The survey attributed the potential growth to rising
healthcare costs in developed countries, like the US and improved standards of
healthcare technology and services in nations like India and China.
The surging costs of healthcare and medical
insurance in the US will give a rise to global medical tourism which will
register a compound annual growth rate (CAGR) of 17.9 per cent from 2013 to
2019, said the survey titled "Medical Tourism Market (India, Thailand,
Singapore, Malaysia, Mexico, Brazil, Taiwan, Turkey, South Korea, Costa Rica,
Poland, the Philippines and Dubai).
Factors like ageing population, adoption of newer
technologies to treat various products and better exchange rates in the economy
as a whole push the case for its rise.
The possibility of economic crisis in developed
nations which has led to decrease in disposable incomes has also added to its
growth. Better pricing for cosmetic surgeries and shorter waiting period for
treatment is also likely to accelerate the growth in the sector.
Besides escalating healthcare costs, many medical
and surgical procedures are no longer covered by insurance. This has made it
imperative for Americans to seek alternative, affordable options for their
healthcare treatments. One such option is medical tourism or travelling to
foreign countries that offer exceptionally good medical services at affordable
rates.
Today more Americans fly out to places like India,
China, Malaysia, Thailand and Singapore among others to get themselves treated
in the high-tech hospitals at a fraction of costs demanded by hospitals in US,
the research said.
Hospitals and healthcare facilities in various south
East Asian countries, especially India and China, often match or even surpass
the quality of healthcare available in US-based hospitals, it added.
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