Exploring Singapore's Healthcare Landscape: A Market Analysis of Medical Tourism

Medical tourism is the practice of traveling to another country to receive medical treatment or procedures. People may choose to travel for medical care for a variety of reasons, including cost savings, access to specialized treatments or facilities, shorter wait times, and the opportunity to combine medical care with a vacation or travel experience.

Medical tourism typically involves traveling to a country where the cost of medical care is lower than in one's home country. This can be particularly appealing for people who are uninsured, underinsured or facing high out-of-pocket costs for medical treatment. Some common types of medical treatments and procedures that people travel for include dental care, cosmetic surgery, fertility treatments, and major surgeries such as heart surgery or joint replacement.

Allied Market Research has just completed and published a study report with the title Medical Tourism Market Size is Projected to Garner USD 273.72 billion by 2027 registering a CAGR of 12.8%.

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Top Medical Tourism Companies: –

  • Aditya Birla Memorial Hospital
  • Apollo Hospitals Enterprise Limited
  • Asian Heart Institute
  • Barbados Fertility Center
  • Fortis Healthcare Limited
  • KPJ Healthcare Berhad
  • NTT Medical Center Tokyo
  • Prince Court Medical Centre
  • Samitivej PCL
  • Seoul National University Hospital
  • Wooridul Spine Hospital.

Medical Tourism Market Segmentation: –

 By Treatment Type 

  • Dental Treatment
  • Cosmetic Treatment
  • Cardiovascular Treatment
  • Orthopedic Treatment
  • Neurological Treatment
  •  Cancer Treatment
  • Fertility Treatment
  •  Other Treatments

Based on region, the global medical tourism market across Asia-Pacific dominated in 2022, with more than one-third of the market. Additionally, the region is also anticipated to manifest the highest CAGR of 13.6% during the forecast period. This is owing to the availability of quality care at relatively low cost of treatments, inexpensive flights, and increase in marketing & online consumer information about the accessibility of medical services. 

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Rise in prevalence of acne diseases, unhealthy urban lifestyle, and increase in focus toward good quality skin care products drive the growth of the global acne medication market. On the other hand, side effects associated with acne medications and presence of alternatives for acne treatment restrain the growth. Nevertheless, development of therapeutics with lesser side effects is expected to create multiple opportunities for the key players in the sector. 

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