Telehealth Initiatives to Improve Efficiency and Quality of Medical Tourism

Over the past two decades, plenty of telehealth applications have been successfully implemented. Applications such as the transfer of digital photos and patient records and the use of medical video endoscopes to monitor patients’ physical examination have demonstrated great results. For many players, the introduction of telehealth in the global medical tourism market has been a profitable strategy.

Telehealth improves the efficiency, customer service, and quality of medical tourism services via enhanced coordination of care between patients and care providers. According to Transparency Market Research (TMR), the global medical tourism market is expected to exhibit a 17.90% CAGR from 2013 to 2019. A rise in the elderly population and the rising number of uninsured people are some of the factors expected to propel the global medical tourism market. 

TMR experts answers a few questions with respect to the global medical tourism market:

Q. How would the implementation of telehealth drive medical tourism?

A. The use of telehealth in medical tourism can offer many benefits. Telehealth improves the quality and process of pre-operative and post-operative care. It also helps control the baseline data remotely. Anesthesiologists can remotely perform the physical assessment of respiratory systems via teleconsultation. 

Telehealth allows surgeons to manage follow-up care by connecting to primary care providers of patients. It also assures continuity in patient care by offering timely pre and post consultation. 

Leading players and the new entrants operating in the global medical tourism market have started adopting telehealth services for bridging the gap between patients and doctors. 

VoyagerMed, a New York-based medical care company, recently announced its plans to launch a telehealth initiative to connect patients from other countries to the U.S. physicians. The telehealth initiative is expected to allow patients to have real-time interaction with healthcare providers. 

Q. How will telehealth help players in global medical tourism market to serve patients in the urban and rural areas?

A. As telehealth is being implemented by many healthcare service providers, it will improve the access to care in urban and rural environments to a great extent. People travel abroad from their home country to avail advanced medical care facilities. Telehealth helps healthcare providers to reach people living in rural and urban areas and provide healthcare facilities. 

With telehealth, the medical tourism industry is being remade. For instance, millions of people travel to the U.S. to avail superior healthcare. Leading healthcare organizations in the U.S. have started using telehealth facilities to offer medical consultation to those who cannot afford to travel.

Q. What are the challenges faced by the hospitals using telehealth services?

Telehealth in medical tourism has certainly become a rising trend. However, healthcare organizations and hospitals using telehealth services need to consider a few challenges. Legal factors of every country can complicate the entire telehealth landscape. For instance, in the U.S., a telehealth doctor is transported to the patient’s country virtually. Thus, physicians, in order to offer their medical services, need to possess a valid license. 

As telehealth services are new, rules and regulations regarding inter-nation telehealth practices are not fully developed. This can hamper the growth of the global medical tourism market. 

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Over the past few years, there have been vast improvements in telehealth technologies. Although there are a few technical, regulatory, legal, and organizational obstacles, they are manageable. Going forward, telehealth is expected to play a leading role in shaping the global medical tourism market.  

Availability of Cheaper Treatment Options Drives Global Medical Tourism Market

Travelling to seek medical help has been an ancient concept dating back to the oldest civilizations. For instance, Ancient Romans built thermal spas in disparate locations across the empire and many foreign convoys learned about the ancient Indian medicine of ayurveda. Over the years, as medicine evolved into a profit-oriented industry, the reemergence of medical tourism has brought in several opportunities for patients to seek alternative therapies or conventional treatments at an affordable price. 

Browse Full Report: http://www.transparencymarketresearch.com/medical-tourism.html

Global Medical Tourism Market to Reach US$32.5 bn by 2019

The healthcare industry, on the whole, is not an accessible avenue for many in the world, the primary deterrent being skyrocketing prices of the treatments and the lack of disposable income. However, in recent times, several developing countries have turned this drawback and disparity into a moneymaking business by offering the same treatment at much cheaper prices than in developed countries. The global medical tourism market is being fuelled by the high number of Westerners traveling to Southeast Asia or Central Europe for cheaper but high-quality medical treatments. Research analysts at Transparency Market Research have stated that the global medical tourism industry was valued at US$10.5 bn in 2012 and is expected to reach US$32.5 bn by 2019, growing at a CAGR of 17.90% from 2013 to 2019.

