Albany, NY, May 27, 2015 (GLOBE NEWSWIRE) -- According to a 2009 MTA patient survey report, nearly 80% of the demand for medical tourism is driven by cost savings. A comprehensive overview of the global medical tourism market, with a focus on the Asian and American market is presented in a report by Transparency Market Research. This report is titled "Medical Tourism Market - Global Industry Analysis, Size, Share, Growth, Trends and Forecast 2013 - 2019".According to this report, the global medical tourism market was estimated to be US$10.5 billion in 2012 and it will reach a market value of US$32.5 billion by the end of 2019. The global medical tourism market will demonstrate a CAGR of 17.9% during the forecast period of 2013 to 2019.
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In the United States, around 50 million people are uninsured and around 139 million Americans don't have dental insurance. Moreover, around 1.6 million people from the U.S. travelled to other destinations in 2012 for medical services. The treatment cost in developing nations is approximately 20%-30% less compared to healthcare costs in the U.S. Hence, a patient can save around 30%-85% on medical services opted in developing countries and couple it with sophisticated travel expenditure as well.
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Low cost treatment combined with high quality of infrastructure offered by countries in Asia will make this region a prominent medical tourism market during the forecast period. According to market estimates, in 2012 Asia attracted around 2 billion foreign patients for medical services, which resulted in a revenue of over US$6.4 billion. The growth of the Asian medical tourism market is attributed to the presence of well-established medical tourism destinations such as India, Thailand, Malaysia, Singapore, South Korea, and Taiwan. Thailand continues to be the most popular destination among medical tourists from Western Europe for cosmetic treatments. Thailand witnessed an influx of 2.5 million foreign patients in 2012, which generated around 45% market share of the Asian medical tourism market.
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In the Asian medical tourism market, India and Singapore offer complex procedures. India attracts a large number of medical tourists due to its specialization in the field of cardiac surgeries. The Malaysian medical tourism market will demonstrate a healthy growth during the forecast period, due to modern healthcare infrastructure and the increasing number of highly skilled professionals. During 2012, this country treated around 671,000 patients and is anticipated to treat around 2 million patients by the end of the forecast period.
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The global medical tourism industry is still in a nascent stage and needs a lot of coordination among insurers, government, and healthcare providers. Currently, this market is dominated by the private sector. Some of the top healthcare providers in the medical tourism market are Bumrungrad Hospital, Raffles Medical Group, Bangkok Medical Center, Apollo Enterprise Ltd., and Prince Court Medical Center.
Browse Article of Medical Tourism Market: http://www.transparencymarketresearch.com/article/medical-tourism.htm
Transparency Market Research (TMR) is a U.S. based provider of syndicated research, customized research, and consulting services. TMR's global and regional market intelligence coverage includes industries such as pharmaceutical, chemicals and materials, technology and media, food and beverages, and consumer goods, among others. Each TMR research report provides clients with a 360-degree view of the market with statistical forecasts, competitive landscape, detailed segmentation, key trends, and strategic recommendations.
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Source:Transparency Market Research