South Korea Medical Tourism Market is likely to reach nearly USD 2 Billion by the year end of 2022 growing at a CAGR of around 15% from 2017 to 2020.
Market growth can be attributed to factors such as technologically advanced treatments and medical procedures, pioneer in plastic/cosmetic surgery and dentistry, excellent medical practitioners & medical facilities, affordable medical costs and strong government support and initiatives.
Chinese medical tourists play a significant role in contributing revenue to the South Korea economy. China contributed more than 35% share in 2016. China is likely to maintain dominance in South Korea Medical Tourism revenue share by the year end of 2022. United States spot at second position in the revenue share with 18% share. Other countries such as Japan, Russia, Kazakhstan and UAE emerge as the largest revenue generators in the South Korea Medical Tourism Market.
The Korea Health Industry Development Institute (KHIDI) Annual Report 2016 has revealed that a total of 6,101 patients from the middle east region visited South Korea in 2015, which reflects an 11.2 per cent increase from the previous year. Out of the 6,101 patients, 2,946 came from the UAE, 1,215 from Saudi Arabia and 411 coming from nearby Egypt. The strong relationship between the UAE and South Korea is attributed to the signing of previous Memorandums of Understanding (MoU) to further cooperative ties especially in the field of health care.
According to the Korea National Tourism Organization, South Korea hosted 296,889 medical tourists from over 190 countries in 2016, reflecting an increase of 11.4 per cent from the 266,501 patients in 2014 and the 211,218 patients in 2013. The growth complements the plan of receiving one million international patients by the end of 2020.
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March 25-26, 2017, Yangon, Myanmar Details (Last 1 Spot)
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