of the global medical tourism market.

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Government Support to Create New Opportunities

Governments of many nations are supporting medical tourism by increasing their funding for research and development of new drugs. With favorable government policies, medical tourism has been simplified. Medical tourism has gained significant importance in the global tourism market. Governments of countries such as India, Singapore, Thailand, and China have formed separate medical tourism agencies to be a part of the growing global medical tourism market. Many governments are allowing new companies to enter the global medical tourism market, which is expected to propel the market in many ways.

This information is based on the findings of a report published by Transparency Market Research titled “Medical Tourism Market - Global Industry Analysis, Size, Share, Growth, Trends and Forecast, 2013 - 2019.”

The global medical tourism market is segmented as follows:

Medical Tourism Market, by Geography

• India
  • Overview
  • Cost Comparison of Procedures
  • SWOT Analysis
  • Government Support
  • India Inbound Medical Tourism (No. of patients)
  • India Medical Tourism: Top Revenue Contributing Country (%) (2012)
• Thailand
  • Overview
  • Cost Comparison of Procedures
  • SWOT Analysis
  • Government Support
  • Thailand Inbound Medical Tourism ( No. of patients)
  • Thailand Medical Tourism: Top Revenue Contributing Country (%) (2012)
• Singapore
  • Overview
  • Cost Comparison of Procedures
  • SWOT Analysis
  • Government Support
  • Singapore Inbound Medical Tourism ( No. of patients)
  • Singapore Medical Tourism: Top Revenue Contributing Country (%) (2012)
• Malaysia
  • Overview
  • Cost Comparison of Procedures
  • SWOT Analysis
  • Government Support
  • Malaysia Inbound Medical Tourism ( No. of patients)
  • Malaysia Medical Tourism: Top Revenue Contributing Country (%) (2012)
• Mexico
  • Overview
  • Cost Comparison of Procedures
  • SWOT Analysis
  • Government Support
  • Mexico Inbound Medical Tourism ( No. of patients)
  • Mexico Medical Tourism: Top Revenue Contributing Country (%) (2012)
• Brazil
  • Overview
  • Cost Comparison of Procedures
  • SWOT Analysis
  • Government Support
  • Brazil Inbound Medical Tourism ( No. of patients)
  • Brazil Medical Tourism: Top Revenue Contributing Country (%) (2012)
• Turkey
  • Overview
  • Cost Comparison of Procedures
  • SWOT Analysis
  • Government Support
  • Turkey Inbound Medical Tourism ( No. of patients)
  • Turkey Medical Tourism: Top Revenue Contributing Country (%) (2012)
• South Korea
  • Overview
  • Cost Comparison of Procedures
  • SWOT Analysis
  • Government Support
  • South Korea Inbound Medical Tourism ( No. of patients)
  • South Korea Medical Tourism: Top Revenue Contributing Country (%) (2012)
• Taiwan
  • Overview
  • Cost Comparison of Procedures
  • SWOT Analysis
  • Government Support
  • Taiwan Inbound Medical Tourism ( No. of patients)
  • Taiwan Medical Tourism: Top Revenue Contributing Country (%) (2012)
• Prospective Countries
  • Costa Rica
  • Poland
  • Dubai
  • Philippines

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Exploring the potential and scope for medical tourism opportunities in World

Medical tourism is also defined as the travel of patients from their home country to different destinations for the purpose of medical treatment. These services could be sophisticated treatments such as cardiac surgery, orthopedics, neurosurgery, dental care or elective treatments such as cosmetic surgeries or even routine health check-ups. The medical tourism industry is emerging due to rise in healthcare expenditure in developed countries coupled with the availability of cost effective treatments in developing countries. The high cost of treatment in developed countries is seen as a prime reason for the migration of patients to other destinations. In the United States, approximately 50 million people are uninsured and approximately 139 million Americans are without dental insurance. It was estimated that approximately 1.6 million Americans travelled to other destinations in 2012 for seeking medical services. Cost of treatment in developing countries is in a range of 20% to 30% less to the cost in the United States. Therefore, a patient can save up to 30% to 85% on the medical services coupled with sophisticated travel expenditure. The global medical tourism market was valued at USD 10.5 billion in 2012 and is expected to grow at a CAGR of 17.9 % from 2013 to 2019 to reach an estimated value of USD 32.5 billion in 2019.

Driving factors such as rise in geriatric population, increasing adoption of sophisticated technology and favorable exchange rate have boosted the growth of this market. According to current estimations, number of Americans aged 65 years or above is expected to double by 2050. Therefore, rise in geriatric population would propel the demand for advanced and affordable care. Additionally, economic crisis in the developed countries has led to the reduction in healthcare expenditure. Therefore, rising healthcare expenditure is propelling insurers, health insurance agents and employers to seek medical services abroad. Further, long waiting time in countries such as Canada, U.K. and France remains one of the major factors that compel the patients to move to other destinations. Similarly, favorable exchange rates and rise in demand of the cosmetic surgeries is accelerating the growth of this market.

