Trends in the Medical Tourism Market 2014-2020

Medical tourism is one of the most dynamically growing industries today. Considered to be the direct impact of globalisation of healthcare, medical tourism certainly exhibits strong growth potential globally. However, based on FMI’s research, the market of medical tourism is expected to concentrate within most of the emerging economies of the world.

As developing nations are increasingly heading toward technological advancement and quality services in the medical and healthcare sector, the global medical tourism market is anticipated to witness robust growth over 2014-2020, predominantly in Asian countries.

The top treatments people travel abroad for, include cancer therapy, cardiovascular surgeries, orthopaedic treatments, dentistry, cosmetic surgeries, reproductive treatments, weight loss therapies, health screenings, and medical tests and scans. In severe cases, a sizeable patient population also seeks second opinion from specialist doctors out of their countries.

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Key Drivers

High treatment costs and lengthy waiting times for medical procedures, being the two major factors in driving medical tourism, are also supported by easier and cheaper international travel. While the U.K.’s population prefers to travel abroad for bypassing long waits, patients from the U.S. travel outside for availing of treatments at cheaper costs.

Medical excellence along with international accreditation are the key factors fuelling a majority of international patient flow, eventually boosting international medical tourism. Currently, over 600 medical departments and hospitals all over the globe are accredited by the U.S. Joint Commission International (JCI). The number of accredited facilities is projected to increase almost by 20% each year. This is another important driver associated with the market growth.