Medsi sets up foreign patients division to leverage upswing in medical tourism
According to Transparency Market Research, the global medical tourism market is anticipated to reach USD 160.8 bn by the end of 2025. The market is projected to show growth of 14.9% during between 2017 and 2025.The report suggests that the rising cost of treatment in the advanced western nations is mainly fueling the global medical tourism market as patients are moved to travel to lower cost countries.
Russia is also making inroads in in this market as more and more foreigners are traveling to Russia for medical treatment. Russia’s Minister of Health estimated that foreigner citizens coming to Russia for medical treatment spent up to $250 million in 2017. A trade association said that more than 110,000 foreign patients came to Russia for treatment that year. Medsi, Russia’s leading private healthcare chain and a Sistema company, is ahead of the trend. In 2018, the number of foreign patients at their facilities jumped 40% in 2018.
To take advantage of the emerging trend, Medsi recently established a dedicated division to grow this part of its business. The division provides visa support, arranges hotels, local transportation and provides translation services.
Medsi notes that China supplies the largest number of foreign patients, followed by Germany, Bulgaria and Russia’s former Soviet neighbors. Many Chinese visit Medsi for orthopaedic treatments and in vitro fertilisation.
Foreign patients are attracted by Medsi’s cutting-edge facilities, expertly trained physicians and support staff, as well as highly competitive prices thanks to a relatively weak rouble.
Vedomosti, Russia’s leading business newspaper, covered this trend this week. Read that article in Russian here.