Advancements in the healthcare industry have been phenomenal over the years. The culmination of technology with the medical procedures across different verticals has resulted into the advent of the novel treatments and mechanisms. However, there are special regions or areas having such facilities on a large scale. They are specialized for certain procedures or treatments. Thus, the rising popularity of such areas across various regions is boosting medical tourism to a considerable extent. Thus, all these factors may prove to be crucial points for adding value to the growth trajectory of the medical tourism market in the upcoming period.
Medical tourism can be described as the type of travel related to the intention of receiving medical treatment. This type of treatment may include full range of medical services. It frequently includes cosmetic surgery, dental care, fertility treatment, and elective surgery. Traditionally, medical tourism meant travelling of people from less-developed nations to developed nations for advanced treatment. However, as the years passed by, the concept of medical tourism has changed qualitatively and quantitatively. People from developed nations also visit developing nations for treatment purposes. Thus, this seismic shift may bring profitable growth avenues for the medical tourism market.
The research and development activities across the healthcare sector have led to great achievements in terms of treatment and diagnosis of numerous diseases and disorders. However, some areas across various regions gained extensive recognition for affordable and effective treatment options. Thus, such areas are hotspots for medical tourism and attract attention globally. These hotspots in various regions may bring exponential growth for the global medical tourism market.
Strategic collaborations play a crucial role in the growth of the medical tourism market. Acquisitions, mergers, joint ventures, and partnerships are important as they help in increasing the influence of the players across untapped regions. Thus, these factors eventually help in boosting the growth prospects of the medical tourism market.
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Emergence of ‘Medical Cities’ Concept to Assure Promising Growth for Medical Tourism Market
The concept of modern medical cities is gaining considerable traction among a variety of countries around the world. Medical cities are designed to be in tandem with the latest technologies and advanced medical practices. The objective of medical cities is to provide an advanced level of care in terms of approach and technology. It is essential to attend high patient volumes for supporting large operations. The government bodies of numerous countries are paying attention on building such cities for attracting great revenues from medical tourism. This factor will have a profound impact on the overall growth structure of the medical tourism market.
COVID-19 Impact on Medical Tourism Market
The COVID-19 pandemic has had a negative impact on the growth structure of the medical tourism market. The high transmission levels of the novel virus forced many countries to impose strict lockdown restrictions. Almost all countries sealed their boundaries and international travel was banned. Thus, these factors restricted people from availing medical tourism. However, with the mass vaccination drives and the falling hospitalization rates due to COVID has encouraged many countries to open their borders for international travel. Therefore, these factors may help in stabilizing the growth trajectory of the medical tourism market.
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Asia Pacific is fast-emerging as a favorite destination for medical tourism among the masses. The rising focus on healthcare infrastructure in tandem with the entry of large private players in the medical sector to design these cities may emerge as a turning point for the medical tourism market. Chennai, a city in Tamil Nadu, India, has managed to become a healthcare hub due to the infrastructure and quality of treatment. Thus, the government bodies of numerous countries should appoint committees and enhance their healthcare infrastructure, which will be useful for the medical tourism market.