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Medical Tourism Outlook
2015
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What is Medical Tourism?
1 What is Medical Tourism? Patients traveling to another country for medical treatment/services
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Medical Tourism Categories and Drivers
2 Rehab Medical Infertility Dental Surgical Cosmetic Cosmetic surgery leads all other treatments, representing 38% of demand. Source: Medical Tourism Association Study 2013
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Most common procedures
3 • Cosmetic surgery • Dentistry (general, restorative, cosmetic) • Cardiovascular (angioplasty, CABG, transplants) • Orthopedics (joint and spine; sports medicine) • Cancer (often high-acuity or last resort) • Reproductive (fertility, IVF, women's health) • Weight loss (LAP-BAND, gastric bypass) • Scans, tests, health screenings and second opinions.
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The basics of Medical Tourism
4 Hospitals, Surgeons, Dentists and Doctors Accreditation for Providers Medical Tourism Providers The Patient Medical Tourism Medical tourists spend between $7,475 and $15,833 per medical travel trip. Source: Medical Tourism Association Study 2013
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OPPORTUNITY: A new type of branding for countries
5 Sample Markets Countries are now establishing themselves as experts in certain procedures and as a medical or wellness destination
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Top Countries for Medical Tourism - $30- 60B in incremental revenues
#1 Thailand •1.2 million patients •Procedures 50-70% cheaper than US #2 Mexico •1 million patients •Many from the US #3 United States •800,000 patients •World class care #5 India •400,000 patients •Complex operations are 90% less expensive than US #4 Singapore •610,000 patients •22 Certified Facilities Source: Bloomburg Top Medical Tourism Destinations
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BENEFITS: For your Country’s Economy
Increase in spending on hotel, restaurants, transportation, spas and shopping Leveraging the skills of your medical professionals Incremental revenue for medical professionals, including a premium over what is charged to local residents 7
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Medical Tourism Trends
8 Medical Tourism Trends
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healthcare. People used to travel from third
TREND: Global healthcare is shifting 9 People used to travel from third world countries to more highly developed countries in search ofquality healthcare.
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quality care at lower cost. In response to rising health care costs,
DRIVER: Cost is the new driver in Medical Tourism 10 In response to rising health care costs, patients are now traveling great distances to obtain quality care at lower cost. Nearly 80% of demand for medical travel is driven by cost savings. Source: Medical Tourism Association Study 2013
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INNOVATION: New providers are emerging
11 Sites like TreatmentAbroad.com help a patient find the right provider, giving them various choices and cost comparisons. Sites like hotelsbyhospitals.com helps a patient find accommodations near the hospital or clinic, for pre- and post- treatment or for their traveling companion.
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Global Impact of Medical Tourism
12 Global Impact of Medical Tourism
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The Medical Tourism Market is Significant
$100 Billion USD global market - and growing 13 If you are not currently measuring inbound medical and wellness tourism, we recommend modifying your international arrival surveys.
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$228 Billion USD What will drive growth? 14 In medical care predicted
to leave the US
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Other growth drivers • Aging world population and growing affluence
• Technology – Sites that help patient’s find providers – Improved search engines – Sites that help book travel to the medical facility – Patient blogs and social sharing • Corporate health plans and employers providing assurance of safety by endorsement of medical tourism 15
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Case Study – Israel’s Medical Tourism Growth
16 30,000 patients expected in 2014 Since 2011, Israel’s medical tourism has more than doubled from $60 million USD to $137 million USD
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Case Study: Taiwan 90,000 medical tourists in 2014
17 90,000 medical tourists in 2014 22 certified health care facilities (just 2 fewer than China) Certified by US organization 50% cheaper than the US Source: Patients Beyond Borders
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Case Study: Singapore 4th most visited medical tourism destination
18 4th most visited medical tourism destination 610,000 medical tourists in 2012 22 facilities certified by Joint Commission International
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Wellness Tourism is also growing
19 The main goal of wellness tourism is to preserve or improve the mind, body and spirit 74% •think wellness is going to become more important in the future 86% •believe they have the power to change their own level of wellness 57% •wish they had more say in leading a healthy life. •that number skyrockets to 88% in China and is higher for year-olds (61%) than 55+ (44%) 66% •believe doctors should focus more on prevention Source: Medical Tourism Association – Wellness Tourism Study
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Wellness Tourism Impact
• “Wellness tourism accounts for about 14% ($438.6 billion) of all domestic and international tourism expenditures.” • “Wellness tourism generates 11.7 million direct jobs, delivering $1.3 trillion of global economic impact (1.8% of global GDP in 2012).” Source: The Global Wellness Tourism Economy Stanford Research Institute 20
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• Beauty treatments • Sport & fitness • Leisure and • Spa & wellness
Top Wellness Tourism Services 21 • Beauty treatments • Sport & fitness services • Leisure and recreational spas • Spa & wellness resorts “Wellness tourism is projected to grow on average 9.9 percent annually over the next five years, nearly twice the rate of global tourism overall, reaching $678.5 billion by 2017, or 16 percent of total tourism revenues.” Source: Medical Tourism Association Study 2013
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Cooperation Opportunities
Development and Cooperation Opportunities 22 Cooperation Marketing & Partnerships Promotion Insurance Regional Accreditation Distribution Research
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Leader Accredited Success top Inbound Assess Assets
How to become a world class leader in Medical and Wellness Tourism? 23 Get Accredited Model Success Promote to top Inbound Markets Assess Assets World Class Leader
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Key Success Factors Healthcare Political Social Stability Quality and
24 Investment in Healthcare Infrastructure Political Transparency and Social Stability Commitment to Quality and Transparency Clear Cost Savings on Key Procedures International Patient Flow (Marketing)
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Additional Factors Infrastructure Excellence and Achievement
25 Excellent Tourism Infrastructure Reputation for Clinical Excellence History of Innovation and Achievement Best Practices and State of the Art Technology
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The Industry is young and data are scant
We need to know more! 26 Research on Patient Care MARKET RESEARCH Understanding Destination Choice for Medical Procedures Research on Patient Satisfaction
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•+ Thank You! Laura Mandala, Managing Director www.mandalaresearch.com
27 •+ Thank You! Laura Mandala, Managing Director 5108 Belle Meade Lane Alexandria, Virginia 22311 Phone
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