Medical
tourism is not only one of the fastest-growing segments of the travel industry,
it is especially resilient during economic downturns, according to a new study
on tourism niches.
While global economic conditions have a
profound impact on such areas as cruise, business and incentive travel, medical
tourism is among sectors that “continue to grow at a steady rate despite the
financial crisis,” stated Specialty Tourism: A Global Outlook, a report issued
by Global Industry Analysts, a market research firm.
Part
of a larger trend
The report identifies specialty travel in
general as having a major impact on overall tourism growth. It hails the
“targeted approach” as sparking the creation of new tour products and consumer
interest.
“Specialty tourism has also responded well to
growing consumer interest in educational, health and active tours,” noted the
report, which also cited adventure travel as a growing niche that is relatively
resistant to economic trends.
Enormous
potential for medical tourism
The report forecasts that by 2015 the medical
tourism industry will generate revenues of nearly $168 billion.
An aging global population, rising life
expectancy rates, and growing awareness about healthcare, diseases, and
available therapies are contributing to demand for quality healthcare services,
according to the report.
Together with growing demand for quality
healthcare services at affordable costs, these forces are expected to drive the
growth of medical tourism.
Huge
savings for consumers
The report also cited the high cost of
treatments in some regions as a major factor in driving patients to seek care
in foreign countries.
Several surgical procedures performed in
countries such as Thailand, India, or South Africa involve about one-tenth of
the cost for such procedures in North America or Western Europe, it noted.
“For instance, a knee replacement surgery in
Thailand is at least four times lesser than the cost incurred in the U.S.
Likewise, dental, cosmetic and eye surgeries in Western countries cost three
times as much as in Asian countries,” the report stated.
Lack of sufficient insurance coverage and the
availability of high-quality and advanced services in destination countries
were also cited as driving patients to overseas markets.
Most
favored nations
When it comes to medical tourism destinations,
the report singled out Asia and South America as regions with the most
potential, “due to their low-cost healthcare facilities and availability of
world-class healthcare service providers.”
“Several developing countries have emerged as
favored destinations for patients seeking low cost medical services,” the
report stated. “These countries are benefiting from the rapid expansion of
medical infrastructure and facilities, better room care, less waiting time,
higher success rates, and above all affordable costs.”
Among important medical tourism markets cited
in the report are: Panama, Brazil, Costa Rica, Thailand, India, Malaysia and
Singapore.
Emerging
destinations
South Africa, Argentina, Cuba, Jamaica,
Hungary, Latvia, Estonia, Dubai and Jordan are as emerging as destinations for
medical tourism, the report said.
Certain destinations are favored by consumers
for certain procedures or types of procedures. For instance, Costa Rica and
Argentina are emerging as preferred destinations for American patients seeking
high-quality plastic surgery. Europeans prefer South Africa for plastic
surgery.
Hungary is favored for dental procedures and
cosmetic surgeries among West Europeans and Americans.
Eastern Europe countries, particularly Poland,
Hungary, and Czech Republic are emerging as major private medical care tourism destinations
for westerners.
Challenges
for medical tourism
The report also noted several challenges
facing the medical tourism industry. Among them is the fact that a number of
developing countries aiming to be recognized as high-quality healthcare destinations
are often branded as low-cost destinations.
“Most of the developing countries are
competing to grab a share of the pie rather than cooperating with each other
for designing, developing and facilitating the global medical tourism
industry,” the report said.
Risk mitigation was also identified as a
challenge, as patients may have no course of retribution in cases of a botched
medical procedure.
“In addition, security concerns of medical
tourists in case of natural or political disasters need to be addressed in
order to drive growth of the global medical tourism market,” the report stated.
Maria Lenhart
TravelMarket Report
Business & Investment Opportunities
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