International Accreditations for Hospitals Drive Prospects of Medical Tourism Market in Offering Quality Patient Care, Revenues to Rise at CAGR of 10.5% from 2019 to 2027 TMR
- Access to wider treatment options at less cost and globalization of health care systems key underpinnings to rising valuation of medical tourism
- Health insurance portability across countries cement demand for medical tourism in another countries, Asia Pacific emerged at the forefront
ALBANY, N.Y., April 15, 2021 /PRNewswire/ -- The drive for medical tourism has stemmed from the trend of improving patient care outcomes with the help of globalized access to health care. Medical tourism has reduced the wait times, substantially decreased the cost of quality medical care, and improved patient care in foreign countries. The medical tourism has made long-ranging impacts on the patient care in importing and exporting health care systems. For instance, sometimes, individuals seek medical care to a foreign nations because they are ineligible for the same in their countries.
The access to cutting-edge technologies, international hospital accreditations, and evolving protocols of continuity of care are the key imperatives on which demand has thrived in the medical tourism market.
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Globally, the medical tourism market was pegged at US$ 61.3 Bn in 2018, and is projected to rise at CAGR of 10.5% during the forecast period of 2019 – 2027.
Key Findings of Medical Tourism Market Study
- Compliance to international quality standards key force
Numerous imperatives make medical tourism attractive. The healthcare systems in importing countries have seen rise in adoption of advanced technologies and medical devices for surgeries, which lack in exporting countries. The need for building trust has led several hospitals and clinics in importing countries to comply with various international quality standards. A case in point is Joint Commission International Standards (JCI). Rise in number of JCI accredited hospitals in Asia has been a key accelerant for growth. China, Japan, India, South Korea, Thailand, Malaysia, Singapore, and Philippines have been at the forefront of improving access to patient care through medical tourism.