When a patient travels from his or her home country to another to
seek medical treatment it is known as medical tourism. The medical
treatment that is being sought could be high end ones that would
require sophisticated medical devices. Advanced medical services like
orthopedic surgery, dentistry, oncology, cosmetology, neurology, and
cardiology are offered to medical tourists. At times, even for
regular health checkups people travel to foreign locations. This
industry is rapidly gaining popularity owing to soaring
health-related expenditure in the western countries. Developing
economies are, furthermore, offering cost-effective medical
treatments. Pricey healthcare treatments in the developed countries
is considered as the main reason that is compelling many of the
patients to seek treatment elsewhere in developing nations thereby
boosting medical tourism in those countries.
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Many of the governments and hospitals now make use of medical tourism
to seek further investment and for further growth. Asia Pacific now
offers excellent opportunities for medical tourism. Tourism division
and the Government are working in hand in hand to attract more and
more medical tourists. Governments of various Asia Pacific countries
where medical tourism is not developed yet are seeking to develop
this industry with the help of their governments.
In accordance with a market research report by Transparency Market
Research, the market players that are operating this market are most
likely to make an investment in diversification of product portfolio
and technical innovations in the years to come. Many of the market
players are anticipated to opt for collaborations that would
strengthen their position in the market. Mount Elizabeth Hospital,
Asklepios Kliniken GmbH, Bangkok Chain Hospital, KPJ Healthcare
Berhad, Apollo Hospitals Enterprise Limited, and Bumrungrad
International Hospital are some of the prominent players of this
market.
According to said research report, the world market for medical
tourism was valued at around US$46.46 bn in the year 2016 and the
same is estimated to reach a valuation of US$160.8 bn towards the end
of forecast period that stretches from 2017 to 2025. The world market
for medical tourism is expected to register a double digit CAGR of
14.9% over the period of forecast.
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When geographical segments of the market are taken into
consideration, Asia Pacific was spearheading the world market for
medical tourism in 2016. It has been forecasted that India and
Singapore would gain popularity as medical tourism destinations in
Asia Pacific. Thailand accounts for lion’s share of the market
revenue of medical tourism. India and Thailand have been forecasted
to witness substantial growth owing to improved healthcare
infrastructure, increasing awareness about medical tourism and
economic growth. Europe is also catching up as a lucrative
destination owing to the influx of several medical tourists
especially in countries like U.K., France, Germany, and Italy.
The international market for medical tourism has been classified on
the basis of region and medical treatment. The segment of medical
treatment is further sub-segmented into Oncology, Cosmetology,
Cardiology, Dentistry, Neurology, Orthopedic surgery, and others.
Orthopedics refers to that particular segment of medicine that takes
care of medical conditions concerning muscles and bones. It primarily
engages surgical procedures for correction of musculoskeletal system.
The branch of medicine that is involved with the treatment of
external appearance is called Cosmetology. It includes treatment
options like correction of skin discolouration, unwanted hair,
rhinoplasty, wrinkles treatment, plastic surgery and so on. Dentistry
refers to that particular branch of medicine that deals with the
diagnosis and treatment of conditions related to oral cavity. Of all
of these segments, orthopedics accounted for a substantial share of
the market in 2016 in term of revenue.
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