Nurse yourself better abroad

THE medical tourism industry is evolving quickly due to increasing awareness levels among individuals across the world which has seen emerging market economies with medical expertise and medical facilities at low cost, coupled with attractive tourism sites driving the medical tourism market. 

Modern healthcare at affordable prices is offered to medical tourists in various countries at different level of economic development. Western population travel to other countries for their medical treatment. Long waiting lists, increasing healthcare costs, and limitations on the availability of treatment options, coupled with the ease of travel, medical tourism is gaining popularity.

According to a recent report by Zion Market Research medical tourism is one of the significant sectors of the global economy. The number of medical tourists has increased substantially from 350,000 Westerners in 2003 to 750,000 Americans by 2007. In India, medical tourism increased between USD 50 billion and USD 69 billion. Medical tourism in Asia grew to USD 4.4 billion by 2012.

The global medical tourism market was valued at approximately USD 15.5 billion in 2017 and is expected to generate revenue of around USD 28.0 billion by the end of 2024, growing at a rate of around 8.8% between 2018 and 2024.

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Medical tourism industry valued at $439 billion

A REPORT issued by VISA and Oxford Economics values the global medical tourism industry at US$439 billion, with a projected growth rate of up to 25% year-over-year for the next 10 years as an estimated three to four percent of the world's population will travel internationally for healthcare and health-related treatment. 

The study takes into account growth factors – such as 340 new international airports over the next decade – and estimates that the medical travel market reach US$3 trillion by 2025.

The Medical Tourism Index (MTI), lists the top 41 destinations for those seeking value-added services and high quality of healthcare across the globe. The US leads in terms of market share of healthcare travel spending, but Thailand, Singapore, and South Korea continue to thrive. China is expected to overtake the US within the next 10 years due to the population's demand for higher quality of care.

‘The borders to quality healthcare access have begun to disintegrate,’ say MTI co-authors, Renée-Marie Stephano, president of the Medical Tourism Association and Mark Fetscherin, Associate Professor of International Business and Marketing at Rollins College in Florida.

‘Speculation about the medical tourism industry as a phenomenon is over. This report and the rankings of the Medical Tourism Index provide a unique opportunity for investors seeking new ventures to make smart choices in destinations driving patient travel.

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Japan identifying potential for medical tourism growth

THE JAPANESE government has identified its healthcare industry as a key economic growth driver, and is aggressively taking steps to attract medical tourists from across the globe.  

What attracts the medical tourists to Japan?
Long-term visas for medical stays: Unlike most other countries, #Japan offers six-month visas for medical visits.

Quality care: Healthcare professionals in Japanese are among the most experienced and skilled worldwide. They provide standard operative measures and less-invasive therapies.

What challenges does the Japanese government face?

Language and cultural barriers: A very small percentage of professionals in the Japanese healthcare industry speak English or are attuned to foreign cultures.

Resistance to internationalization: Medical associations fear internationalization of the country’s culture, and they oppose the profit motive in the healthcare system.

Cost of living: While medical technologies and services available in Japan attract a large number medical tourists, the high cost of living in the country makes it impossible for foreigners to stay in Japan for extended periods.

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