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Medical tourism is seen as direct result of globalization of healthcare services. Witnessing the immense growth potential of this industry, a considerable rise in the number of countries seeking to become major exporters for medical services is observed. With low cost of treatment and high quality of infrastructure, the Asian region has become a prominent player in the market over the past few years. It is estimated that in 2012 the region attracted approximately 2 billion foreign patients generating revenue of over USD 6.4 billion. Growth in this region is primarily seen due to the presence of well-established medical tourist destinations such as Thailand, India, Singapore, Malaysia, Taiwan and South Korea. In Asia, Thailand is the most popular destination among the Western European medical tourists for cosmetic surgeries. In 2012, Thailand received approximately 2.5 million foreign patients that is approximately 45% share of the total foreign tourist arrival in the Asian region. Singapore and India specialize in complex procedures with India attracting large number of patients owing to its specialization in cardiac surgeries. Malaysian region is rapidly gaining momentum and is expected to lead the medical tourism market in future. Growth in this region is witnessed due to the presence of highly skilled professionals and modern healthcare infrastructure. Similarly, robust growth in revenue and medical tourist arrival is driven by factors such as cost-effective treatment and government support. In 2012, the country treated approximately 671,000 patients and expects to treat approximately 2 million patients by 2019.

Geographic proximity and cultural similarities are also driving growth of this industry. Brazil and Mexico primarily witness patients from the U.S due to geographic proximity. Moreover, cost-effective treatments coupled with rise in baby boomer population are further propelling growth of this market. In addition, growth in Turkey is seen due to increase in demand for cosmetic surgeries.

However, medical tourism industry is still maturing and requires a lot of coordination among the government, insurers and healthcare providers. Currently, medical tourism industry is mainly captured by the private sector. Further, greater involvement of government agencies could improve the competitive advantage of one country over other countries. Major healthcare providers in this industry include Apollo Enterprise Ltd, Bumrungrad Hospital, Bangkok Medical Center, Raffles Medical Group, Prince Court Medical Center and others.

India Leads Global Medical Tourism Industry thanks to Presence of Advanced Medical Technologies

Travelling to seek medical help has been an ancient concept dating back to the oldest civilizations. For instance, Ancient Romans built thermal spas in disparate locations across the empire and many foreign convoys learned about the ancient Indian medicine of ayurveda. Over the years, as medicine evolved into a profit-oriented industry, the reemergence of medical tourism has brought in several opportunities for patients to seek alternative therapies or conventional treatments at an affordable price.

Global Medical Tourism Market to Reach US$32.5 bn by 2019

The healthcare industry, on the whole, is not an accessible avenue for many in the world, the primary deterrent being skyrocketing prices of the treatments and the lack of disposable income. However, in recent times, several developing countries have turned this drawback and disparity into a moneymaking business by offering the same treatment at much cheaper prices than in developed countries. The global medical tourism market is being fuelled by the high number of Westerners traveling to Southeast Asia or Central Europe for cheaper but high-quality medical treatments. Research analysts at Transparency Market Research have stated that the global medical tourism industry was valued at US$10.5 bn in 2012 and is expected to reach US$32.5 bn by 2019, growing at a CAGR of 17.90% from 2013 to 2019.

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India to Lead Global Medical Tourism Market
According to the Economic Times, India is expected to remain at the forefront of the expanding medical tourism market, as healthcare is set to be costlier in developed countries. According to another report, the Indian medical tourism industry is expected to reach US$8 bn by 2020. According to a Grant Thornton white paper, low costs of medical treatments in India are the prime reason motivating 80% of the patients. Owing to this reason, several medical tourism corridors have opened up for patients across the globe, such as in Singapore, Costa Rica, Mexico, Taiwan, Malaysia, and India. Some of the famous cities for medical tourists in India are NCR, Mumbai, and Chennai.

Low Cost of Surgeries to Drive Medical Tourism Market in India
The primary growth driver for the medical tourism industry in India, as mentioned above, is the low cost of procedures such as bone marrow transplants, cardiac bypass, and dental treatments. Furthermore, as English is a commonly spoken language in India, it offers a huge assurance to the travelers as communication becomes easier and accurate. This aspect has also accelerated the growth of the medical tourism market in this country. In the coming years, growing investments in the healthcare sector and advancements in medical technologies will also give an impetus to the growth of this medical tourism market in India.

Some of the important players in the global medical tourism market are Bangkok Hospital Medical Center, Apollo Hospitals Enterprise Ltd., Samitivej Sukhumvit, Asian Heart Institute, Bumrungrad International Hospital, Raffles Medical Group, Fortis Healthcare Ltd., Prince Court Medical Center, Min-Sheng General Hospital, and KPJ Healthcare Berhad.