The global healthcare landscape is quickly changing, driven by new technology, shifting economic and demographic patterns, and a new era of healthcare consumerism. In addition, an ageing population and an increasing illness load are driving up the demand for and price of medical services. The global medical tourism market is growing as a result of the healthcare industry's transformation, which is fostering cross-country and cross-industry convergence. As the global trend toward healthcare continues, an increasing number of nations are expanding their health systems to offer care not only for their own citizens but also for patients from across the world.
The governments of these developing nations are trying to prioritize their health systems, improve productivity, foster entrepreneurship and innovation, create jobs, and raise foreign currency revenues, which will ultimately lead to GDP growth.
The business dynamics for the hospitality & tourism management sector have become even more complex as a result of the 2019 Coronavirus pandemic outbreak. The entire ecology of the medical tourism sector has become more fragile as a result of uncertainty around travel restrictions, shifting quarantine policies throughout the globe, and the general unprecedented nature of the crisis. Healthcare practitioners must face a combined burden of economic and health problems due to cross-border travel limitations and the requirement to refocus hospital resources on treating COVID-19 patients.
Following are some of the trends driving the growth of the medical tourism industry –
- The Growth of Private Health Cities
Investment from outside has increased tremendously. The emergence of private health cities was made possible by this. Multispecialty hospitals are attracting patients from many nations. These medical facilities provide both care and hospitality.
- Asian Expansion
Because Asian nations offer top-notch hospitality and treatment, more medical tourists are anticipated to travel there. Additionally, they constantly update to the newest technologies. Also, keep in mind that healthcare in Asia is far less expensive than it is elsewhere.
- Cultivation of Skilled Medical Tourism Professionals
A significant increase of competent healthcare workers is required due to the industry's expansion. Doctors, surgeons, interpreters, physiotherapists, and other facilitators fall under this category. As these experts acquire specialty treatments that are desired by medical tourists, it is anticipated that medical schools and training facilities would expand to meet the need. These include, among others, breast augmentation, rhinoplasty, and angioplasty.
- Establishment of New Destinations
There will be new competitors in the future for a number of nations that are now well-known for hosting medical tourists. Due in part to the stunning scenery that visitors from the UAE, Greece, and Taiwan look forward to while there, these countries have experienced promising growth in recent years.
The future of the healthcare business has undoubtedly been altered by medical tourism. It has greatly increased and is constantly changing on a global scale. The preceding benchmarks are likely to be exceeded in the upcoming years as more people want greater development, higher-calibre services, and cheaper prices.
Leading market research companies which provide reports on the hospitality and tourism management sector are Strategy Here, BIS research, Mordor Intelligence and CSP.
