New York, Feb. 17, 2022 (GLOBE NEWSWIRE) — Reportlinker.com announces the release of the report “Medical Tourism Global Market Report 2022” – https://www.reportlinker.com/p06229186/?utm_source=GNW
Min Sheng General Hospital and Asian Heart Institute.
The global medical tourism market is expected to grow from $32.02 billion in 2021 to $35.77 billion in 2022 at a compound annual growth rate (CAGR) of 11.7%. The growth is mainly due to the companies resuming their operations and adapting to the new normal while recovering from the COVID-19 impact, which had earlier led to restrictive containment measures involving social distancing, remote working, and the closure of commercial activities that resulted in operational challenges. The market is expected to reach $54.43 billion in 2026 at a CAGR of 11.1%.
The medical tourism market includes revenues generated by healthcare service providers by diagnosing and treating the patients who travel across international borders to obtain medical treatment. Patients usually travel from countries lacking healthcare infrastructure or having high healthcare costs to major medical centers in developing countries.
The main types of medical tourism are domestic and international.Domestic health or medical tourism is when a person travels from his or her regular place of residence to another inside the state in order to receive better medical treatment or because the therapy available in his or her usual place of residence is too expensive.
The different treatment types include cosmetic treatment, dental treatment, cardiovascular treatment, orthopedics treatment, bariatric treatment, fertility treatment, ophthalmic treatment, others and involves various service providers such as public, private. The several healthcare services include medical treatment, wellness, alternative treatment.
High healthcare cost in developed countries is driving growth in the medical tourism market as developing countries are able to provide cheaper treatment.Patients usually travel to developing countries with quality healthcare infrastructure and low healthcare costs.
According to a study conducted by the Centers for Disease Control and Prevention, approximately 0.75 -1.6 million people from the USA travel out of the country for medical care to avoid high treatment cost. For instance, a hip replacement surgery in the USA costs approximately $39,299 while the same surgery in India, Costa Rica or other developing countries would cost between $7000 and $15,000 including logistics.
The coronavirus disease (COVID-19) outbreak is to act as a major restraint for the growth of the medical tourism industry during 2020 and 2021.According to the World Health Organization’s report, 213 countries are affected by the COVID-19 outbreak including countries with a high number of medical tourists such as the USA, China, Japan, and South Korea.
The government of various countries has banned travelers from affected countries, barred flights to certain countries, and changed the visa requirements.The American Centers for Disease Control and Prevention (CDC) predicted that the situation could last into 2021 and is likely to impact the medical tourism industry significantly.
Therefore, the coronavirus outbreak and travel bans are expected to restrict the growth of the medical tourism industry in the near future.
Patients traveling across countries for medical treatment are increasingly using electronic health records to store information related to health in digital format.Electronic health record is the systematic collection of patient health and medical examination reports stored electronically.
These health records can be accessed instantly and securely by authorized users.Electronic health records eliminate the need to carry heavy medical records for patients traveling long distances for treatment.
Some of the major electronic health records software include eClinicalWorks, Allscripts, Cerner.
In September 2020, IHH Healthcare, a Malaysian–Singaporean private healthcare group focused on upmarket health services acquired Prince Court Medical Center for $0.25 billion. Through this acquisition Prince Court Medical Center will complement IHH’s cluster strategy of having specialized tertiary hospitals in Kuala Lumpur. Prince Court Medical Center is a private healthcare facility located in the heart of Kuala Lumpur, Malaysia.
The regions covered in this report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East and Africa.
The countries covered in the medical tourism market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK and USA.
Read the full report: https://www.reportlinker.com/p06229186/?utm_source=GNW
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