India to Lead Global Medical Tourism Market 

According to the Economic Times, India is expected to remain at the forefront of the expanding medical tourism market, as healthcare is set to be costlier in developed countries. According to another report, the Indian medical tourism industry is expected to reach US$8 bn by 2020. According to a Grant Thornton white paper, low costs of medical treatments in India are the prime reason motivating 80% of the patients. Owing to this reason, several medical tourism corridors have opened up for patients across the globe, such as in Singapore, Costa Rica, Mexico, Taiwan, Malaysia, and India. Some of the famous cities for medical tourists in India are NCR, Mumbai, and Chennai.

Low Cost of Surgeries to Drive Medical Tourism Market in India

The primary growth driver for the medical tourism industry in India, as mentioned above, is the low cost of procedures such as bone marrow transplants, cardiac bypass, and dental treatments.  Furthermore, as English is a commonly spoken language in India, it offers a huge assurance to the travelers as communication becomes easier and accurate. This aspect has also accelerated the growth of the medical tourism market in this country. In the coming years, growing investments in the healthcare sector and advancements in medical technologies will also give an impetus to the growth of this medical tourism market in India. 

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Some of the important players in the global medical tourism market are Bangkok Hospital Medical Center, Apollo Hospitals Enterprise Ltd., Samitivej Sukhumvit, Asian Heart Institute, Bumrungrad International Hospital, Raffles Medical Group, Fortis Healthcare Ltd., Prince Court Medical Center, Min-Sheng General Hospital, and KPJ Healthcare Berhad.

Global Medical Tourism Market is Expected to Reach USD 32.5 Billion in 2019: Transparency Market Research

According to a new market report published by Transparency Market Research “Medical Tourism Market (India, Thailand, Singapore, Malaysia, Mexico, Brazil, Taiwan, Turkey, South Korea, Costa Rica, Poland, Dubai and Philippines) - Global Industry Analysis, Size, Share, Growth, Trends and Forecast, 2013 – 2019,” the global medical tourism market was valued at USD 10.5 billion in 2012 and is estimated to reach a market worth USD 32.5 billion in 2019 at a CAGR of 17.9% from 2013 to 2019.

Browse the full report at http://www.transparencymarketresearch.com/medical-tourism.html

Medical tourism is defined as an act of travel of patients from their home country to other destinations for availing medical services. Rise in healthcare costs in developed countries coupled with the availability of high quality medical services at a low cost in developing countries have given a boost to the medical tourism industry. These medical services range from elective procedures such as cosmetic surgeries to complicated surgeries such as cardiac, orthopedics, neurosurgery and others. Significant growth in this industry is due to economic developments in developing countries that in turn has led to the growth in the medical industry and quality of medical services. Rise in the healthcare expenditure in developed countries coupled with in the growing elderly population has also contributed to the gowth of the medical tourism across the globe. Economic crisis in the U.S., increased the number of uninsured population, consequently further triggering the growth of this market. Recently, there are approximately 50 million uninsured Americans that are willing to travel abroad for affordable and quality medical care. Globalization and improved communication technology act as a catalyst to boost the growth of this industry.

The development of medical tourism industry is based on several factors such as reduced cost of procedures, long waiting time and high demand for cosmetic surgeries. Medical travel is not only witnessed for intricate procedures but is also expanding due to growing demand for cosmetic and dental procedures since these are usually not reimbursed under regular health insurance policies. Patients travelling abroad can save from 30% to 90% on a procedure, including their travel expenditures, as compared to the medical costs in their own countries. Long waiting time is another factor which has substantially boosted the growth of this industry. Patients based in Canada and U.K travel to low cost destinations for their treatments in order to avoid long waiting periods in their own countries and receive timely access to serious ailments.

