Medical Tourism Market with Current Trends Analysis 2014 - 2020

Posted by Chhidami on September 19th, 2017

Asia is emerging as the top medical destination as the Asian countries are offering latest and low-cost technologies, along with better medical procedures and care. Treatments provided in Asia are at par with developed countries but at a much low-cost. Moreover, increasing adoption of digitization in healthcare in Asian countries is making various procedures simple, thereby reducing the cost. Government of various countries including India, China, Thailand, and Singapore are also taking initiative in boosting medical tourism.

Asian countries are also simplifying the legal formalities to make it easy for patients to travel from another country. Specialized treatments being offered at a cheap rate is also giving a boost to the medical tourism in Asia. For instance, India offers complex procedures and specialized treatments at a lower cost, thereby attracting medical tourists. This is also resulting in the business opportunities for healthcare providers. Malaysia also offers state-of-the-art medical infrastructure and also have highly-skilled medical professionals for various treatments with economically affordable treatment options.  

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Asia has also been recognized for elective procedures, especially for patients from New Zealand and Australia. As the healthcare schemes in these countries don’t provide allowances for elective procedures such as dental surgery and plastic surgery. Hence, a number of healthcare providers in Asia-Pacific region have designed their procedures and services considering the allowances for elective procedures. Therefore, countries such as Thailand and Bali have become popular for plastic surgery, and other aesthetic treatments, thereby attracting medical tourists from other countries.

Various hospitals in Asia-Pacific region are also entering into mergers and acquisitions, and partnerships to strengthen market position and deliver enhanced medical care. According to a study, Asia-Pacific region has witnessed more than 20 deals between 2016 and 2017. Some of the prominent deals included collaboration between IBM Watson and Bumrungrad International Hospital, Novartis and IBM Watson Health are also planning to collaborate to improve care for advanced breast cancer.

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According to the latest report by Future Market Insights (FMI), the global market for medical tourism is expected to witness robust growth in Asian countries between 2014 and 2020. Long waiting time for treatment and high cost for treatment are the key factors driving the growth of medical tourism. Meanwhile, innovation in medical treatments and low-cost for treatments and surgeries are accelerating medical tourism in Asia-Pacific. Some of the top treatments for which people travel to other countries are cardiovascular surgeries, cancer therapy, cosmetic surgeries, dentistry, orthopedic treatments and reproductive treatments.