Medical tourism

Analysis, Scope, Cost, Destination, Economics, Feasibility, Opportunity, Statistics,   Consultancy, Reports, Research, Study

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Information @ a Glance

  • Medical tourism can be explained as the practice of travelling from one country to another country for the purpose of receiving medical attention, like heart surgery, breast implants, hip replacement, or dental work.
  • Depending on the location and procedure of the treatment, a medical vacation can cost 50%, 30%, or even 10% of what you would pay at home.
  • It can also be defined as a  provision of 'cost effective' private medical care in collaboration with the tourism industry for patients. This process is being facilitated by the corporate sector involved in medical care as well as the tourism industry - both private and public.
  • More and more people are travelling abroad considering as an affordable, enjoyable, and safe alternative to having treatment in their home countries.
  • Medical tourists are generally said to be residents of the industrialized nations of the world and mostly come from The United States, Canada, Great Britain, Western Europe, Australia, and The Middle East.
  • Canadians and Europeans have been travelling outside their regions for years to obtain medical procedures due the long waiting periods associated with socialized medicine.
  • The cost of the medical treatments in the countries we participate is generally 50 to 80 percent less expensive than the same procedures in the US.
  • In reviewing the cost of many procedures in the US, versus the same ones performed in our selected destinations, costs are typically 50-80% lower abroad. The greatest cost savings is found in cardiac procedures (75-90% lower fees outside of the United States). If you have received quotes in the US for $10,000, you can expect the same procedure to cost between $2,000 and $5,000.
  • This significant cost reduction enables you to  purchase a round trip air ticket, recover in a 5 star resort, buy a new wardrobe, and return home saving money. Doctors in the US are required to pay medical malpractice insurance that usually cost over $100,000 annually. Foreign doctors are required to pay medical malpractice insurance as well, but their costs are as low as $4000 annually.
  • Hip replacement in India, Malaysia, Singapore, South Korea and Thailand can run as low as one-fifth the cost for the same surgery back home.
  • A facelift, costing $10,500 to $16,000 in the U.S., is $5,500 to $6,500 in Brazil, and as low as $2,400 in Thailand and $4,000 to $8,000 in Singapore, South Korea and Mexico.
  • Malaysia, Costa rica, India, Brazil and America are the top 5 destinations for medical tourism. Many Americans travel to Mexico for cosmetic surgery.
  • The emerging world of medical tourism is one that must be tapped into by successful travel agents. `Medical tourism' will account for 3-5 per cent of the total healthcare delivery market and could provide as much as Rs. 5,000-10,000 crore revenue to hospitals by 2012.
  • Worldwide gross medical tourism revenue is expected to grow from $56 billion to $100 billion by 2012, with Asia as a major driver of this growth.
  • This industry, still in the nascent stage, is predicted to grow at a rate of 30% over the next 5 years and contribute additional revenue of USD 2.3 Billion by 2012. This industry is slated to be the next largest export grosser after the software industry.

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