Global Medical Tourism Market 2017-2021
About Medical Tourism
Medical tourism on the other hand is a type of tourism where patients travel to another country to seek medical treatment at an affordable cost. Individuals may choose to obtain medicinal treatment or surgical treatment such as dental implants, spinal fusion, heart bypass, heart valve replacement, tummy tuck, breast implants, angioplasty, hip replacement, cosmetic surgery, and other treatments. It is gaining popularity because of various advantages such as cost savings, improved and personalized quality care, and short waiting times.
Technavio’s analysts forecast the global medical tourism market to grow at a CAGR of 12.55% during the period 2017-2021.
Covered in this report
The report covers the present scenario and the growth prospects of the global medical tourism market for 2017-2021. The report presents a detailed picture of the market by way of study, synthesis, and summation of data from multiple sources.
The market is divided into the following segments based on geography:
Technavio Announces the Publication of its Research Report – Global Medical Tourism Market 2017-2021
Technavio recognizes the following companies as the key players in the global medical tourism market: Apollo Hospitals, Asklepios Kliniken Verwaltungsgesellschaft, Bangkok Hospital, Bumrungrad International Hospital, and Fortis Healthcare.
Other Prominent Vendors in the market are: Asian Heart Institute, Medanta The Medicity, Min-Sheng General Hospital, Parkway Holdings, Wooridul Hospital, Anadolu Medical Center, Prince Court Medical Center, Raffles Medical Group, Samitivej Sukhumvit, and Spire Healthcare.
Commenting on the report, an analyst from Technavio’s team said: “One trend in the market is rise in international accreditation and assistance by hospitals. International accreditation of hospitals is one of the major trends in the global medical tourism market. The US has appointed an affiliate agency, the JCI, that provides accreditations to hospitals. Hospitals need to follow a set of rigorous standards to obtain the accreditation.”
According to the report, one driver in the market is leveraging internet to create awareness. The emergence of internet allows for budding consumer to glance and request from a range of service offered by vendors through their online websites and portals. It makes the user experience of patients easier and aids in brand retention and visibility. The capacity of the vendors to showcase their services online allows for capturing larger share of the market and higher revenue generation. Moreover, the increasing penetration of internet will enable the vendors to provide a broad range of services such as dentistry, orthopedics, cardiovascular treatments, cancer treatments to reach new potential customers and increase the customer base for these services.
Further, the report states that one challenge in the market is lack of reimbursements. Reforms in the reimbursement structure as well as rates worldwide distress consumer demand leading to market fluctuations. Despite reforms for pharmaceuticals and medical devices, developed countries such as Germany, France, the US, the UK, and Japan do not have proper reimbursement policies for these surgeries. Most of the medical insurance offered across the US do not cover the cost of these procedures barring a few Managed care organizations (MCOs) depending on the plans opted by patients. Also for the patients travelling to other nations for treatment are also hindered by the limited reimbursement options.
Apollo Hospitals, Asklepios Kliniken Verwaltungsgesellschaft, Bangkok Hospital, Bumrungrad International Hospital, Fortis Healthcare, Asian Heart Institute, Medanta The Medicity, Min-Sheng General Hospital, Parkway Holdings, Wooridul Hospital, Anadolu Medical Center, Prince Court Medical Center, Raffles Medical Group, Samitivej Sukhumvit, and Spire Healthcare.
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