Availability of high quality and low cost medical services in developing nations such as India, China and Brazil is the highest impact rendering driver for the growth of medical tourism market. Increasing geriatric population coupled with large uninsured population base is additionally attributing for growth of the market. The cost of medical procedure in developed nations such as U.S. and UK. is very high compared to developing nations. For example, the cost of face lift surgical procedure in U.S. is nearly USD 12,000 to USD 15,000 however; in Brazil same procedure costs only USD 6,000. Furthermore, it has been estimated that the total saving for a plastic surgery in India can range up to 90% as compared to that of U.S. Countries are developing their healthcare infrastructure in order to increase medical tourism activities which will contribute significantly toward there GDP. Above mentioned factors are expected to offer lucrative growth opportunities to medical tourism industry over the forecast period.
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On the basis of medical procedure the market is segmented as cosmetic procedure, cardiovascular procedure, gastrointestinal procedure, orthopedic procedure and neurological procedure. Cosmetic procedures emerged as the most revenue generating procedure in global medical tourism market in 2013. Availability of low cost cosmetic procedures in developing nations such as India, Brazil and Thailand coupled with low risks and side effects associated these procedures are expected to drive market growth. However, Orthopedic and cardiovascular procedures are expected to grow at a lucrative CAGR over the estimated period of six years.
Key destinations analyzed in the scope of study include India, Singapore, Taiwan, Brazil, Thailand, Malaysia, Turkey, South Korea, Mexico and others. India emerged as the most profitable medical tourism destination. Availability of highly educated and skilled medical practitioner and research professional coupled with constantly developing healthcare infrastructure in the region is the key factor attributing for its large share. Taiwan was the second largest medical tourism destination in 2013.
Key players operating in medical tourism market include Apollo hospitals enterprise limited, Asian heart institute, Bumrungrad international hospital, Bangkok hospital medical center, Fortis healthcare, Min-Sheng general hospital, KPJ healthcare Berhad, Samitivej Sukhumvit hospital and Raffles Medical group.
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