Globalization has made the countries around the world to come closer. So do, the people of different countries come closer. People all over the world choose to cross the borders to take the benefit of the affordable treatment available outside their own countries. Hence the medical tourism industry is rapidly emerging as a successful industry all around the globe. Today's case is not like the one when people used to move to the developed countries to treat their illnesses because the sophisticated and modern technology to treat the same was not available in their countries. On the contrary, people even from the developed countries migrate to the developing countries where medical services are available at comparatively at a cheaper rate.
Medical tourism has grown and developed rapidly during the last 15 years. But still the said industry is defined as a young industry, which many governments and companies want to tap into. The factors like lower cost of labor, lower costs associated with malpractice litigation and insurance, less stringent regulatory environments, limited involvement of third party payers help to lessen the cost of treatment in medical tourist destinations.
People undertake medical tourism for a variety of treatments. For example, hip and knee replacements, spinal surgery, ophthalmologic, kidney transplants, in vitro fertilization, cancer therapies, orthopedic procedures, cosmetic surgery, cardiac surgery, etc. Currently, the medical tourism industry is generating high revenue in countries like India, Singapore, Thailand, and Malaysia. The evolution of Medical Tourism actually boosts the economy apart from benefitting the people who prefer to tour for health related reasons. These places are able to raise their revenues indirectly by taking advantage of the cheap health procedures. Tourists spend their money to experience and tour the countries. To tempt medical tourists, many countries offer incentives. Not only is there an increase in revenue, but there are more jobs being created in the tourism industry, such as hotel services and escorts for attractions.
Search of overseas healthcare involves careful research for the consumer. Medical tourism agencies are being created to help act as middlemen between patients and the physicians. Helpful information for guiding consumers in choosing travel facilitators or making their own arrangements for overseas care is provided on their websites by the Industry organizations such as the Medical Tourism Association.
The total turnover of the said industry is expected to total $100 billion in 2012, compared with $79 billion in 2010. The global medical tourism market is growing at a rate of 25-35%. Global Market Research One of the biggest factors in the growth of the medical tourism market is the trusted international accreditation. In 1999, countering to a global demand for accreditation standards, the US-based Joint Commission launched its international affiliate agency, the Joint Commission International (JCI). Hence an international hospital must meet the same set of rigorous standards set forth in the US by the Joint Commission in order to be accredited by the JCI. Currently, more than 400 facilities around the world have been awarded JCI accreditation and that number is growing by about 20% per annum. india tourism market
Recently the countries like China, Puerto Rico, United Arab Emirates and United States have also started getting attention for medical tourism. This industry is growing at a rapid speed around the world. With the growth of the said industry, there is also a positive growth in many industries like hotels, hospitality and tourism and insurance.