Its rapidly growing population and the government’s commitment to expanding access to essential health care were key drivers of future growth in the market. According to BMI, ABIMED, WHO, US Commercial Service, the medical device market in 2008 was $3.0 billion, and was expected to reach $5.7 billion by 2013. Brazil’s medical device market valued at $3.0 billion in 2008was the largest in Latin America. A compound annual growth rate (CAGR) of 13.8% was anticipated through 2013, driven by increase in health care expenditures. With the few large-scale domestic manufactures and a large rapidly growing market, Brazil’s medical device sector offered strong potential for foreign device makers to exploit imports.
India, which is targeting several markets in the Middle East and North America, is attempting to dominate the global medical tourism market by offering international patients intensive medical treatments including hip replacements, open heart surgery, laser eye surgery, and other advanced medical services (Connell, 2 2006). As a result of this, India has predicted that revenues from the medical tourism sector will exceed $2 billion, making it the best medical tourism destination in the global market in terms of advanced medical technology and skilled doctors (Connell, 2006) With this increasing globalization of medical tourism services come some significant questions: what are the factors that play a primary role for motivating patients to travel abroad searching for adequate medical services? What are the roles of stakeholders to develop a medical tourism sector? And what are the main drivers for developing a sustainable medical tourism facility? Answering these questions is vital for the research to describe further the development of medical
The Healthcare Industry comprises of hospital services, healthcare equipment, managed care and pharmaceuticals. Healthcare is a universal profession, different from law, business or government and knows no boundaries. It is very different from other services and products. This paper focuses on the structure of healthcare service industry, its growth over the decades, its market potential and opportunities for growth. Further, building relations with customers of healthcare service industry as a strategy for
The world is changing every day. More and more new ideas and innovations come out. The hospitality and tourism industry is facing different challenges and opportunities. Trends in the industry can be just a flash in the pan but some can last for a long time. The following analyzes three emerging global trends that are likely to impact the growth of the industry in the future.
The medical tourism has been estimated to be a $60 billion industry (Lunt et al, 2011) and despite the global economic turndown, is expected to grow at a rate of up to 35% in coming years (Deloitte, 2009). This can be seen in the USA where outbound medical tourists were approximately 750,000 and have been skyrocketed to 1.6 million by 2012, which accounted for 29% increase (Deloitte, 2009). According to this substantial growth, medical service providers should develop themselves to be sucessful destination and competitive among other competitors. There are several key factors emerging as a critical success factors which support a thriving medical tourism industry. First of all is that labours are supposed to have a high-healthcare skills.
This research paper will indicate the important of Wellness Programs in the Workplace. One of the most recent extensive studies of workplace wellness programs in the U.S. was conducted by the RAND Corporation in 2013 in an effort funded by the Department of Health and Human Services and the Department of Labour. The report investigates the characteristics of workplace wellness programs, their prevalence, their impact on employee health and medical cost, facilitators of their success and the role of incentives in such programs (n.d.). The results from this research indicated that fewer than half of the employees in the firms surveyed undergo clinical screening which is used to identify employees for interventions. Participation in a wellness program over five years is associated with lower health care costs and decreasing health care use.
The countries whose GDP is growing and will continue to grow due to the fact that it will attract foreign direct investment and hence more business and leisure travel. Franchising is viewed as the best option for growth. Online marketing has now become an important medium for hospitality firms and earlier all things were done manually.
It also has tie ups with certain hospitals and clinics where the treatment can be taken or even surgery be performed for discounted prices. 5. ACCENTURE’S CORPORATE WELLNESS PROGRAM Accenture wellness program is another great corporate health package for their employees. In fact, Accenture has been accredited with being the healthiest employer in the U.S and is taking this ahead in India as well. It takes care of the standard modes of treatment as well as alternative methods like homoeopathy, etc...
Innovation Medical tourism brings innovation to the healthcare industry, whether inbound or outbound. Countries offering medical tourism, such as the Philippines, have to provide state-of-the-art healthcare facilities to attract medical tourists. With more patients going overseas for medical treatments, local providers must improve their own facilities and medical services, while bringing down costs in order to keep patients within its territory. Either way, medical tourism results in innovation in healthcare. Medical Tourism Centre Patients will receive treatment in an 80-bed tertiary hospital with state-of-the-art facilities.