Medical Tourism Market: Health Insurance Portability Propel Global Market Growth
According to Transparency Market Research’s latest report on the global medical tourism market for the historical period 2017–2018 and forecast period 2019–2027, Low cost medical treatment, Availability of latest medical technologies & wider treatment options are projected to drive the global medical tourism market.
According to the report, the global medical tourism market was valued at US$ 61.3 Bn in 2018 and is projected to expand at a CAGR of 10.5% from 2019 to 2027
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Availability of latest medical technologies & wider treatment options, rise in compliance to international quality standards: Key Drivers of Global Medical Tourism Market
- Hospitals & specialty clinics in some of the countries are backed by sophisticated research infrastructure and doctors are supported by more registered nurses than other developed countries facility. Also lack of technological advancements at home countries have compelled patients to travel abroad for treatments
- Patient care is the core focus of the international accreditation standard hospital facility, and a protocol for the continuity of care, with appropriate measures in place for the discharge, referral, follow-up, and transfer of patients are provided in these facilities improving the patient experience
- Educated professional from developed western countries, planned hospitals/clinics, procedure accreditation with other aspect of medical tourism sector improvise quality and thus patient prefer such type of center for treatment at half the price . There is also rise in hospitals and clinics which are accredited by JCI. Turkey has 42 JCI accredited hospitals, Saudi Arabia has 39, the UAE has 38, and India has 13
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Health Insurance Portability Propel Global Medical Tourism Market Growth
- In the era of mobility, an increasing number of people are moving across countries for various reasons and one among them is for medical treatment, thereby raising the requirement for insurance portability. Europe countries insurance rules provide portability within the European Union
- Globalization of insurance also benefits the provider as insurer could contact with service providers including foreign hospitals and doctors, with far lower prices, in their provider networks creating a win-win situation for both the provider and the patient.
Follow Up Care and Post Procedure to Hamper Global Medical Tourism Market Growth
- Most of the patients suffer post procedure complications or side effects. Post-treatment care then becomes the responsibility of the medical care system in the patient’s home country or the patient has to travel back overseas if the physician at home is unwilling to provide the necessary care.
- Moreover, many foreign laws governing medical liability are not as strict as those in developed countries such as the U.S. and Ireland. Furthermore, compensation for medical malpractice can differ and compensation for injury is quite low in relative terms in other jurisdictions and many foreign doctors may not have the same level of malpractice insurance too, thereby causing inconvenience to the patients.
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Regional Instability & Political Unrest to Restrain Global Medical Tourism Market
- Political instability has affected countries and medical tourism to these regions has gone down significantly due to the chaos situation prevailing in affected countries.
- Jordan's medical tourism sector has been impacted by ongoing regional instability and increase in national operating expenses. It is gone down by 40% since 2015. The unpredictable political situation in Thailand has also affected medical tourism, with nearly 50 countries advising citizens to think twice before traveling to the country. There is a reluctance from patients to travel to Turkey and other similar countries due to the ongoing war and political instability of the surrounding countries.
Global Medical Tourism Market: Competitive Landscape
This report profiles major players in the global medical tourism market based on various attributes such as company overview, financial overview, product portfolio, business strategies, and recent developments
The global medical tourism market is highly fragmented, with the presence of a number of international as well as regional players
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Leading players operating in the global medical tourism market are
- Asklepios Kliniken GmbH
- Fortis Healthcare Limited
- Apollo Hospitals Enterprise Limited
- Bangkok Chain Hospital Public Company Limited
- Bumrungrad International Hospital
- Saudi German Hospital (SGH) Group
- Dr. Soliman Fakeeh Hospital
- Bahrain Specialist Hospital
- Hamad Medical Corporation
- Al Zahra Hospital
- Al Rahba Hospital
- Zulekha Hospital
- Samitivej PCL
- Phyathai Hospitals Group
- The Ac?badem Hospitals Group
- Razavi Hospital
- Jordan Hospital.
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