Medical tourism has evolved on the back of the growing trend of globalization of health care. The changes in various regional and national health care systems increasingly shape the push/pull factors in the medical tourism market in destination and departure jurisdictions.
Medical tourism has evolved on the back of the growing trend of globalization of health care. The changes in various regional and national health care systems increasingly shape the push/pull factors in the medical tourism market in destination and departure jurisdictions. These changes broadly pertain to institutional policies and governments’ regulations notably including publicly-funded care and reimbursement. These factors aside, the knowledge gap between the department countries and destination countries is a key element shaping the demand and supply dynamics in the medical tourism market.
A report by Transparency Market Research (TMR) scrutinizes these trends and factors and offers a detailed market estimations of demand and opportunities in various key medical tourism markets across the globe. The global valuation of the medical tourism market was pegged at US$ 61.3 bn in 2018 and is projected to rise at a CAGR exceeding 10.5% during the forecast period of 2019 – 2027. By 2027, the valuation is expected to touch US$ 154.4 Bn.
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Policy Makers Increasingly Influence Opportunities in Medical Tourism
Decisions by policy makers greatly shape the features of health care system. Adequate reimbursement policies, presence or lack of these, and the presence or absence of quality patient care that are publicly funded are key dynamics shaping the opportunities in the medical tourism market.
The prevailing payer-provider frameworks in healthcare systems thus determine the export and import of healthcare services in North America and Europe. Developed nations in these regions have been exporter as well as importer of patient care under medical tourism market. Thus, the presence of advanced care in multiple specialties, particularly in Thailand, South Africa, and India at low cost has made these high-growth pockets of investments for stakeholders in the medical tourism market. The presence of a substantial number of elderly patients in North America and Europe who want to seek care that typically not covered by state or national funding is a key driver for demand.
A case in point is the demand for care in non-emergency care in orthopedics and cardiology segments. Both are potentially lucrative segments, given the rise in number of patients due to age-related factors and sports injuries. The opportunities in cardiology are expected to rise at a higher CAGR than all other medical treatment segments during the forecast period.
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Adherence to Global Healthcare Standards Key Accelerant for Growth, Asia Pacific Key Region
Adherence to global healthcare standards and protocols of healthcare delivery have enabled countries in developing economies to become importer of medical tourism. The trend is evident in Asia Pacific, where hospitals and clinics are keen on complying with latest global health care standards. A number of them in recent years have advanced healthcare infrastructure and services in countries such as China, Japan, South Korea, India, Singapore, and Malaysia.
Asia Pacific has been the most prominent market in terms of attracting demand from destination regions such as North America and Europe. The regional market held the majority of shares in 2019.
Numerous factors and healthcare trends account for the vast opportunities for stakeholders of the medical tourism market. For one, clinical expertise has expanded remarkably, and clinicians and surgeons are fast adopting new approaches to quality patient care. The low cost compared to one in some developed nations is a key factor propelling demand in the region.
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Government Policies Increasingly Influence Uptake, Concerns Remain
Governments have been at the forefront for boosting medical tourism in various key economies. Favorable institutional frameworks such as in European Union are drawing patients in developed countries to contribute substantial demand for medical tourism. A case in point is policy support for Health Insurance Portability.
However, despite the massive push by globalization of care, some genuine concerns impede demand in medical tourism market. Post-operative care may be costly in native countries and may not be covered in destination countries for medical tourism. A case in point is the Canada. Nonetheless, high costs patients have to bear for domestic health care services in these countries may change the dynamic in near future, paving way for new avenues in the medical tourism market.
The study presented here is based on a report by Transparency Market Research (TMR) titled “Medical Tourism Market (Medical Treatment - Cosmetology, Dentistry, Cardiology, Orthopedic surgery, Neurology, and Oncology) - Global Industry Analysis, Size, Share, Growth, Trends, and Forecast 2019 - 2027”.
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