As promised last month, here is the Spotlight article from Medical Travel Today.com about Ashley Furniture’s foray into Medical Travel for their employees.
In case you missed it, here is the link to part 1 of the article.
From the One Hand Washes the Other department comes the following Spotlight article from Medical Travel Today.com.
Ashley Furniture, based in Wisconsin, is one of the largest manufacturers of home furnishings in the world.
I met Rajesh Rao in 2014 when I attended the Costa Rican Medical Travel Summit in Miami Beach. Rajesh’s company was also instrumental in convincing another furniture manufacturer, HSM in North Carolina, to first send patients to India, then to Costa Rica for medical care. I have written about this in previous posts.
This article is part one, and part two will run next month.
Note: The following is a re-print from U.S. Domestic Medical Travel.com, one of two publications from CPR Strategic Marketing Communications. They also publish Medical Travel Today.com, and both publications have re-printed several of my posts on both of their newsletters, so I am returning the favor, which they have paid me many times over. I do not vouch for the accuracy of the data in the article, so please address any comments to the author.
Here is the article:
Global Medical Tourism Market By Treatment Type and by Region – Industry Analysis, Size, Share, Growth Trends and Forecasts (2016 – 2021)
The global medical tourism market has been estimated to be valued at USD 14,278 million, and it is anticipated to reach a market value of USD 21,380 million by the end of 2021 at a projected CAGR of 8.41% during the forecast period, 2016 to 2021.
Medical tourism involves travelling to another country for obtaining medical treatment. It is a high-growth industry driven by globalization and rising healthcare costs in the developed countries. A study shows that in United States, about 750,000 residents travel abroad for healthcare each year. A range of governments across the globe has taken up various initiatives to stimulate and improve the medical tourism in the respective countries in order to improve patient care and help expand the market. Many countries could see potential for significant economic development in the emergent field of medical tourism. Cosmetic surgery, dental care, elective surgery, fertility treatments, cardiovascular surgery and genetic disorder treatments are the most preferred healthcare treatments in this sector.
High cost of medical treatment in the developed countries and availability of those treatments at a lower cost in other countries have fueled the development of medical tourism. In addition, the availability of latest medical technologies and a growing compliance on international quality standards drive this market. The use of English as the main working language solves the problem of communication and patient satisfaction, adding to the growth of this market. Enhanced patient care, health insurance portability, advertising and marketing help the medical tourism industry to grow at a fast rate. On the other hand, infection outbreaks during or after travel, issues in following up with the patients before returning to their own country, and medical record transfer issues are the factors restraining the growth of the tourism industry. However, the unavailability of certain treatments at a lower cost hampers this market more than any other factors.
The global market for the medical tourism industry is segmented based on treatment type (cosmetic treatment, dental treatment, cardiovascular treatment, orthopedics treatment, bariatric surgery, fertility treatment, eye surgery and general treatment) and geographical regions. Cosmetic treatments hold the largest market share, as cosmetic surgeries are not covered by insurance.
Based on geography, the market is segmented into North America, Europe and Asia-Pacific. APAC holds the largest market share, followed by Europe. Thailand and Malaysia are strong markets with prospect for significant growth, followed by Korea.
The key players in the global medical tourism market are Bangkok Hospital Medical Center, Asian Heart Institute, Apollo Hospitals Enterprise Ltd., Bumrungrad International Hospital, Fortis Healthcare Ltd., Min-Sheng General Hospital, Raffles Medical Group, Prince Court Medical Center, KPJ Healthcare Berhad, and Samitivej Sukhumvit.
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