From the past couple of years, Healthcare Tourism has been assumed as a kind of import where the consumers (Globetrotters) are going to the product (Medical Service). To flourish the same, Apac Countries have followed a trajectory taken by a couple of healthcare players and savvy governments. As a result, few countries in Asia have received immense recognition as some of the best medical Tourism destinations in the world by volume of care and invited a massive influx of tourists from Iran, Iraq, Bangladesh, South Africa, etc.
How big is Medical Tourism?
The growth of Medical Tourism in countries like India, Taiwan, and Malaysia has been mirrored in Asia Pacific Regions. Now the APAC region is expected to stay at the forefront in the market considering the umpteen factors that will fuel the growth of the market. The market has already acquired the 43.7% share in the Global Medical Tourism in the presence of world-class medical machinery and investments in technological advancements. India is a key contributor in delivering some of the high-end treatments like Total Knee Replacement Surgery, Total Hip Replacement Surgery, etc. Other Countries like Thailand has gained immense popularity by offering a full slate of services inclusive of allergy, eye, dental and other preventive medicine clinics. These reasons make APAC countries to expand by leaps and bounds and enable easy access to professional medical services and equipment.
3 major reasons that brought a tremendous jump in Medical Tourism
1. Growing Investment opportunities in India and Malaysia
An upsurge in demand for services and improved quality of care has attracted significant global investments to the Asian Pacific region The Pharmaceuticals and biotech sectors are expected to grow exponentially by the end of 2020 led by high-end devices manufacturing, cell therapy, drug discovery, and development outsourcing.
“ Digital Transformation of care-delivery models towards a personalized and outcome-based treatment paradigm will be a major driver of investment,” said Shalini Andria, Consultant at Transformational Health.
Companies dealing with Medical Devices is eyeing growth from emerging areas of Healthcare Tourism, is expected to grow steadily. Currently, Indian Medical devices Market is estimated at $4.8 billion, is on the path of delivering healthy growth. This surge can also be seen with the recent reports by the Association of Malaysian Medical Industries (AMMI), recorded an outstanding Value-added ratio of 52% in the Malaysian Medical Device Industry. Thus being the fastest growing industries, Medical Tourism has created specialized, and high-tech medical equipment.
2. Pharmaceutical Policy Reforms to Regulate Drug Prices
Asia has always been acknowledged for the dynamic nature of the market and its rapid growth. A few years ago, there was a stagnant enthusiasm in Asia for the biopharmaceutical sector. Partially, it was due to Japan’s Spending Control, and deceleration in India & other countries in SouthEast Asia. Lately, some episodes in the South and South East Asian Countries have reignited growth and interest. For instance, price reform in Japan affecting both on-patent and off-patent products, moreover CFDA reforms have brought some major modifications to reassess the strategy and go-to-market model. These Pharmaceutical pricing reforms have reinforced the need for uninterrupted monitoring by policymakers. These have ensured affordability and access to medicines like never before.
3. Inflated Cost of healthcare in Developed Countries encourage Medical Tourism
In a nutshell, lengthy waiting times and exorbitant high treatment costs in developed countries are the two factors that have encouraged the medical Tourism market of emerging economies. Some of the key factors like International accreditation along with medical excellence fuelled the maximum international patient flow which is responsible for enhancing medical tourism. Developing Countries with their ever-evolving innovation and demonstrable achievements have successfully projected to accelerate the impending medical tourist flow with the availability of benefits such as better hospitability, personalized care, latest technologies, and the innovative machine that have propelled the growth of medical Tourism in Asia-Pacific Regions.