A market study on the global tourism market, recently published by Transparency Market Research (TMR) estimates this market to rise at an exceptional CAGR of 17.90% over the period from 2013 to 2019 and reach a value US$32.5 bn by the end of the forecast period.The research report, titled “Medical Tourism Market - Global Industry Analysis, Size, Share, Growth, Trends and Forecast, 2013 - 2019,” states that the worldwide medical tourism market attained a value of US$10.5 bn in 2012.
The increasing number of people travelling abroad to seek medical treatment comprises a rising global trend. The exponentially rising healthcare cost in developed regions, coupled with the availability of advanced yet cost-effective medical services in developing countries, is encouraging people to travel abroad for treatment purposes that may also incorporate an extended holiday. This trend is called medical tourism and has been showcasing definitive growth around the world over the past few years.
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According to this study, the falling cost of medical procedures in the Philippines, India, Singapore, Thailand, Mexico, Malaysia, Brazil, Turkey, Taiwan, South Korea, Poland, Costa Rica, and Dubai is encouraging people to travel to these countries for their treatment and, in turn, is propelling the global medical tourism market significantly.
In addition, the widening range of medical treatments available in these nations, coupled with technical advancements in the field of medical and healthcare, is likely to boost this market greatly during the forecast period, states the market report.
In this study, the global medical tourism market is analyzed on the basis of its regional spread. India, Singapore, Thailand, Malaysia, Brazil, Mexico, Turkey, Taiwan, and South Korea are the major medical tourism markets across the world.
Thailand has emerged as the most popular destination for cosmetic surgeries among the medical tourists from Western Europe. In 2012, this country had welcomed around 2.5 million foreign patients, accounting for approximately 45% of the overall number of foreign medical tourists arrived in Asia. However, Malaysia is likely to dominate the global medical tourism market in the coming years.
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Almost 0.7 million patients were treated in this nation in 2012. Analysts expect around 2 mn patients to gain medical assistance in Malaysia by the end of the forecast period, notes the research report.
Samitivej Sukhumvit, Raffles Medical Group, Fortis Healthcare Ltd., Apollo Hospitals Enterprise Ltd., Bangkok Hospital Medical Center, Asian Heart Institute, Bumrungrad International Hospital, KPJ Healthcare Berhad, Min-Sheng General Hospital, and Prince Court Medical Center are some of the major organizations operating in the global medical tourism market.
Transparency Market Research
Transparency Market Research (TMR) is a next-generation provider of syndicated research, customized research, and consulting services. TMR’s global and regional market intelligence coverage includes industries such as pharmaceutical, chemicals and materials, technology and media, food and beverages, and consumer goods, among others. Each TMR research report provides clients with a 360-degree view of the market with statistical forecasts, competitive landscape, detailed segmentation, key trends, and strategic recommendations.
Mr. Sudip S.