ALBANY, New York, December 11, 2017 /PRNewswire/ --
Exhibiting a remarkable growth over the last few years, the
According to TMR, the global medical tourism market, which stood at US$46.46 bn in 2016, is likely to reach US$160.8 bn by the end of 2025. Given the scenario, the global medical tourism market will exhibit a CAGR of 14.9% between 2017 and 2025. Regionally, Asia Pacific held the lead in the global medical tourism market in 2016. Singapore and India are likely to emerge as popular destinations for medical tourism in Asia Pacific. Based on treatment, the global medical tourism market was led by the orthopedics segment in 2016.
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Emerging Nations in Asia Identified as Hot Bed of Medical Tourism
Countries in Southeast Asia offer state-of-art medical facilities at a much cheaper cost than that of developed nations. Furthermore, persistent initiatives by governments across emerging nations to upgrade their healthcare infrastructure will synergize the medical tourism industry in the region. "Considering vast benefits offered by the medical tourism sector, an increasing influx of ailing people from neighboring nations is witnessed in these countries," revealed a lead TMR analyst. "This will boost the regional healthcare industry, in turn creating lucrative prospects for the global medical tourism market," he added. During the course of the report's forecast period, the market will witness accelerated pace of gains. Supportive government laws and initiatives aimed at encouraging the nation's healthcare sector will augment the medical tourism market in the coming years.
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The mounting healthcare costs in developed nations compel people to seek treatment from developing nations such as India, Thailand, Singapore, and Costa Rica. OECD has recently estimated that nearly 50 million medical tourists travel to the emerging nations annually. Furthermore, it was states by the American Society of Plastic Surgeons that over 17 million cosmetology procedures were conducted in the U.S. alone in 2016. In addition, the International Society of Aesthetic Plastic Surgeons stated in a recently published report that a 9% increase was noted in the surgical and non-surgical cosmetic procedures conducted around the world last year. All these findings are indicative of lucrative prospects awaiting the global medical tourism market. Besides this, the number of hospitals accredited by Joint Commission International (JCI) has spiked in the last couple of years. The top countries attracting medical tourism in Asia such as India, China, South Korea, Thailand, Japan, Singapore, Philippines, and Malaysia boast over 300 JCIs. The likelihood of this number to surge in the coming years fuels opportunities for the global medical tourism market.
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Soaring Healthcare Costs Could Restrict Growth
On the flip side, the inflation witnessed by the medical sector in 2015, followed by the waning number of medical travelers could restrict the market's trajectory to an extent. Besides this, challenges related to generation of low revenue per patient, coupled with the rising cost of healthcare, will pose threat to the market in the coming years.
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Transparency Market Research (TMR) is a global market intelligence company providing business information reports and services. The company's exclusive blend of quantitative forecasting and trend analysis provides forward-looking insight for thousands of decision makers. TMR's experienced team of analysts, researchers, and consultants use proprietary data sources and various tools and techniques to gather and analyze information.
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