The results show conclusively the total impacts of medical tourism on the Korean economy. In 2007, we estimated the number of medical tourism participants to be about 20,000, and the direct expenditure incurred by the medical tourism participants to be approximately 45.864 billion Korean Won. By using the inverse matrix coefficient, we also calculated directly and indirectly the induced input in all the other sectors as 97.312 billion Korean Won from the final demand of 45.864 billion in the medical tourism sector. We also calculated 39.717 billion Korean Won as value added and 24.614 billion Korean Won added to the government tax. In conclusion, as results of the medical tourism in 2007, the Korean economy benefited by the total amount of 207.507 billion Korean Won of amount; which are composed of the final demand, the indirect and induced input, the value added, and the government tax. Because of 20,000 medical tourism participants and their expenses in 2007, 704 new jobs were created both directly in medical tourism and indirectly in all the other sectors.
Why Korea? Tourism & Medical Tourism
Impacts of MT on the Korean Economy
The medical tourism is the set of activities in which a person travels often long distance or across the border, to avail medical services with direct or indirect engagement in activities & attraction of destination.
South Korea Joins Lucrative Practice of Inviting
Medical Tourists to Its Hospitals (New York Times, Nov. 15, 2008)
South Korea has joined Thailand, Singapore, India and other Asian nations in the lucrative business of medical tourism. Heart bypasses, spinal surgery, hip-joint replacements, cosmetic surgery — procedures that may cost tens of thousands of dollars in the United States — can often be done for one-third or even one-tenth of the cost in Asia, with much shorter waiting times and by specialists often trained in the West.