Medical tourism market is a flourishing market with various services available to cater to the needs of the consumers, that too from around the world.
Medical tourism is all about travelling in order to avail healthcare services available in different parts of the world. It is a dynamic market growing because of the globalisation of the medical and healthcare industry. People have started to realise that there is nothing greater than good health and have taken initiatives in the right direction. Travelling in order to meet the medical needs is growing and is affecting the market in a positive way.
The expanding needs of consumers to get the best health from anywhere in the world is leading the medical tourism market to new heights. The medical tourism market is expected to touch USD 143.8 Billion by 2022. The market is looking forward to registering a CAGR of 15.75 for the forecast period of 2015-2022, according to a report by Allied Market Research.
The Reasons Supporting Expansion
The two major factors which have supported the growth and development of the medical tourism market are the availability of latest technologies and cheaper services cost which varies according to the country chosen. Growing investments in the medical tourism market by the government and private sectors is also driving the expansion of the market.
The market is segmented into two parts- the treatment type and the geography type. On the basis of treatment type, the market is further divided into cosmetic treatment, fertility treatment, cardiovascular treatment, dental treatment, orthopaedic treatment and other general treatments. On the basis of geography, the market is segmented into Asia Pacific, Eastern Europe, Western Europe, North America and South America.
Medical tourism has been all about travelling to various [places in order to get treatments done. Medical treatments like surgeries, fertility treatment etc which may be better and cheaper in other parts of the world, drive the consumers to travel. The availability of better services and at cheaper rates lead many consumers abroad. The scope of medical tourism looks good as people from all parts of the world also visit India for various treatments. The mix of technology and traditional cures has led to the development of a strong base of consumers who travel to India for treatments. The future of medical tourism in India seems to be bright and big with a huge number of people coming to get various treatments for diseases.
The Key Players
The healthcare market is huge and there is no dearth of brands serving to consumers. With many already existing and new brands all over the world providing best medical facilities to the consumers, the medical tourism market is growing at a good pace. The global key players in the market are Prince Court Medical Centre (Malaysia), Raffles Medical Group (Singapore), Anadolu Medical Centre (Turkey) etc. In the Indian medical tourism market, Asian Heart Institute, Apollo Hospitals and Fortis Healthcare Ltd are some of the leading names.
The healthcare sector is wide with lots of possibilities. The introduction of latest technologies and techniques to treat particular diseases has paved way for consumers to experience better services. Travelling in order to treat diseases and get the required surgeries done to ensure good health is the new motive among people. This is going to benefit the healthcare industry and the medical tourism market in a good way.