Albany, NY — 11/28/2017 — Transparency Market Research (TMR), a market intelligence and research firm, has published a market study on the global medical tourism market, estimating the total value of the global medical tourism market by 2019 to be US$32.5 bn. The market was valued at US$10.5 bn in 2012 and is likely to expand at an impressive CAGR of 17.90% during the period from 2013 to 2019.The research report, titled “Medical Tourism Market – Global Industry Analysis, Size, Share, Growth, Trends and Forecast, 2013 – 2019”, states that the low cost associated with medical procedures in Thailand, India, Mexico, Singapore, Brazil, Turkey, Costa Rica, Taiwan, Poland, South Korea, and the Philippines compared to other countries has encouraged people to travel to these nations, boosting the global medical tourism market extensively. Apart from this, the wide array of options for treatment in these countries is also fueling the global market for medical tourism to a great extent, states the report.
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The research study offers a clear picture of the worldwide medical tourism market. According to the data given in the report, the medical tourism market in India has reported the fastest growth among all, as the country provides cost-efficient yet effective treatment for many diseases and disorders.
The availability of treatments such as bone marrow transplant, cardiac bypass, heart surgery, and dental treatment at relatively low prices and with high healthcare standards is the primary driver of the medical tourism market in India. English can be used as the main working language in this country, which solves the problem of communication. This factor also adds significantly to the growth of this market. Additionally, the presence of advanced medical technologies is likely to fuel the market for medical tourism in India extensively over the forecast period, states the market study.
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The tourism industry in India is focusing specially on the patients coming from countries where English is not a working language. To avoid miscommunication, language translators are being hired, which is helping the India medical tourism market, adds the report. Apart from this, the partnership between Indian hospitals with hospitals in Tanzania, Bangladesh, and Mauritius is also expected to boost this market. On the other hand, Malaysia is also registering strong growth in the global medical tourism market. The Malaysian government has taken up various initiatives to improve the medical service in the country in order to help expand the market, states the research report.
The key players operational in the global medical tourism market mentioned in this market study are Bangkok Hospital Medical Center, Asian Heart Institute, Apollo Hospitals Enterprise Ltd., Bumrungrad International Hospital, Fortis Healthcare Ltd., Min-Sheng General Hospital, Raffles Medical Group, Prince Court Medical Center, KPJ Healthcare Berhad, and Samitivej Sukhumvit.
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