Medical Tourism Industry To Cross A Hundred Billion Dollar Market
Medical tourism is the modern concept of travelling to foreign countries for medical care. Patients from developed counties travel to lesser developed countries for seeking medical treatment mainly because the expenditure on treatments tend to be lower when compared to the expense they would have to bear in their home country. Some of the treatments for which patients travel to foreign countries includes angioplasty, replacement of heart valve, bypass surgery, dental surgery, skin treatment for vitiligo, eye surgery, organ transplant etc.
Some of the top countries that are a hotspot for medical tourism include – Thailand, India, Malaysia, Hungary, Mexico, Singapore, Turkey and Brazil. India has witnessed the highest number of medical tourists’ arriving from Maldives. The heart surgery centers in the country offer treatment at considerably lesser prices when compared to Europe and North America. The Taiwan medical tourism market is expected to increase at 7 % Compounded Annual Growth Rate from the year 2012 to 2015. Singapore has the world’s finest medical equipments when compared to the other developed countries. The treatments offered in the lesser developed countries are usually one tenth of that in developed countries.
Since information on treatments is easily available online users can compare costs they need to incur on treatments and identify countries where the treatment they require are provided such that it has accelerated the growth of medical tourism worldwide. Medical tourism now comprises of a major share of the tourism industry. It has created more job opportunities in the developing nations along with bringing in investments into those regions. There has also been a rise in the number of brokers in this industry who arrange for such services such that they help connect the patients and the audiences.
The main hurdle when it comes to patients visiting lesser developed countries is the quality of treatment they receive. Also tourists when visiting other countries faces the possibility of catching some kind of illness which they’re body might not be immune to. There are other issues like immigration and visa which again could be a barrier to individuals travelling abroad.
The government must undertake more campaigns to highlight medical tourism as this segment holds immense potential for bringing in investments. Tourists are mainly found from USA, certain parts the Middle East, Canada, Britain and other developed countries. The value of this sector is expected to cross over a hundred billion dollars in the near future.