The medical tourism sector is growing exponentially all over the world and is set to become a USD 100 billion sector by 2012, a new report has said.
The sector is growing at a rate of 20-30 per cent annually and is bound to continue its growth pattern in the years to come.
According to Frost and Sullivan, the business research and consulting firm, the medical tourism industry is currently a USD 78.5 billion industry [end-2010], catering to over three million patients who travel around the globe for medical care.
The Middle East is one of the latent source markets of patients and it is estimated that 20 per cent of healthcare seekers worldwide are from Gulf and Arab states.
Significantly, patients from UAE alone spend about USD 2 billion in healthcare travel on an annual basis.
As a result, many countries are targeting the region to woo guests and patients to their own medical tourism destinations.
Germany, in particular, and Europe, in general, have been primary medical tourism hubs for hundreds of years and continue to lead the industry followed by Thailand, India and Malaysia.
Boasting of an excellent healthcare system, high quality, safe and quick treatment, Germany is considered to be a top destination for patients from all over the world, and particularly from the Middle East, UK and the US.
Germany is also an attractive destination for patients from the region, in terms of distance, costs and tourism attractions.
A McKinsey and Company 2008 report also emphasizes that 40 per cent of medical travelers seek advanced technology, while 32 per cent seek better healthcare.
Another 15 per cent seek faster medical services while only 9 per cent of travelers seek lower costs as their primary consideration.
Samir Daqqaq, Senior Vice President – Development [Middle East and Africa] at Oetker Hotel Collection, said, “Middle East is one for the most important markets for us. We have been actively investing our time and resources in promoting the health benefits offered at Brenner’s Park.
The rising health costs in developed countries, the opportunity to get world-class treatment coupled with the avenue to spend quality time in beautiful locales, are leading people to seek affordable health care elsewhere”.
AstraZeneca Approves Thailand’s Vaccine Factory
Skin-lightening products market to reach US$31 billion by 2024
In emerging Asian and African economies, the natural aspiration to enhance one’s circumstances has led to rapid growth in the market for skin-lightening products, which is projected to reach US$31 billion by 2024.
Has Covid-19 prompted the Belt and Road Initiative to go green?
– Chinese overseas investment dropped off in 2020
– Government remains committed to the wide-ranging infrastructure programme
– Sustainability, health and digital to be the new cornerstones of the initiative
Following a year of coronavirus-related disruptions, China appears to be placing a greater focus on sustainable, digital and health-related projects in its flagship Belt and Road Initiative (BRI).
As OBG outlined in April last year, the onset of Covid-19 prompted questions about the future direction of the BRI.
Launched in 2013, the BRI is an ambitious international initiative that aims to revive ancient Silk Road trade routes through large-scale infrastructure development.
By the start of 2020 some 2951 BRI-linked projects – valued at a total of $3.9trn – were planned or under way across the world.
However, as borders closed and lockdowns were imposed, progress stalled on a number of major BRI infrastructure developments.
In June China’s Ministry of Foreign Affairs announced that 30-40% of BRI projects had been affected by the virus, while a further 20% had been “seriously affected”. Restrictions on the flow of Chinese workers and construction supplies were cited as factors behind project suspensions or slowdowns in Pakistan, Cambodia and Indonesia, among other countries.
Subscribe via Email
Thai fruit exports to FTA markets up 107 percent
China, Malaysia, Singapore, Indonesia, the Philippines, Hong Kong, Australia and Chile are top importers of Thai fruits, especially fresh durian,...
Digital Revolution and Repression in Myanmar and Thailand
Activists have also proactively published social media content in multiple languages using the hashtags #WhatsHappeningInMyanmar and #WhatsHappeningInThailand to boost coverage...
3 Reasons to Be Optimistic About the Baht Right Now
Probably one of the most important factors for the rise of the Baht is the continued weakness of the US...
Will Thailand’s plan for quarantine-free tourism set a global trend?
According to the Tourism Authority of Thailand, the quarantine-exemption measures implemented in Phuket will be extended to five other key...
Thailand Approves Latest Economic Relief Package for Businesses
Some 250 billion baht (US$8 billion) was allocated for soft loans while the remaining 100 billion baht (US$3.2 billion) will...
Southeast Asia remains a hot spot for plastic pollution
The use of plastics is deeply embedded in our daily lives, in everything from grocery bags and cutlery to water...