Medical travel industry to grow at a CAGR of 26.5% for 2003-2015
Medical tourism is also known as medical travel or health tourism; this is a travel plan exclusively planned by patients travelling across country borders for the sake of medical treatment. Certain regions on the globe have an uprising market for this sector, especially regions in Asia Pacific which in comparison to be cheaper than their Western counterparts. Lesser waiting duration is another factor encouraging the Asian medical tourism industry. Countries like India, China, Malaysia and Taiwan are popular for offering best quality treatments. The medical tourism industry compromises of everything from weight-loss, hair-loss and dental works to serious life threatening disorders like Cancer. Last annual, there were about 7 million people on an average who pack their luggage and travel cross-borders for this purpose. Thus, it is needless to mention that the sector is witnessing windfall revenues and these are further only bound to increase.
According to a research by an international medical publisher, the industry is worth a whopping $40 billion per annum. There are various reasons for the growth of the sector one of them being- availability of certain treatment processes at limited locations, the cost factor plays a big role as patients are on constant search for destinations which provide them effective treatment within their budgets. We can find some of popular destinations that provide best quality treatments, making them top most locations for medical touring industry.
Thailand tops the list of countries providing satisfactory healthcare services. Major medical processes cost about 60-70% cheaper than what they do in countries like USA and UK. The land is promptly famous for sex change treatment process and many more segments of medical treatments related to various disorders. It has a massive market of patient travelers as it registered a record of 1.2 million travelers traveling for medical purposes.
United States of America:
United States of America (USA) housed about 8, 00,000 patient travelers. USA is a well known source for best in class medical practitioners for various maladies irrespective of their degrees of seriousness. Though, the country is an expensive option; more sufferers are opting for it as deadly ailments are treated and lives are saved successfully. This value for money factor along with the specialized diagnostic system makes the US third most visited country for health purpose.
Singapore is a proud destination housing one of the best healthcare systems around the globe. It has a total of 22 facilities which are certified by the Joint Commission International; which is the quality and safety accrediting organization origin from the United States. The country surely has an edge as it is one of the famous locations for accurately treating all forms of Cancers.
India is famous as the medical destination for patients from all over the globe as complex operations like the open-heart bypass is possible at an expense cheaper by 90% compared to the United States. Around 4, 00,000 patients paid a visit to the Asian country citing a healthcare reason, placing it fifth on the list.
Mexico is famous for cheap but good qualityhealthcare treatment especially in the weight loss and dental segments. It is a favorite destination for HISPANICS- people who speak Spanish and live in the US. Mexico was host to just over 1 million healthcare travelers.
Famous for plastic surgeries with more than 4500 certified cosmetic surgeons, Brazil is quite a preferred location for nose jobs as it is 60% less expensive than the US and there is plastic surgery processes available even for pets. The country had around 1, 80,000 medical visitors last year.
Turkey is one country with most American accredited healthcare centers, treatments of eye care and its related surgeries are much cheaper as compared to their counterpart in the US. Complicated, time consuming processes like Spinal Fusion are almost 60% lighter in expenses and thus are very common. Turkey had around 1, 10,000 healthcare visitors last year.
Expensive treatment processes like complete facelift can get cheaper beyond 50% when done in Taiwan. The country is well renowned for its healthcare facilities and houses 22 departments certified by the Joint Commission, it is just 6 behind that of the super power China. The country welcomed more than 90,000 patient travelers and is expected to increase that number by many bounds in the following years.
The conventional allopathic treatment methods are well countered by the traditional ayurvedic treating method along with its sub-sections such as aromatherapy, homeopathy and naturopathy for more effective solutions which provide speedy positive outcomes. Practice of meditation and yoga is an absolute success among medical tourists from around the globe as these throw back loads of wellness with minimal efforts if done on an everyday basis.