Medical tourism impact on economy | Revenue
Medical tourism impact on economy
Medical tourism impact on economy cannot be ignored as it is gaining popularity because of better access to information and an increase in the marketing of medical procedures across countries.
Medical tourism is becoming one of the major contributors to the Gross Domestic Product of a country in which it has been established. It can also help to generate more employment opportunities for people.
The revenue generates from medical tourism not only benefits the medical industry but also helps the allied industries like:
- Pharmaceutical and Surgical Equipment
Industries that are closely related to medicine like pharmaceuticals and surgical equipment can all experience a huge increase in their business growth with the rise in medical tourism.
When a person goes through surgery or any other medical procedure, he or she is prescribed some over the counter medicines. Similarly, in case of any orthopedic surgery, a patient needs to use a wheelchair or a neck brace. So it is easy to judge that these sectors can also get to make a huge profit from medical tourism.
- Tourism and Travel
Medical tourism impact on economy is on its place, but it also gives rise to sightseeing for the patients. Many people, after going through medical treatment, like to stay for a good amount of time in that country and, after recovering, likes to visit famous sites and explore the culture. People who have traveled from other countries want to make the out of their investment, and their stay and exploration can also reap financial benefits for the hospitality sector too.
- Medical tourism Impacting society
Medical tourism not only helps to create employment opportunities but also increase GDP for a nation. Medical tourism has a profound impact on society that has significant benefits. An increase in the demand for health services can induce a similar increase in the nation’s desire to provide better services for it. So the Government needs to provide better infrastructure, public transport, and needs to make promising health policies.
Procedures in demand for Medical tourism
The procedures most in demand for which people adopt medical tourism are organ transplants, dental procedures, bariatric and weight loss surgery, done by experienced weight loss surgeon, cosmetic procedures, and plastic surgery and they can also get weight loss insurance & insurance for other procedures.
The political impact of medical tourism
Medical tourism can have a very positive impact on the political relations between the countries. It can help to create cordial relations, advance the exchange of ideas, and can benefit parties who are participating.