Highlights of Medical Tourism Statistics and Market Predictions
The dynamic global medical tourism industry is maintaining a robust growth according to the recent medical tourism statistics and market predictions. OrbisResearch.com (in its 2017-2021forecast report) states that the $19.7 billion global medical tourism market (on 2016) is predicted to touch a staggering $46.6 billion by 2021 with a CAGR (Compound Annual Growth Rate) of 18.8%. [https://www.reuters.com]
The projected analysis of the market growth would touch US$ 136.591 billion in 2023 from US$ 56.333 billion in 2018 with a CAGR of 19.8%. Mounting global healthcare costs and unprecedented waiting times in the developed nations and availability of incredibly low-cost quality medical treatment facilities in the developing nations remain the prime drivers of the medical tourism market. [https://www.prnewswire.com]
Thailand, India, Malaysia, Taiwan, South Korea, Brazil, Costa Rica, Mexico, Dubai, Singapore, Philippines, Turkey, Israel, Poland etc. have occupied prominent positions in the global medical tourism index. Asia Pacific and Latin American destinations maintain the leads.
Global medical inflation trend to remain high:
According to a survey report of Willis Towers Watson Global Medical Trends Pulse Survey, the average global medical inflation is estimated to be 7.2% in 2018 which was 6.8% in 2017. This is much higher than the projected average inflation rate of 2.5% in 2018 as collected from selected respondent countries.
Accepting the existing trend of medical inflation since last few years, more than 50% of insurers predict this to touch higher-than-expected levels in next three years. The impact is obvious.
· More number of people will be out of healthcare insurance coverage due to higher deductibles.
· Increased out-of-the-pocket healthcare expenditure.
Medical tourism for this group may turn out to be the ultimate choice in availing timely quality healthcare service. A long distance flight may not be necessary, a 3-4 hour drive or a 2-3 hour flight can take a patient to his/her preferred destination to avail the affordable treatment package.
Asian medical tourism statistics and market predictions:
Asia-Pacific countries turning out to be the leading medical tourism hubs occupy almost 40% of the entire global medical tourism market share. Medical tourism in Asia statistics is expected to cross $14 billion by 2022. [https://www.prnewswire.com]
Thailand leads the pack accounting for the maximum market share followed closely by India and Singapore. South Korea ranks 4th (as in 2016) but is showing signs of almost doubling its market share by 2022. Taiwan and UAE are also fast emerging as competitive medical tourism destinations in this part of the globe. [https://www.prnewswire.com]
Reports from Future Market Insights also give a promising picture of Asian medical tourism, which is likely to lead the growth within the estimated period of 2014-2020. Asian destinations have the caught the attention of medical travelers from the US and Europe who not only look for affordability but also quality service at par with international standards.
Among the Asian destinations, India’s recent growth in medical tourism is worth noticing. The country is experiencing a 22-25% growth and is estimated to touch $6 billion in 2018 from $3 billion in 2017. Considering the medical tourism Asia statistics, the country has been demonstrating one of the best medical expertise successfully handling most critical ailments. [http://www.business-standard.com]
The growing market demand for critical care:
Cosmetic treatments occupy the largest market share in medical tourism till date. Medical tourism statistics and market predictions signal the growing demand in critical treatments as well considering the huge cost-saving involved in it.
There is a rising demand for treatments in oncology, cardiovascular medicine, orthopedic surgery and reproductive medicine. Many tourists are flying to these destinations to get a second opinion in critical cases.
Key drivers in Asian Medical tourism:
Even though the medical inflation rate remains higher in Asian destinations too, here medical tourism industry is flourishing due to a combination of significant push and pull factors.
· Rapid technological advancements in healthcare facilities and development of quality medical services.
· Increased international JCI accreditations of medical facilities certifying medical excellence. Accreditation of facilities is likely to grow by 20% each year.
· Removal of visa restrictions and provision of quick medical visas enabling hassle free travel for foreign medical tourists.
· Allowing extended stay in medical travel.
· Leading hospitals are maintaining a separate international patient department offering a dedicated concierge service from start-to-end.
· Political stability and sustained economical development.
· Active government participation in promoting destinations through smart marketing strategies and aggressive campaigns.
· International collaborations, mergers and acquisitions for enhanced medical care. For example, Bumrungrad International Hospital, Bangkok has entered into collaboration with IBM Watson for improved cancer care.