September 06, 2018
WELLESLEY, Mass., Sep. 6, 2018 – The medical tourism industry is mainly driven by the globalization of healthcare and its rising costs in developed countries. A new BCC Research study projects that this market will reach $51.9 billion by 2023 and examines it by treatment types and their costs in different countries. It analyzes current and potential opportunities for the medical tourism market.
Medical tourism refers to travel by patients across countries for the purposes of obtaining medical treatment and benefitting from the treatment, which might not be accessible in their own nation. Destination countries are taking initiatives to attract medical tourists, offering medical services at more affordable prices. From an estimated $27.9 billion in 2018, this field is projected to undergo a five-year compound annual growth rate of 13.2%, according to BCC Research’s new report, Medical Tourism Market: Outlook and Trends.
However, epidemic outbreaks, patient follow-up and post-procedure complications, hurdles in obtaining Visas, lack of infrastructure, and political instability are factors likely to restrain growth of the market. Considering the potential risks during and after treatment, global medical insurance plays a crucial role in medical tourism.
“Entrepreneurs and investors in the healthcare, tourism, and hospitality markets find significant market opportunity and economic development potential in the medical tourism industry. Innovation within strategic partnerships and collaborations can reduce costs and capture market share,” the researchers note. “Governments of developing countries across the globe have taken various initiatives to boost growth of the medical tourism market.”
High Treatment Costs Spur Medical Tourism
Long waiting lists in developed countries, innovative technologies in healthcare services, the affordability of international transportation and development of the internet are factors driving the medical tourism market. The emergence of international communication companies, which act as intermediaries between patients and hospital networks, is making it easy for patients to access information and prices. The high cost of treatment in developed countries is compelling patients to travel to countries with affordable healthcare practices.
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Medical Tourism: Market Outlook and Trends( HLC219A )
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