23 July 2020
Visiongain has launched a new report Medical Tourism Market Report 2020-2030: Forecasts by Type (Dental Treatment, Cosmetic Treatment, Cardiovascular Treatment, Orthopaedic Treatment, Neurological Treatment, Cancer Treatment, Fertility Treatment, and Others) and by Region (North America, Europe, Asia Pacific, Latin America, and Middle East & Africa). Including Forecasts by Major Developed Countries and Developing Countries, Plus Profiles of Leading Companies.
Medical tourism refers to the practise of traveling outside the country of residence to another country to avail medical care or treatment. The unrestricted movement of goods and services under the umbrellas of the World Trade Organization (WTO) and its General Agreement on Trade in Services has fast-tracked the liberalisation of the trade in health services. As health care is principally a service industry, this has made health services more tradable globally which also involved the movement of patients across borders in the pursuit of medical treatment and health care. The upsurge in healthcare costs in developed countries has led to the shift of patients travelling to developing countries to access health services, essentially driven by the low-cost treatments supported by cheap flights and internet sources of information.
In addition, growing demand for procedures, which are not covered by insurance such as fertility treatment, dental reconstruction, cosmetic surgery and gender reassignment operations is also driving the market. Most of these surgery procedures are considered elective and is paid out of pocket. Thus, lower costs in other countries increase the appeal for foreign patients thereby driving the growth of medical tourism market.
The Visiongain report analyst commented “a key driver in the medical tourism sensation is the technological platform which provides the consumers to access healthcare information and advertising from anywhere in the world with the help of internet. The availability of web-based resources provide consumers with information, advertisements and market destinations, and to connect consumers with an array of healthcare providers and brokers which further drives the medical tourism market growth.”
Possibilities of infection out-break is one of the challenges that may hamper the medical tourism market. Also rigorous documentation process, medical record transfer issues, and post-procedure recheck-up complications coupled with VISA approval issues may impede the market growth.
A range of national government agencies and policy initiatives have sought to encourage and endorse medical tourism in their countries with a vision of economic development potential in the emergent field of medical tourism.
The report covers a detailed competitive outlook that includes market share and company profiles of key players operating in the global market. Key players profiled in the report include Apollo Hospitals Enterprise Limited; Fortis Healthcare Limited; Asian Heart Institute; KPJ Healthcare Berhad; NTT Medical Center Tokyo; Seoul National University Hospital, UZ Leuven, Wooridul Spine Hospital, Aditya Birla Memorial Hospital, Barbados Fertility Center, Prince Court Medical Centre, and Samitivej PCL.
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