Transparency Market Research: Global medical tourism market is expected to reach US$32.5 billion in 2019

As medical costs in developed countries continue to increase and medical standards and services in developing countries continue to improve, the global medical tourism market may expand to US$32.5 billion in the next five years.

According to the latest report released by Transparency Market Research, a US market research consulting firm, the global medical tourism industry will maintain a compound annual growth rate of 17.9% from 2013 to 2019. By 2019, the global medical tourism market size will expand from the current US$10 billion to US$32.5 billion.

Experts analyzed that the aging population, the updating of medical technology, the depreciation of the US dollar, the economic crisis leading to a decrease in the disposable income of residents in developed countries, the low cost of surgery in developing countries, and the short treatment schedule are all major factors in the soaring size of the global medical tourism market.

Take the United States, for example. In addition to the increasing medical costs, many medical and surgical procedures are no longer covered by medical insurance. Looking for alternative, affordable medical insurance overseas has become a top priority for most Americans.

Statistics show that more and more Americans are flying to high-tech hospitals in countries like China, India, Malaysia, Thailand, Singapore and other countries for treatment, enjoying high-quality services at a much lower cost than in the United States.

"The medical standards and facilities in some Southeast Asian countries, represented by China and India, have surpassed those of domestic hospitals in the United States," added Transparency Market Research.