Transparency Market Research (TMR) conducted a market study on the global medical tourism market and the findings revealed that the market is due to rise at an exceptional growth of 17.90% over the period from 2013 to 2019 and reach a value $ 32.5 billion by 2019.
The research report, titled ‘Medical Tourism Market– Global Industry Analysis, Size, Share, Growth, Trends and Forecast, 2013 – 2019’, stated that in 2012 the worldwide Medical Tourism market attained a value of $ 10.5 billion.
According to these findings, the falling cost of medical procedures and increasing range of medical treatments available in the Philippines, India, Singapore, Thailand, Mexico, Malaysia, Brazil, Turkey, Taiwan, South Korea, Poland, Costa Rica, and Dubai are the driving factors for people to travel to these countries for their treatment and in turn, propels the global Medical Tourism market significantly.
Thailand has emerged as the most popular destination for cosmetic surgeries among the medical tourists from Western Europe. In 2012, the country had welcomed around 2.5 million foreign patients, accounting for approximately 45% of the overall number of foreign medical tourists arrived in Asia.
The report further states that India and Singapore are the most preferred destinations in case of complex medical procedures. India has attracted a large number of patients due to its increasing popularity in the field of cardiac treatments. Costa Rica, Dubai, Poland, and the Philippines have been identified as the prospective countries for medical tourism in this market study.
In addition, technical advancements in the field of healthcare are likely to boost this market greatly during the forecast period, states the market report.