By Spl Correspondent
Patients who cannot afford the high prices of healthcare frequently decide to go to regions of the country where the cost of the medication is low, creating several prospects for intrabound medical tourism.
According to Future Market Insights’ report, the market size for intrabound medical tourism was valued at US$ 20.6 million in 2023, anticipated to thrive at 10.20% annually to reach US$ 54.4 million by 2033.
Healthcare Globalization Driving the Demand for Intrabound Medical Tourism
The main factors influencing the rise in intrabound medical tourism are cost, consumerism, quality and the country’s economic development. Further, the demand for intrabound medical tourism may expand as health insurers and patients begin to use cost and performance data to exploit regional differences in cost, quality, customer satisfaction, and waiting times.
Healthcare globalization has an influence on domestic medical tourism. The development of the intrabound medical tourism industry is influenced by a variety of variables, including affordability, technology, demand, and change.
Obstacles in the Global Intrabound Medical Tourism Market
The Lack of Quality Treatment
Risks related to local medical treatment are connected to intrabound medical tourism. Depending on the hospital and the country’s area, where standards for medical care, diagnosis, and treatment may differ, the quality of post-operative care might be devastating and vary drastically.
The severity of the illness might worsen as a result of regional climatic variation, which could worsen the effects on patients. It is convenient for the medical faculty to treat the patients, since they know the patients well thanks to their familiarity and their relationships with them.
The unlawful procurement of organs and the illegal transplantation of tissues provide further ethical concerns for the intrabound medical tourism market. The patient may not be aware of the circumstances, which might have negative consequences that cause the patient to suffer.
2018 to 2022 Global Intrabound Medical Tourism Outlooks Compared to 2023 to 2033 Forecast
The market witnessed a growth trajectory of 9.20% between 2018 and 2022. Further, the global intrabound medical tourism market witnessed a steady increase in demand from 2018 to 2022. Factors such as rising healthcare costs, long waiting times for medical procedures, and the availability of advanced healthcare facilities within specific regions contributed to this growth.
Looking ahead, the forecast for the period from 2023 to 2033 indicates a positive outlook for the global intrabound medical tourism market. With ongoing advancements in healthcare infrastructure, technology, and supportive policies, the market is expected to witness further expansion.
The forecast period presents opportunities for collaboration between healthcare providers, travel agencies, and other stakeholders in the tourism industry. Also, the focus on enhancing the quality and accessibility of healthcare services, as well as ensuring patient safety, might be crucial in sustaining the growth of the intrabound medical tourism market.