Why is medical tourism booming?

Why is medical tourism becoming popular?

Patients travel overseas seeking a high quality of healthcare, affordability, and access of care, but the most basic reason to go to a third-world country is the cost. … Even in countries with single-payer national health insurance, medical tourism is growing.

Why is medical tourism a fast growing industry?

Provides Economic Boost

Medical tourism draws high-end tourist from developed countries to developing nations and in turn, gives the country an economic boost not only to the major cities but also to smaller regions that are rich in traditional healing methods when discovered.

What is medical tourism?

Medical tourism can be defined as the process of traveling outside the country of residence for the purpose of receiving medical care. … Originally, the term referred to the travel of patients from less-developed countries to developed nations in pursuit of the treatments not available in their homeland.

How big is the medical tourism industry?

The India medical tourism market was valued at USD 2.89 billion in 2020 and is expected to reach USD 13.42 billion by 2026. Middle East & Africa: In 2020, the Middle East and Africa accounted for 25.00% of the market. The Middle East is one of the regions that host many potential health tourism powerhouses.

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Is medical tourism an industry?

This is called medical tourism, and it’s a booming industry worldwide. In fact, the global medical tourism industry is worth an estimated $54.6 billion a year and is growing at around 25 per cent annually.

What is the market for medical tourism?

The global valuation of the medical tourism market was pegged at US$ 61.3 bn in 2018 and is projected to rise at a CAGR exceeding 10.5% during the forecast period of 2019 – 2027. By 2027, the valuation is expected to touch US$ 154.4 Bn.

How does medical tourism help the economy of a country?

Medical tourism can boost tourism receipts and employment in both medical centres as well as in other sectors. of 5 percent. Medical tourism employment in India is estimated to be about 167000. The growth of medical tourism in India is accelerating and expected to reach USD 8 billion by 2020.