The medical tourism market is expected to observe huge growth in the coming years. This is due to increasing elderly patients seeking treatment in other countries. People travelling to other regions or countries for medical attention are said to participate in medical tourism. Also, they travel to developed countries owing to advanced medical treatments available there.
The primary factors driving the medical tourism market are improved treatment technologies, rising aged population and reduced costs of medical procedures. However, regular follow-ups, negative image of the country and medical malpractices are projected to hinder the market. The medical tourism market can be classified into treatments and geographies.
The market, on the basis of treatments, can be split into cardiovascular treatment, orthopedics treatment, fertility treatment, cosmetic treatment, dental treatment and general treatment. Cosmetic treatment holds the strongest position in the market. Geographically, the medical tourism market can be sliced into South Korea, Turkey, Brazil, Mexico, Malaysia, Singapore, Thailand, and India.
India is the fastest growing medical tourism market. This is owing to it providing cost effective treatments for various diseases. Additionally, innovative technologies are also driving the market in India. Also, various treatments, like bone marrow transplants, heart surgeries, dental treatments and cardiac bypass surgeries are available in India at low costs, with high healthcare standards. This factor is responsible for boosting the medical tourism market in India.
Malaysia is experiencing lucrative growth. It is also emerging as a strong competitor in the worldwide market. This is on account of government support to improve healthcare services in the region.