Medical tourism and its effects on Asian economy


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Medical tourism is offering multiple benefits to its guests and earning lot of profit. In medical tourism sector, many destinations are still doing well in order to stay firm in this competition. Asian countries are on the top in this competition as it is offering quality medical care along with tourism packages to medical tourists. This includes countries like India, Malaysia, Singapore, and Thailand. These countries are attracting billions of people from countries like the US, Canada, England, and other European countries.

Medical tourism offers quality healthcare to those who want immediate, quality, and cost-effective treatment in most renowned hospitals and health care centers in the world. This involves major treatments, such as cardio surgery, joint replacement, hip replacement, knee replacement, oncology, gynecology, cosmetic surgeries, reproductive services, and stem cell treatments or therapies.

Effects of medical tourism on Asian Economy

Medical tourism is world’s fastest growing industry with multiple benefits, which makes it one of the most renowned forms of tourism worldwide. It helps to generate the direct and indirect employment opportunities for native people of a particular destination country. It helps in economic growth of the region and country as well. Some of the major effects on economy are as follows:

Source of income

The major affect of medical tourism is that it brings direct foreign exchange earnings. It contributes a lot by offering employment and business opportunities to the people related to this sector. It is a huge source of foreign exchange for Asian economies. Overseas medical tourists often pay for goods or services in their currency and this enables the economy to get benefit from this.

Retain existing health workforce

Medical tourism helps destination countries to retain their existing health workforce. They can invest more on developing the country as the best medical tourism destination.

Employment

The swift growth of medical tourism internationally also helps in generating direct and indirect employment. People can easily get jobs through cab services, hotels, and restaurants. Moreover, this also requires people to deliver services and goods to the patients, which help them to acquire more.

Development

It contributes a lot to local and state government by generating more revenues. As a result, most of the governments across the world keen to invest in the development of local infrastructure to attract more medical tourists from across the world.

Summary

The growth of medical tourism sector has given an opportunity to other sectors to earn profit. It is offering employment opportunities to the local people and contributing a lot in economic growth of a particular destination.