New report on growth of medical tourism

As reported last week on Medicalsea.org, a new report by Research and Markets.com, entitled “Medical Tourism Market – Global Industry Analysis, Size, Share, Growth, Trends and Forecast, 2013 – 2019“, analyzes the medical tourism industry and singles out several major medical tourism destinations such as India, Thailand, Singapore, Malaysia, Mexico, Brazil, Taiwan, Turkey, South Korea, Costa Rica, Poland, Dubai and the Philippines.

The report is available online for between $4,795 and $10,795 US, depending on user size: single user, 1- 5 users, or enterprise-wide.

Health care is globalizing, and to deny it, or to avoid it, is foolish, expensive and dangerous to your bottom line. Quality measures are better, costs are lower, and training in Western medical schools mean that more and more physicians are being trained on the same equipment and with the same knowledge Western doctors are trained on.

Health care no longer stops at the water’s edge, so open your eyes and go see for yourself.

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Richard

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This entry was posted in Health Care, Health Care Costs, Medical Tourism, Quality Measures, Workers' Compensation and tagged , , , , , , , , , on by .

About Transforming Workers' Comp

Have worked in the Insurance and Risk Management industry for more than thirty years in New York, Florida and Texas in the Claims and Risk Management spheres, primarily in Workers’ Compensation Claims, Auto No-Fault and Property & Casualty Claims Administration and Claims Management. Have experience in Risk and Insurance Business Analysis, Risk Management Information Systems, and Insurance Data Processing and Data Management. Received my Master’s in Health Administration (MHA) degree from Florida Atlantic University in Boca Raton, Florida in December 2011. Received my Master of Arts (MA) degree in American History from New York University, and received my Bachelor of Arts (BA) degree in Liberal Arts (Political Science/History/Social Sciences) from SUNY Brockport. I have studied World History, Global Politics, and have a strong interest in the future of human civilization in all aspects; economic, political and social. I am looking for new opportunities that will utilize my previous experience and MHA degree. I am available for speaking engagements and am willing to travel. LinkedIn Profile: http://www.linkedin.com/in/richardkrasner Resume: https://www.box.com/s/z8rxcks6ix41m3ocvvep

6 thoughts on “New report on growth of medical tourism

  1. Pingback: New report on growth of medical tourism | Welcome to Medical- South East Asia

  2. Ian Youngman

    Richard

    Research and Markets DID NOT write this report
    They are retailers

    It is like saying Tesco wrote a book !

    If this is the same report discussed here in the last few days -then it is full of more myths than a book on folklore.

    Ian

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    1. richardkrasner Post author

      Ian,

      I just meant that it was put out there by them.

      I will say what I just said to Ilan about this report and this industry. If the medical tourism industry cannot or will not provide the world with an accurate market analysis of the industry, then the industry must stop telling people that they are better. Investors will want to know what the real dollar values of the industry are and what potential exists for real return on investment and profit.

      Otherwise, it is an industry built on sand.

      To quote a line I’ve heard on TV before: “When the hell will someone go on the record?”

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  3. Irving Stackpole

    Richard
    The “medical travel industry” is not an industry; there are certainly no NAICs or SIC codes. The medical travel sector is still nascent, and the most vocal proponents are unapologetic cheerleaders. Certain data is available but difficult to assemble, standardize and compare. We recently completed an inventory of healthcare infrastructure in the Caribbean (www.stackpoleassociates.com/healthcare-in-the-carribean-report/index.shtml) that took #6 interns speaking #5 languages over 18 months to complete – so to expect the industry to publish cogent comprehensive and comparable data worldwide – this is asking too much.
    Comparative healthcare data shows that certain countries produce better results in some regards than others. In spite of the data, there is little agreement. And none of us should accept irrational boosterism or unsubstantiated claims, yet some do.
    Irving Stackpole

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    1. richardkrasner Post author

      Irving,

      I use the word “industry” like I do when talking about the Workers’ Compensation industry, which is part of the Insurance industry. The Workers’ Compensation industry is more than just insurance companies, it is third party administrators and claim management firms, risk management firms, data processing and IT firms, medical management firms, and other assorted services that are provided to insurance companies and third party administrators for the purpose of processing, claims handling and medical care provided to injured workers.

      I call it an industry because it is it’s own little world of knowledge and information that is not shared with let’s say, the automobile insurance industry, or the property industry, even though there may be some cross-over on occasion.

      Irving, you should understand that any business endeavor that cannot produce facts and figures to prove their profitability, their market share, their value and their potential for growth, will not be met with much support from investors or shareholders in these businesses, so to say that this is asking too much, kind of tells me that the “medical tourism industry” may not be on the up and up. At least that is what financial analysts would think before advising clients to invest in it, right?

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    2. richardkrasner Post author

      Irving,

      Perhaps you can furnish me with some of the reports findings that I can use in my blog. That would go a long way to making medical tourism more credible to people in the workers’ comp realm, since I believe the Caribbean is one area to look at, besides the Latin American and Central American countries that are less than four hours flight from the mainland US.

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