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.
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- Globalization of insurance key accelerant
Portability of health insurance is a key aspect in broadening the autonomy for patients to seek medical care in importing countries in the medical tourism market. For instance, European countries have seen growing penetration of health insurance portability, thereby boosting the uptake of patient care under medical tourism. The globalization of insurance has creating a winning proposition for healthcare systems in importing countries but also benefits patients from exporting countries.
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- Socio-political condition key aspect
Political instability and unrest may be key bottlenecks in uptake of patient care through medical tourism. Warring nations and a stressed relationship between exporting and importing nations dampen the demand for medical tourism. For instance, Thailand has been home to political unrest in recent times. This will dissuade people from seeking health care in the country. Instances of terrorist attacks and high crime rates may be rampant in some countries in the Middle East. All these impede the growth of the medical tourism. There are a few other key concerns, such as varying rules pertaining to medical negligence. Compensation frameworks for malpractice at times are burdened by complexity, acting as a glaring constraint for the demand in the medical tourism market.
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Medical Tourism Market: Key Drivers and Future Avenues
- The globalization of healthcare is a key trend shaping the evolution of the medical tourism market
- Rise in advertisement on the benefits of medical tourism boosts demand
- Governments in developing and emerging economies on propelling healthcare infrastructure pertaining to medical tourism fuels market prospects
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Medical Tourism Market: Key Players
Hospitals and healthcare providers are geared toward bagging regulatory approvals, integrating technologically advanced products with patient care workflows, and engaging in collaborative agreements with other key players.
- Jordan Hospital
- Razavi Hospital
- Phyathai Hospitals Group
- Zulekha Hospital
- Al Rahba Hospital
- Bahrain Specialist Hospital
- Dr. Soliman Fakeeh Hospital
- Saudi German Hospital (SGH) Group
- Apollo Hospitals Enterprise Limited
- Fortis Healthcare Limited
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