The global anal fistula therapeutics market is estimated to grow at a CAGR of nearly 4.0% during the forecast period. Emerging medical tourism is expected to offer an opportunity for the growth of the market. Growing medical tourism has been witnessed in several countries. In Asia, India, Thailand, Singapore, Philippines, and Malaysia, are the major destinations for medical tourism. In India, some crucial factors that are contributing to the growth in medical tourism include the rising presence of multi-specialty hospitals and skilled healthcare professionals. Better-quality of healthcare service and cost-effective treatment are further encouraging the growth of the Indian medical tourism.
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As per the India Brand Equity Foundation (IBEF), the treatment for major surgeries in India costs nearly 20% of that in developed countries. Most of the surgeons and doctors working in Indian hospitals have worked or trained at some of the medical institutions in Europe, the US, or other developed countries. Further, India is attracting medical tourists from other emerging nations owing to the insufficient advanced medical facilities in their countries. As per the IBEF, in 2017, the Indian medical tourism market was valued $3 billion. The value of medical tourism is forecast to reach $9 billion by 2020 owing to the easier norms for medical visa approvals.
In addition, the number of Foreign Tourist Arrivals (FTAs) in India on medical visa increased 15.9% year-on-year to an estimated 495,056 in 2017 from 427,014 in 2016. In India, the Joint Commission International (JCI) - accredited hospitals are 21 and are growing significantly. India competes mainly with Thailand and Singapore for medical tourism in Asia. This, in turn, is expected to accelerate the demand for anal fistula treatment owing to the availability of skilled surgeons and affordable treatment than other nations.
The major hospital in India that is well-known for medical tourism includes Fortis Healthcare, BLK Super Specialty Hospital, Apollo Hospitals, Global Hospitals, and Columbia Asia Hospital. Both surgical and non-surgical alternatives are available for the treatment of anal fistula. Surgical options include fistulotomy, seton techniques, ligation of the intersphincteric fistula tract (LIFT) procedure, and endoscopic ablation. Non-surgical include medications, stem cell therapy, and fibrin glue. The increasing medical tourism coupled with the significant prevalence of IBD across the globe is expected to drive the global anal fistula therapeutics market.
Global Anal Fistula Therapeutics Market- Segmentation
· Intersphincteric Fistula
· Transsphincteric Fistula
· Suprasphincteric Fistula
· Ambulatory Surgical Centers
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Global Anal Fistula Therapeutics Market– Segment by Region
· United States
· United Kingdom
· Rest of Europe
· Rest of Asia-Pacific
Rest of the World
· Middle East & Africa
· Latin America
· Medtronic plc
· Cook Group Inc.
· Takeda Pharmaceutical Co. Ltd.
· Karl Storz SE & Co. KG
· Biolitec AG
· Pfizer Inc.
· Becton, Dickinson and Co.
· GEM S.r.l.
· TiGenix NV
· W. L. Gore & Associates, Inc.
· AstraZeneca plc
· Agency for Medical Innovations (A.M.I.) GmbH
· Signum Surgical Ltd.
· Novartis International AG
· Assembly Biosciences, Inc.
· Ovesco Endoscopy AG
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