Healthcare costs are rising continuously in developed countries and this is affecting the medical tourism market in multiple ways. Countries like the United States are known for their medical experts who are highly skilled and offer state of the art treatment. Unfortunately, the costs of medical care in the USA can be incredibly high, and this has made it difficult for the residents of developed countries to avail immediate medical attention and treatment at affordable prices. People of such countries are choosing medical tourism destinations to avail quality, instant, and affordable medical treatments.
Medical tourism market
The huge growth in medical technology, the flow of patients and the medical professionals has given rise to unique patterns of consumption and production of healthcare services over recent years. Healthcare is the largest sector of in the world and people spend huge amount to get the benefits of medical procedures to stay healthy and fit. Medical tourism market holds the total revenue of approximately 2.9 Trillion.
It has become a major contributor in the GDP of destination countries, which offer quality medical procedures to people across the globe. It has one of the largest service sectors in countries like India, Singapore, Thailand, Malaysia, and South Korea. Medical tourism sector holds estimated revenue of around $30 billion and it constitutes more than 5% of GDP.
Effects of increasing healthcare costs on medical tourism market
The Global Medical tourism Market has witnessed huge increase in the number of medical tourists travelling overseas to avail the benefits of medical tourism. Increasing healthcare costs in the United States have compelled patients to search for quality and affordable medical care. Major affects of increasing healthcare costs in developed nations are:
- About 19 million US people cross their international borders to avail quality, immediate, and affordable medical treatments. No matters whether the patients are uninsured or underinsured, it is not possible for them to bear huge medical costs for them.
- The growing number of aging population requires immediate medical attention and medical tourism provides them an opportunity to get the benefits of overseas medical travel.
- Health insurance companies in the USA do not provide coverage for high-cost medical treatments and this compels patients to opt for medical tourism.
- Increasing number of medical tourists is leading to the growth of medical tourism market as many countries are trying to promote medical tourism to meet the needs and requirements of medical tourists.
Medical tourism is a growing industry and increasing healthcare costs in developed nation is making the sector popular. People who cannot bear the huge medical care costs opt for medical tourism.