Medical Tourism: Which Trends Should Your Business Adopt to Become Profitable?

Focal Points:

• Recent trends in the medical tourism industry
• Role of medical tourism in cancer treatment
• Recent developments benefiting the healthcare domain

In recent years, medical tourism has gained huge popularity in the healthcare sector because of numerous notable factors associated with traditional medical approach such as expensive medical care and longer waiting periods. Medical tourism offers a feasible option to millions of patients across the globe who are seeking good quality medical treatment at cost-effective ranges. This blog talks about the latest trends in medical tourism that can help in saving millions of lives and empowering several healthcare businesses worldwide.

What are the latest trends in medical tourism that can be highly beneficial for your business?

Over the past few years, many foreign countries have started investing more in the medical tourism sector. This is mainly because patients from many countries are looking for multi-specialty hospitals providing top-class services and good hospitality at affordable prices. This has led to the growth of many private health cities across the globe. Another trend in this sector is the cultivation of skilled professionals. They are vital elements for the growth of this sector. Governments of many countries have started investing in medical colleges and training institutions to get qualified healthcare personnel having thorough knowledge in treating critical diseases such as cancer, heart disease, neurological disorders, etc.

Moreover, medical tourism industry  has gained huge popularity among the Asian countries. They are always the first to incorporate new technologies offering cutting-edge treatment options for patients. These days, many countries in this region have experienced a significant increase in the number of medical tourists due to the presence of highly qualified professionals and the high standard of hospitality care. Based on country-wise analysis, Taiwan is expected to lead the trail by rising at a stunning CAGR of 14.5% during 2023-2032.

Cancer treatment: How can medical tourism act as a boon in the treatment of this deadly disease?

Cancer is a deadly disease that can take one’s life savings to overcome. To fight against this life-threatening disease, many countries have invested heavily in developing high-quality infrastructure for patients suffering from different types of cancer. Medical tourism plays a major role in treating cancers by providing patients with access to global healthcare resources at affordable prices. Medical tourists can get advanced therapies that may not be available in their home countries or may be available at high costs.

Moreover, it also offers good hospitality facilities to patients because this disease needs a longer period to treat. Beyond medical benefits, medical tourism also offers a favorable environment to patients. The professionals in this domain offer alternative therapies as per the response of patients toward the treatment and treat them with customized approaches. This helps patients fight cancer with a broader spectrum of treatment choices. Among the different types of treatments included in medical tourism, the cancer treatment segment is predicted to hold the highest share by garnering a revenue of $38,772.8 million throughout 2023-2032. 

Latest developments in the healthcare sector:

To thrive in the competitive landscape of this industry, many leading players have come up with innovative product launches, while others have undergone profitable mergers and acquisitions. Some instances are as follows:

In June 2023, MedRabbits, a leading provider of home healthcare services announced the launch of its latest offering in the medical sector. The company’s latest offering aligns with the government-supported initiative in India, namely - “Heal in India”.  With this launch, patients across the globe can access India’s advanced healthcare systems at budget-friendly rates. 

In April 2023, Samsung Electronics Co., Ltd., and KPJ Healthcare Berhad, a specialist hospital providing comprehensive care and treatment, announced a collaboration to offer medicine and diagnostics in Malaysia. This collaboration aims to promote the use of advanced medical technology and emphasize the development and deployment of innovative solutions to improve patient care and outcomes.  

To sum up, the sector is experiencing promising growth due to the increasing demand across the world for high-quality healthcare services at affordable prices. Moreover, the ongoing advancements in medical technology and telemedicine will drive the domain with new possibilities in the coming years.

To capitalize on the investment opportunities in the medical tourism industry, feel free to contact our experts today!

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