It is a noted fact that the millions of Americans travel abroad for Medical Tourism every year.
According to current estimations, number of Americans aged 65 years or above is expected to double by 2050. Therefore, rise in geriatric population would propel the demand for advanced and affordable care. Additionally, economic crisis in the developed countries has led to the reduction in healthcare expenditure. Therefore, rising healthcare expenditure is propelling insurers, health insurance agents and employers to seek medical services abroad. Further, long waiting time in countries such as Canada, U.K. and France remains one of the major factors that compel the patients to move to other destinations. Similarly, favorable exchange rates and rise in demand of the cosmetic surgeries is accelerating the growth of this market.
Geographic proximity and cultural similarities are also driving growth of this industry. Brazil and Mexico primarily witness patients from the U.S due to geographic proximity. Moreover, cost-effective treatments coupled with rise in baby boomer population are further propelling growth of this market. In addition, growth in Turkey is seen due to increase in demand for cosmetic surgeries.
However, medical tourism industry is still maturing and requires a lot of coordination among the government, insurers and healthcare providers. Currently, medical tourism industry is mainly captured by the private sector. Further, greater involvement of government agencies could improve the competitive advantage of one country over other countries. Major healthcare providers in this industry include Apollo Enterprise Ltd, Bumrungrad Hospital, Bangkok Medical Center, Raffles Medical Group, Prince Court Medical Center and others.