This article discusses such an issue as investing in the UAE in medical tourism. What are the prospects for this industry and how is it good?
Rising healthcare costs and lack of access to healthcare facilities are forcing today's consumers to seek alternatives abroad to serve their healthcare needs.
Globalization and the Internet have boosted the growth of medical tourism around the world. The UAE, with Dubai as the leading pole, stands ready to reap the benefits of this boom due to the quality of its healthcare facilities, skilled professionals, excellent infrastructure, government initiatives and strategic location.
Medical tourism is when people travel to another country to receive various medical procedures that may be too expensive for them in their home country.
Traditionally, patients traveled from developing countries to developed countries such as Switzerland and the United States in search of advanced medical facilities. But nowadays there is a reverse trend and people are going to developing countries in search of profitable medical solutions. A growing number of countries are advertising themselves as medical tourism destinations with different types of medical services.
Patients traveling from abroad want high quality medical services, but usually the main reason is, of course, the price.
The cost of coronary artery bypass surgery in the United States can be 55,000 USD, while in the UAE it costs 27,000 USD. Depending on the procedure and location, patients can save 50-90% of the cost in their home country.
Another important factor in the growth of medical tourism is the long waiting time for the necessary treatment in various countries.
Even the state medical authorities of Western countries offer patients to travel abroad to get the necessary medical procedures faster.
Due to the development of air communication and the decrease in the cost of travel, patients are more willing to travel around the globe. Advances in technology and the globalization of information have also contributed to the development of healthcare standards in emerging markets.
The Internet is also a very important factor in the growth of medical tourism, as patients can easily view information about the cost and quality of medical services provided in different countries around the world. The patient can choose the best place for the necessary treatment, which in turn leads to an even greater development of certain institutions.
Global healthcare costs around the world are expected to grow by 4.% over 2015-2019, driven mainly by the growing market in Asia and the Middle East. 2015 showed more than 6 million medical tourists, and in 2020 there will be already 10 million.
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