The old saying that money can’t buy happiness is true but you may be able to buy good health. Health and wealth go hand in hand and so the global medical tourism market is booming and Asia leads this trend.
According to Transparency Market Research, the global medical tourism market is anticipated to attain US$160.8 bn by the end of 2025. In 2016, the market valuation was US$46.46 bn. To reach this amount, the market is projected to exhibit staggering growth of 14.9% during the forecast tenure between 2017 and 2025.
With respect to medical treatment, the orthopedics segment dominated revenue share in this market in 2016. This growth is attributed to the rising incidence of accidents and sports injuries. In addition, the cardiology segment is also expected to rise during the forecast tenure. Availability of low cost treatment in Asia Pacific especially in India and Singapore has attracted large number of people for cardiac surgery. On regional front, Asia Pacific is projected to lead the market owing to the large number of patients traveling within the region to get advanced and better medical facilities.
Developing Economies Offering Low Cost Treatment Has Fueled Demand in Medical Tourism Market
Rapid growth in geriatric population and increasing disposable income among the middle class has fuelled demand in the global medical tourism market. Large hospital networks under insurance coverage that have cashless transactions are projected to present various opportunities for market expansion. Moreover, high cost of medical treatment in developed regions has forced patients to travel to other regions.
Adding further, various regions do not have skilled medical professionals that compel patients to travel to other nations especially to countries in Asia Pacific and Latin America. Seeing this opportunity, these regions are making conscious efforts in providing skilled professionals and modern facilities at a cheaper cost. Countries such as India, Singapore, Costa Rica, Japan, and Mexico have attracted large number of patients and befitted the medical tourism market significantly.
Language Barriers to Refrain People to Consider about Medical Tourism
Despite, the growing demand for medical tourism there are few restraining factors that might hinder the growth of this market. Language barriers while visiting new places for treatment, difficulties associated with travel, and documentations are some of the key challenges faced by people while traveling for medical treatment. Issues with VISA approval is another factor faced by people. These above-mentioned factors might restrict the market to grow at its full potential. However, in countries where advanced medical facilities are cost-effective can help in mitigating these restraints.
Health and wealth are linked as the more financial resources a person has the more likely they are to get good medical treatment. And if that treatment can’t be afforded at home, they’re able and willing to travel for it.