The Business Research Company’s Medical
Tourism Market covers market characteristics, size and growth,
segmentation, regional and country breakdowns, competitive landscape, market
shares, trends and strategies for this market.
The medical tourism market
includes revenues generated by healthcare service providers by diagnosing and
treating the patients who travel across international borders to obtain medical
treatment. Patients usually travel from from countries lacking healthcare
infrastructure or having high healthcare costs to major medical centers in developing
countries.
Major players in the market are Apollo Hospital Enterprise Limited, Prince
Court Medical Center, Bumrungrad International Hospital, KPJ Healthcare Berhad,
Fortis Health Ltd.
High healthcare cost in developed
countries is driving growth in the medical tourism market as developing
countries are able to provide cheaper treatment. Patients usually travel to
developing countries with quality healthcare infrastructure and low healthcare
costs. According to a study conducted by the Centers for Disease Control and
Prevention in 2017, approximately 0.75 -1.6 million people from the USA travel
out of the country for medical care to avoid high treatment cost. For instance,
a hip replacement surgery in the USA costs approximately $39,299 while the same
surgery in India, Costa Rica or other developing countries would cost between
$7000 and $15,000 including logistics.
Incidences of misdiagnosis and
lack of after-treatment follow ups is acting as a restraint on the medical
tourism market. Misdiagnosis occurs when a doctor fails to correctly diagnose a
patients ailment or injury, resulting in harm or even death of the patient.
Also, lack of follow-ups after the patients return to their home country is
resulting in ineffective treatment. According to a study by Johns Hopkins
University in 2016, medical error led to more than 250,000 deaths every year in
the USA. A major factor contributing to these medical errors was misdiagnosis
done by the doctors which led to serious issues in patients.
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Patients travelling across
countries for medical treatment are increasingly using electronic health
records to store information related to health in digital format. Electronic
health record is the systematic collection of patient health and medical
examination reports stored electronically. These health records can be accessed
instantly and securely by authorized users. Electronic health records eliminate
the need to carry heavy medical records for patients travelling long distances
for treatment. Some of the major electronic health records softwares include
eClinicalWorks, Allscripts, Cerner.
View complete Report: https://www.thebusinessresearchcompany.com/report/medical-tourism-global-market-report
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