Medical tourism industry is dominated by the Asian region that has captured the maximum share of the market. This region is highly competitive owing to the presence of technologically advanced medical specialties, less stringent government regulations and attractive locations. Thailand and India are recognized internationally for their high end medical services and receive patients from across the globe. Singapore is renowned for its healthcare infrastructure and receives patients primarily for complex medical procedures. Thailand, India and Singapore accounted for approximately 60% of the total revenue of the Asian region in 2012. The Latin American countries such as Brazil and Mexico attract maximum number of patients from the U.S owing to the geographic proximity and cultural similarities. Similarly, growth in Turkey is witnessed on account of growing demand of cosmetic surgeries.

However, a paradigm shift in the market is seen owing to strong competition among the players of this industry. Malaysia is poised to have a significant growth in this market and is likely to emerge as a fastest growing country in terms of medical tourism with a CAGR of over 25% from 2013 to 2019. This advent in Malaysian medical tourism market is due to cost advantage over Thailand and Singapore. Moreover, rise in popularity of Malaysian region is attributed to many factors such as advanced healthcare infrastructure, highly skilled professionals, visa benefits and others. Additionally, robust government support for promotion of Malaysian medical tourism has propelled the growth in this nation.

Moreover, increase in the government initiatives and growing inclination of private sector hospitals towards medical tourism is further supplanting the growth of this market. Key healthcare providers in this industry include Apollo Hospitals Enterprise Ltd., Bumrumgrad International Hospital, Bangkok Medical Center, Prince Court Medical Center and others.

The Medical Tourism market is segmented as follows:

·         Medical Tourism Market, by Geography

o   India

§  Overview

§  Cost Comparison of Procedures

§  SWOT Analysis

§  Government Support

§  India Inbound Medical Tourism (No. of patients)

§  India Medical Tourism: Top Revenue Contributing Country (%) (2012)

o   Thailand

§  Overview

§  Cost Comparison of Procedures

§  SWOT Analysis

§  Government Support

§  Thailand Inbound Medical Tourism ( No. of patients)

§  Thailand Medical Tourism: Top Revenue Contributing Country (%) (2012)

o   Singapore

§  Overview

§  Cost Comparison of Procedures

§  SWOT Analysis

§  Government Support

§  Singapore Inbound Medical Tourism ( No. of patients)

§  Singapore Medical Tourism: Top Revenue Contributing Country (%) (2012)

o   Malaysia

§  Overview

§  Cost Comparison of Procedures

§  SWOT Analysis

§  Government Support

§  Malaysia Inbound Medical Tourism ( No. of patients)

§  Malaysia Medical Tourism: Top Revenue Contributing Country (%) (2012)

o   Mexico

§  Overview

§  Cost Comparison of Procedures

§  SWOT Analysis

§  Government Support

§  Mexico Inbound Medical Tourism ( No. of patients)

§  Mexico Medical Tourism: Top Revenue Contributing Country (%) (2012)

o   Brazil

§  Overview

§  Cost Comparison of Procedures

§  SWOT Analysis

§  Government Support

§  Brazil Inbound Medical Tourism ( No. of patients)

§  Brazil Medical Tourism: Top Revenue Contributing Country (%) (2012)

o   Taiwan

§  Overview

§  Cost Comparison of Procedures

§  SWOT Analysis

§  Government Support

§  Taiwan Inbound Medical Tourism ( No. of patients)

§  Taiwan Medical Tourism: Top Revenue Contributing Country (%) (2012)

o   Turkey

§  Overview

§  Cost Comparison of Procedures

§  SWOT Analysis

§  Government Support

§  Turkey Inbound Medical Tourism ( No. of patients)

§  Turkey Medical Tourism: Top Revenue Contributing Country (%) (2012)

o   South Korea

§  Overview

§  Cost Comparison of Procedures

§  SWOT Analysis

§  Government Support

§  South Korea Inbound Medical Tourism ( No. of patients)

§  South Korea Medical Tourism: Top Revenue Contributing Country (%) (2012)

o   Prospective countries

§  Costa Rica

§  Poland

§  Dubai

§  Philippines

Browse the full report at http://www.transparencymarketresearch.com/medical-tourism.html

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