The growth of healthcare expenditure around the world has led health services and hospitals to flourish. Treatments such as Cardiovascular, dental, neurological, cancer, fertility, orthopedic, and more are the types of the global medical tourism market which is predicted by analysts to grow by 2022.
The global medical tourism market Compound Annual Growth Rate (CAGR) sees a rise of 18.8 percent and market revenue of $57.2 billion by 2022. Factors that would affect the rapid growth of the industry would be the presence of advanced medical technologies, affordable quality medical care, and better pricing for cosmetic surgeries.
Although there will be drawbacks that would hinder market growth, namely medical practices, lengthy partial reimbursement by payers, and limited coverage. The regions that have the highest CAGR in the world are in the Asia-Pacific. The cost of undergoing medical treatment is prohibitive in developed countries.
Costs of treatment in Asia-Pacific, Middle East, and South America are affordable and high-quality. But high-quality medical care at low prices is not the only factor that drives the industry to reproduce. The use of English as the primary working language to communicate effectively also contributes the growth of the global medical tourism market.
Healthcare is expensive in developed countries due to high administrative costs, which are expenses that organizations obtained via a certain function indirectly. Need Laws also cause unaffordable healthcare because patients are required certificates of need by healthcare providers.
A certificate of need, which is mostly used in the US, is permission from the government to establish or expand a facility. Doctors requiring unnecessary tests from patients to avoid lawsuits is also a reason why healthcare is expensive.
The rapid growth of global medical tourism market will help economies around the world to flourish. It will generate higher revenues, employment, improved flight and communication services, better technology, enhanced facilities, and globalization.
Since medical tourism will increase the incomes of countries and let nations exchange ideas on how to manage healthcare systems, it will help lower the high cost of healthcare and make nations adopt the methods of countries with excellent healthcare, allowing everyone to access quality healthcare and get the right medical attention that they need.