Medical Tourism Case Study
Medical Tourism: Overview
The term ‘medical tourism’ perhaps still unfamiliar for some people. Medical tourism is best described as a travelling activities across national border with the purpose of receiving some kind of medical treatment (Lunt, et al., 2011). Commonly, it comprises of cosmetic surgery, dental care, elective surgery, and fertility treatment, however it also offer a full range of medical treatments. Such as, cancer therapy, cardiovascular surgeries, orthopedic treatments, weight loss therapies, health screenings, medical tests and scans, also consultation with specialist doctors out of their countries. Medical tourism, in addition, emphasize the role of the industry, issues of advertising, supplier-induced demand and extends …show more content…
It is a dynamic growing sector and showing a great potential. Medical tourism was accounted for $50-60 billion international inbound (Global Wellness Institute, 2014). A report projected medical tourism market in Asia will surpassed 20 percent of Compound Annual Growth Rate (CAGR) during 2014-2018 (RNCOS Business Consultancy Services, n.d.). Indeed, a research by Future Market Insight also said that the market of medical tourism would concentrate within most of the emerging economies of the world, predominantly in Asian countries. Affordable cost, quality of health care, accessible care and shorter waiting periods, more affordable international travel, improved information through the Internet are main drivers of medical tourism growth (International Trade Organization, …show more content…
The economic growth, the ease of doing business, the infrastructure, the technology readiness, and the strategic location. The development of Republic of Korea in term of economy is the greatest element that influence the nation image. Economically, the nation has excellent economic growth by looking at its GDP, inflation rate, and the GDP in PPP term. In addition, the GNI per capita of RoK is amounted for (US$) 27,440. RoK’s market economy ranked 13th in the world based on nominal GDP. Moreover, it is also part of the OECD club with high-income economy
The term ‘medical tourism’ perhaps still unfamiliar for some people. Medical tourism is best described as a travelling activities across national border with the purpose of receiving some kind of medical treatment (Lunt, et al., 2011). Commonly, it comprises of cosmetic surgery, dental care, elective surgery, and fertility treatment, however it also offer a full range of medical treatments. Such as, cancer therapy, cardiovascular surgeries, orthopedic treatments, weight loss therapies, health screenings, medical tests and scans, also consultation with specialist doctors out of their countries. Medical tourism, in addition, emphasize the role of the industry, issues of advertising, supplier-induced demand and extends …show more content…
It is a dynamic growing sector and showing a great potential. Medical tourism was accounted for $50-60 billion international inbound (Global Wellness Institute, 2014). A report projected medical tourism market in Asia will surpassed 20 percent of Compound Annual Growth Rate (CAGR) during 2014-2018 (RNCOS Business Consultancy Services, n.d.). Indeed, a research by Future Market Insight also said that the market of medical tourism would concentrate within most of the emerging economies of the world, predominantly in Asian countries. Affordable cost, quality of health care, accessible care and shorter waiting periods, more affordable international travel, improved information through the Internet are main drivers of medical tourism growth (International Trade Organization, …show more content…
The economic growth, the ease of doing business, the infrastructure, the technology readiness, and the strategic location. The development of Republic of Korea in term of economy is the greatest element that influence the nation image. Economically, the nation has excellent economic growth by looking at its GDP, inflation rate, and the GDP in PPP term. In addition, the GNI per capita of RoK is amounted for (US$) 27,440. RoK’s market economy ranked 13th in the world based on nominal GDP. Moreover, it is also part of the OECD club with high-income economy