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Medical tourism is primarily driven by consumers in developed economies such as USA and EU-5 with extremely high cost of healthcare looking for more affordable options and patients in developing economies such as China seeking better quality of healthcare services. For example, a coronary angioplasty, which costs around USD 30,000 in the U.S., can be performed at a fraction of that cost (USD 3,000-5,000) in a reputed hospital in India. Additionally, increasing support from tourism departments across the world has contributed to the growth of the medical tourism market.
Medical tourism is also driven by the growth in number of healthcare facilities getting international accreditation, which encourages the hospitals to adopt the latest technologies and equipment, focus on providing higher standards of care and ensure higher levels of patient safety.
As the medical tourism market is gaining significant popularity, several governments have developed policies to assist in promoting their country as a destination for medical tourists. In 2005, Malaysia set up the Malaysia Healthcare Travel Council (MHTC) under the ministry of health to develop strategies to improve the quality, accessibility and affordability of healthcare services and develop the country as one of the leading medical type of tourism destination.
The major medical tourism destinations by regions are India, Malaysia, Thailand and Singapore in Asia Pacific; Brazil & Mexico in Latin America; UAE, specifically Dubai in the Middle East and countries such as Hungary, Poland, Turkey in Europe.
The medical tourism market is expected to take a long time to recover from the impact of the pandemic due to the lockdowns and travel restrictions associated with it.
Although many countries have started opening up their borders for foreign travelers including medical tourists, the recovery is expected to take some time. Based on the data published by The World Tourism Organization, the number of international travelers were down by more than 80% in Q1 2021.
By Healthcare Services
By Service Providers
The report will cover the following key insights:
Cosmetic or plastic surgery accounts for the largest proportion of the global medical tourism market.
Asia Pacific accounts for the largest share of the global medical tourism market due to favorable destinations such as Thailand, India, Malaysia, Singapore, South Korea and Philippines. Also, China contributes heavily to the medical tourism market in APAC as there are around 1 million outbound Chinese medical tourists every year and most of them travel to surrounding countries for treatment.
The distribution of medical tourists in Thailand by region of origin as follows:
The report will include the profiles of key players such as Bumrungrad International Hospital, Bangkok Chain Hospital, KPJ Healthcare Berhad, Apollo Hospitals Enterprise Limited; Fortis Healthcare Limited; Mount Elizabeth Hospital, Asian Heart Institute, Asklepios Kliniken GmbH, Rashid Hospital and others.
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