Medical tourism industry in Turkey is expected to see $8 Billion annually if government grants necessary tax breaks to the sector.
As per the recent statement from the Foreign Economic Relations Board (DEÝK), medical tourism industry in Turkey is likely to earn $8 Billion per annum from 2015 onwards given the government offers tax incentives to the industry, as per the news published by Todays Zaman
Turkey is known as one of the few countries having huge opportunities in the field of health tourism. The country’s low-cost yet quality health tourism services are grabbing significant attention of overseas tourists. Cost of treating Infertility in the US, for example, is somewhere around US$ 40,000 whereas the same treatment costs around US$ 3,000 in Turkey. Liver transplant in the US costs in the range of US$ 300,000-US$ 400,000 while Turkey offers the same operation in the cost range of US$ 100,000-US$ 150,000.
Improving healthcare infrastructure is primarily driving the country’s medical tourism industry. It has the most number of Joint Commission International (JCI) accredited organizations. The Turkish government is continuously involved in developing several hospitals across the country, which offer meticulous nursing staff and medical technicians, highly qualified and board-certified physicians, and highly personalized care.
Because of all the aforementioned advantages, Turkey is receiving an increasing number of foreigners seeking medical treatment. At present, the country attracts nearly 30,000 to 40,000 international patients. In this way, Turkey is giving a tough fight to its competitors.
Starting 2015, around one million patients could be attracted into the country, bringing in US$ 8 Billion in tourism revenue, provided VAT reduction is offered to the industry.
Moreover, Turkey is not just preferred for lower medical costs but also for lucrative vacation opportunities emerging in the country post-recession.
According to a Research Analyst at RNCOS
, “As Turkey’s healthcare services help attracting foreign currency influx into the country, there is the need of tax returns to be spent for purchasing tools required by the industry as well as for all the health services. Tax exemption will infuse a new life into the health tourism sector and boost the local economy.”
Related Market Research Reports:
Asian Medical Tourism Analysis (2008-2012)
Booming Medical Tourism in India
Emerging Medical Tourism in South Korea