The present scenario and significant development in the healthcare industry forecast that this industry will never suffer with the dull days. With this positive point, healthcare is among the most lucrative jobs options. Not only has this, with the increase in the growth of healthcare industry more developments are done in this field which make the treatment of affected person more effective and smooth. Asia-Pacific region is the fastest-growing region in the global medtech market. Whereas, most of the association of Southeast Asian nations countries, medical tourism represents a third or more of private hospital revenue. According to the report analysis, ‘Healthcare Industry Research Report’ suggests that in the coming years the medical tourism is going increase rapidly in the coming years with more development in the economy.
In the recent few years, 120+ million medical tourists traveled abroad to entreat health care services. Moreover, in the forecasted period this number will grow significantly with the more development in the vaccination of patients. If we talk related to the revenue of worldwide tourism then it will generate billion tons of revenue in the recent few years and expected to grow more in the forecasted period in an efficient manner. In the Asia Pacific region foreign patients are the major revenue generator for private hospitals in this region. In India, Medical Tourism accounts for handsome percent of revenue and in South Korea and other regions accounts less percent of revenue as compared to India. In the recent few years, millions of patients treated in Asia-Pacific region and generated billion euros in revenue therefore the medical tourism sector is growing in the Asia Pacific region which further lead to significant growth in the healthcare industry. However, the Southeast Asian Healthcare market is expanding faster than in other region whereas; it is especially driven by the private sector and, notable, medical tourism. Therefore, this sector will grow extensively with more development in the technology and development in the economy. According to the report analysis, ‘Health Care Industry Research and Market Reports’ suggests that the Asia-Pacific region is dominating the huge share in the healthcare industry followed by South Korea, Taiwan, Philippines and others.
Due to the extensive competition in the healthcare industry, the private sector in the Asia-Pacific region are upgrading their technology regularly and recruiting more experienced doctors for doing successful treatment. Moreover, with the more development in the technology, in the recent trend this sector has started attracting more international hospital investors and groups for entreating the market. Key players such as Mayo Clinic, John Hopkins Singapore and Anadolo Medical center and others are teaming up with other multinational players and seeking to develop countries medical tourism. Moreover, the increasing number of private hospitals and investors ensuring global health care services create extensive competition between the countries and key players of the health care industry. Moreover, the growth of this industry is also depend on the how government and private sector can work together and creates a productive medical tourism ecosystem.
Increase in the disposable income of the patient seeks high-quality care in high-standard settings, which can offer medical tourism destinations. The people who are insured their healthcare insures motivate patients to seek more cost-effective medical provision outside their home countries. Additionally, private hospitals chains and investors perceive medical tourism in Asia-Pacific as attractive business opportunities and invest in staff and services.
With the more development and extensive interference of government promoting medical tourism in their countries and many nations in the Asia-Pacific region regarding medical tourism as a resource for economic development. Therefore, it is expected that the health care industry will grow in the coming years over the decades with the increase in the tourism and wealth of the patients.
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Ankur Gupta, Head Marketing & Communications