Medical tourism industry in South Korea is expected to grow at a CAGR of around 40% in the period spanning from 2009 to 2012 on the back of advanced technology and government support.
According to our new research report, “Emerging Medical Tourism in South Korea”, advanced technology used for the treatment and the government initiatives are likely to fuel growth in the South Korean medical tourism industry. Despite the gloomy outlook for the world economy, the medical tourism industry in South Korea witnessed an impressive growth of more than 55% in 2008 over the previous year.
An increase in the number of medical tourists in South Korea is mainly accredited to the advanced technology used by the hospitals for the treatment of patients, says RNCOS report. Hospitals are equipped with the highly advanced technology for the treatment of cardiac, spinal and other types of surgeries. Moreover, the technology used for the treatment is 90% that of developed nations and just one third of the cost of America and other western nations.
Besides this, the government of South Korea is also trying to attract more medical tourists with its high quality medical care. Recently, it has allowed hospitals to market themselves to foreign patients. To further boost the industry, the South Korean government has amended its immigration policies allowing overseas patients as well as their family members to obtain long-term medical visas. It has also modified laws permitting local hospitals to undergo joint ventures with overseas hospitals in some of the cases.
The research report, “Emerging Medical Tourism in South Korea”, provides an in-depth analysis of the present and future prospects of the South Korean medical tourism industry. It thoroughly studies the medical tourism industry with focus on different parameters like inbound tourism, expenditure by inbound tourists, medical tourists, expenditure by medical tourists and healthcare infrastructure. The report also provides strategic insight to clients to evaluate the opportunities critical for their success in the South Korean medical tourism industry.
The study also gives forecast on medical tourist arrivals, revenue from medical tourists, number of hospital beds, number of doctors, GDP growth, disposable income and population.