Medical Tourism Market’s Baton to be held by the Asia-Pacific
Cost-effectiveness is the major factor driving the medical tourism market in the developing countries. Plus, the present scenario is such that transferring information related to healthcare services through electronic media is rampant. With greater access to information come various options to choose the healthcare services from. Persistence Market Research has walked through these indigenous facets of medical tourism market with its latest findings entitled “Medical Tourism Market”.
How is the Medical Tourism Market Distributed?
The global medical tourism market, by treatment, spans cardiovascular, dental, cosmetic, orthopaedic, neurological, fertility, cancer, and likewise. Age group-wise, it’s adolescents, children, geriatric population, and adults. By application, it’s therapeutic services and wellness services. By travellers, it’s group travellers and independent travellers. Geriatric population holds the largest market share as captured by Persistence Market Research along with the probable calls to action in its latest finding entitled “Medical Tourism Market”.
Region-wise Snapshot
The regions emerging as profit-making medical tourism destinations include Malaysia, Costa Rica, Turkey, Czech Republic, Taiwan, Colombia, Brazil, India, Thailand, Spain, and South Korea. Thailand holds the distinction of having over 450 hospitals under its belt. Plus, the government is looking upon Cambodia, Myanmar, Vietnam, Laos, and China to take the advantage of growing demand for various professional healthcare services herein. More than 53 private Thai hospitals are subject to JCI accreditation. Coming to India, the ASSOCHAM (Associated Chambers of Commerce and Industry) has stated that medical tourism industry herein is expected to grow at the rate of 30% on a yearly basis. Malaysia is another strong contender for medical tourism. Its MHTC (Malaysian Healthcare Tourism Council) has entered into partnership with Air Asia Indonesia for promoting Penang as its top destination regarding medical tourism.
The happenings mentioned above speak volumes of the Asia-Pacific and LATAM being the epicentres of medical tourism market in the years to come. North America and Europe are already onto the stability plank, as far as medical tourism is concerned. Persistence market Research has highlighted these facts backed by insights in its latest market study entitled “Medical Tourism Market”.
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Competitive Analysis
Persistence Market Research has profiled the key participants in medical tourism market as Penang Adventist Hospital, Twin Towers Medical Center, Institute Jantung Negara National Heart Institute, Max Superspeciality Hospital, Fortis Healthcare, Apollo Hospital, Morula IVF, Mother & Child Hospital, Bundamedik Healthcare System Bali Mandara Hospital Bali Royal Hospital, BIMC Siloam Nusa, Love the Mother of Kedonganan Hospital, Love Tabanan Hospital, Singapore General Hospital, Changi General Hospital, Johns Hopkins Singapore International Medical Centre, and Tan Tock Seng Hospital.
Persistence Market Research has also stated that Philips, along with SGH (Singapore General Hospital), decided on establishing Digital and Computational Pathology Centre of Excellence. This decision was arrived upon in October 2020. The next development mentioned is that of Bangkok DusitMedical Services collaborating with Siloam Hospital Group in October 2019 for improving the entire quality of the healthcare services offered by fostering discussions and making of case studies. Another mention implies Amazon Alexa Skill – the Ask Apollo Skill launched by Apollo Hospitals for helping users in identifying Apollo hospitals, pharmacies, and clinics in the vicinity and call for appointment (s) with the doctors. Hong Kong also witnessed launching of a spine centre by Gleneagles Hospitals for offering systematic and comprehensive assessment for the issues related to spine.
Medical Tourism is poised to be the lowest hanging fruit in the healthcare vertical between 2021 and 2031 – Persistence Market Research
