Lack of health insurance is the primary motivator of medical tourism worldwide. People may now locate specialized treatments at reasonable prices thanks to the growth of the internet and online advertising in remote locations. Around 56 million Americans under the age of 65 struggle to pay for their medical bills, according to research conducted in 2013 by Nerd Wallet Health, which looked at data from the Centers for Disease Control and Prevention (CDC), the United States Census Bureau, and the Federal Court System. Medical tourism generated considerable revenue in 2015, ranging from $60,000 to $70,000, and it is anticipated to more than triple in the coming years, according to the Health-Tourism fact sheet and statistics. These factors suggest that the global medical tourism market would grow quickly throughout the forecast period. The global medical tourism industry is projected to grow as a result of increased government backing. The majority of nations have made an attempt to provide tourists with medical tourism treatments.
Between 2019 and 2027, the worldwide Medical Tourism Market is anticipated to expand at a CAGR of 12.4%.
Prominent Companies in the Medical Tourism Industry:
1. Apollo Hospitals Enterprise Ltd.
Apollo Hospitals Enterprise Ltd. is an Indian multinational healthcare group, was founded in 1983 and headquartered in Tamil Nadu, India. It operates in India, Bangladesh, Mauritius and the UK. In February 2023, Apollo Hospitals Group, the largest healthcare organization in Afro-Asia, and RAK Hospital, the top hospital in the UAE, sign a clinical collaboration deal. The partnership's goal is to collaboratively enhance the field of health by leveraging cutting-edge medical technology. It will involve training, telemedicine services, academics, and laboratory referral services.
2. Prince Court Medical Centre
Prince Court Medical Centre owns and operates a healthcare facility in Malaysia. It was founded in 2007 and headquartered in Malaysia. It operates in Asia. With its dedication to world-class medical services and superior service delivery that accommodates patients from all over the world, Prince Court Medical Centre, a renowned private hospital in Malaysia, will continue to raise the bar for quality, patient-centered care in May 2023. This involves providing each patient with a guarantee of a single room, individualized treatment, and luxuries like concierge services, teams of doctors and customer service representatives, an international business lounge, fine-dining menus, and multilingual interpreters.
3. Gleneagles Hospitals
Gleneagles Hospitals is a private hospital providing medical and surgical services. It was founded in 1957 and headquartered in Singapore. It operates in Malaysia, Singapore, India, China, Hong Kong and Brunei. Frost & Sullivan recognized Gleneagles Hospital Kuala Lumpur in May 2023 for its efforts to enhance patient satisfaction and customer value.
4. Min-Sheng General Hospital
Min-Sheng General Hospital is a tertiary hospital, founded in 1975 and headquartered in Taoyuan City, Taiwan. It operates in across Asia.
5. Raffles Medical Group
Raffles Medical Group is a private healthcare provider in Asia, founded in 1976 and headquartered in Singapore. It operates in medical facilities in thirteen cities in Singapore, China, Japan, Vietnam and Cambodia. In August 2022, Raffles Medical Group announced a profit of roughly $59.7 million for the half year ending June 30, a 51.3 percent increase over the previous year's profit of $39.4 million. According to a regulatory filing, this was largely due to increased revenue from Covid-19-related services, as well as a rebound in medical tourism once Singapore reopened its borders.
6. Bangkok Hospital
Bangkok Hospital is one of the largest privately owned hospitals in Southeast Asia. It was founded in 1972 and headquartered in Bangkok, Thailand. It operates in over 160 countries. In September 2021, HOMA Phuket Town will collaborate with Bangkok Hospital to promote medical tourism. Through the Phuket Sandbox initiative, leading co-living project HOMA Phuket Town has created a vital new relationship with Bangkok Hospital Phuket to drive medical tourism and bring more foreign medical tourists to Phuket.
7. Fortis Healthcare Ltd
Fortis Healthcare Ltd was founded in 1996 and headquartered in Haryana, India. It operates in India, Dubai and Sri Lanka and has its presence in 40 different countries. Advantage Health Care India celebrated India's top hospital chain, Fortis Healthcare, in May 2023 for its role to positioning India as the preferred medical tourism destination. Fortis won awards in seven of the twelve categories.
8. Anadolu Medical Centre
Anadolu Medical Centre was founded in 2005 and headquartered in Kocaeli, Turkey. It operates in over 30 countries.
9. Wooridul Spine Hospital.
Wooridul Spine Hospital was founded in 1982 and headquartered in Seoul. It operates in 47 countries.
Definition: Medical tourism creates direct exchange income and helps any economy grow in general. It also provides inhabitants with employment and business options. Furthermore, it promotes the growth of related industries such as medicines, medical devices, and tourism. Government support to protect the host country's overall reputation and political stability could be a crucial factor fueling the medical tourism business.
