Medical tourism industry to grow exponentially in the next decade, say studies
Posted on July 29, 2016
The medical tourism industry is reportedly worth $439 billion and is expected to grow at a rate of up to 25 percent incremental growth per year over the next 10 years. It is expected that three to four percent of the global population will travel overseas to seek treatment for health-related issues, says a report issued by VISA and Oxford Economics, released in the last week of July. This report estimates that the medical tourism segment could reach $3 trillion by 2025.
Meanwhile, the 2016 report of Medical Tourism Index (MTI), also released during the same period, posted top 41 destinations in the world for people looking for value-added services and top-drawer healthcare worldwide. It too shows a similar pattern, with the United States emerging as the market leader in terms of medical travel spending. Asian countries including India, Singapore, and South Korea also continue to prosper in this segment. But as per both reports, it is expected that China will upstage the US to take the top spot within the next decade owing to the demand of the population seeking top-notch healthcare.
JD President of the Medical Tourism Association, Renée-Marie Stephano, and Associate Professor of International Business and Marketing at Rollins College, Mark Fetscherin, Co-Authors of MTI, were quoted as saying in a joint statement that the borders to access quality medical care are slowly disappearing.
VISA, in a statement, said that it believed that medical tourism is all set to grow exponentially as more travellers want new treatments and cost-effective and top quality healthcare, which their home country cannot provide.
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