Evaluation of the Global Medical Tourism Industry

What is Medical Tourism

Medical tourism is defined as the movement of people from their national borders to receive medical treatment or care in another country. Medical tourism in the world is a widespread and sunrise industry. Medical tourism allows the patients to move across borders to get their desired medical treatments and it also allows the patients to travel and explore the country they are traveling to. This quenches their thirst for travel and also offers them the best possible treatment options. Healthcare tourism in Turkey and India is very famous because of this. Cosmetic surgery, dental care, cardiac procedures, and orthopedic surgeries are common choices for medical tourists.

In the past few years, the worldwide medical tourism sector has come out as one of the most promising and fast-growing sectors in the global health industry. As more and more individuals are looking for safe, low-cost, high-quality medical treatment outside their home countries, this particular industry is undergoing not only rapid growth but also phenomenal change in making our concepts regarding accessibility as well as delivery of healthcare services obsolete.

Medical tourism was estimated to be a $30 bn market worth in total and despite the COVID-19 pandemic temporarily slowing down international travel, the valuation of the industry just proves how strong and flexible this sector is. The Asia Pacific, Europe, and the Americas lead the medical tourism market with destinations in Thailand, India, Mexico, and Turkey as highly favored locations for being a hub of Medical Tourism. Yapita Health is one of the leading medical tourism companies that works in India, Turkey, Thailand, Singapore, and many more countries and regions.

Medical Tourism is a Flourishing Market

• Current Size and Growth - The global medical tourism industry has seen incredible progress in the last ten years. It is now valued at around $30 billion and includes everything from basic wellness, and rehabilitation services to elective surgeries and complex treatments. Several factors give momentum to propel this expanding industry. The industry will possibly see an increase of another $100 billion in the next 8 to 10 years.
• Rising Healthcare Costs - In developed nations where the cost of healthcare can be a barrier to easy access along with high waiting times, many patients are now seeking medical tourism as an alternative choice. When well-developed, such countries offer treatment at a fraction of the cost that one has to pay in his home country— and yet they do not compromise on quality. The medical tourism industry in India, Turkey, Thailand, and the UAE is gaining momentum as it provides medical treatments at a lower price.
• Advancements in Medical Technology - Developing markets not only offer cheap treatments but are also leading the way in medical innovation. The presence of high-tech facilities and advanced technology makes these places more appealing to foreign patients.
• Increased Accessibility - Better global travel and communication helps the globalization of healthcare. These days, the patient can easily find information about treatment abroad, which makes medical tourism attractive.

What will Contribute to the Rise in the Global Medical Tourism Market.

• Creation of Medical Tourism Hubs - India, Thailand & Malaysia are actively investing in healthcare infrastructure and marketing promotions to drive inbound medical tourists. Exciting new competitors are also popping up in Eastern Europe, Latin America, and the Middle East.
• Combining Medical and Wellness Treatments - Medical and wellness are two different fields in the healthcare area. Slowly but surely, these fields are working together to offer a more holistic approach toward better healthcare and treatment. Rehab facilities, wellness therapies, relaxation retreats, and medical treatments can be combined to give the patient a more holistic experience.
• Personalized & Targeted therapy - Personalization in the treatment is becoming increasingly important, and this refers to medical treatments specifically targeted according to a patient. Further encouragement for the rise of niche medical tourism markets is anticipated through genetic testing, personalized medicine, and more specialized care targeted at chronic conditions.
• Redesign and Modernization of Traditional Practice - Digital Health Innovations, integration with Telemedicine, and AI assistance can improve the overall experience of the patients as it will promote accessibility.