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March 2019, The Medical Tourism Market is defined by
patients travelling abroad to seek surgical or medical assistance for quality
treatment available overseas. The market is at a growth stage and is expected
to grow further over the forecast period buoyed by factors such as quality of
healthcare offered at optimal cost, expert healthcare practitioners, and
customized approach in providing end-to-end services including support in
obtaining a medical visa to arranging patients’ stay. In addition, prevailing
cost of medical services in patients’ home-country, availability of advanced
healthcare treatment facility, and legal restrictions on a few medical
practices such as fertility processes in home country are adding to the growth
of medical tourism market. In addition, increase in campaign and marketing of
medical facilities to endorse medical tourism and presence of international
health insurance is expected to boost the market over the forecast period.
Presence of cashless facility and wide number of hospital under insurance
coverage are also expected to provide opportunities for market growth. Medical
tourism and international accreditation continue to play a vital role in
patient inflow into destination countries boosting medical tourism. The number
of accredited facilities is rising year-on-year giving international exposure
to hospitals, indirectly linking medical tourism successfully.
Improving
healthcare infrastructure, presence of favorable government policies, and
presence of quality healthcare service at lower price is propelling the market
in the Asia Pacific region. Among the various countries in Asia Pacific, India
is increasingly becoming a medical tourism hub as the country offers cost
advantage, has quality hospitals and skilled doctors, and favorable medical
visa policies. For instance, India’s e-medical visa facility permits three
medical visits to patients in the country. The country also offers medical visa
for follow up treatment. Dental tourism and cosmetic surgeries are among the
leading sectors for medical tourism in India. Major inflow of patients in India
are from countries such as UAE, Middle East, Africa, Bangladesh, Sri Lanka,
Afghanistan, Uzbekistan, Kuwait, and Mauritius. Besides India, Thailand secures
prime spot in medical tourism market. Malaysia is another prominent destination
amongst medically sophisticated infrastructure led nations. Economically
affordable treatments lay the road for Malaysia to be one of the most
forward-looking nations in medical tourism market.
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| Medical Tourism Market |
Technology
leverage to bring in innovation in healthcare has also added to the growth of
the market. Technology usage including cloud computing and web 2.0 has spurred
growth in the market. Cloud computing is largely being leveraged for keeping
and sharing electronic medical records. Leveraging cloud computing, electronic
medical record (EMR) can be made available universally to healthcare service
providers. All healthcare tourism service providers and healthcare
practitioners can access the same medical record on a real-time basis. Besides
bringing efficiency in the process, EMR decreases extra diagnosis and
medication errors and brings efficacy in healthcare systems.
Some
of the popular hospital chains active in the market include Apollo Hospitals,
Asian Heart Institute and Research Centre, Fortis Healthcare, Aditya Birla
Memorial Hospital, NTT Medical Center Tokyo, KPJ Healthcare Berhad, Seoul
National University Hospital, Raffles Medical Group, Prince Court Medical
Centre, Barbados Fertility Centre, Bangkok Hospital Medical Center, Min-Sheng
General Hospital are the leading healthcare tourism provider.
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