Overview
Last updated
Last updated
Globally, the medical tourism and beauty medical tourism market continue to grow in size due to continuous economic growth, improved consumption power, and changes in consumption notions for medical tourism. The number of foreign patients who visited South Korea at the end of 2022 was 248,000 people, which is a figure that has recovered to 50% compared to 2019, before the pandemic. Not only is there much interest in the medical tourism market in South Korea, but the South Korean government is also promoting various policies to revitalize medical tourism with the trend. South Korea enjoys more advancement in terms of technology and infrastructure than other countries in the global medical tourism market. Medical tourism in South Korea is highlighted as one of the reasons people with overseas nationality who want to visit and enjoy South Korean culture.
Although the development of the South Korean medical tourism/beauty medical tourism market is helping various medical industries, the industry is experiencing extreme information imbalances and deepening information opacity due to overheated competition. On the market side, the problem of rising marketing costs and lack of reliability to secure customers is gradually occurring, and side effects are also occurring due to unverified professionals and counterfeit drugs on the customer side.
MEDICAL MARKET SIZE
GLOBAL WELLNESS MARKET
MEDITOC aims to solve problems in the plastic surgery market or the medical market by providing a medical tourism/beauty medical tourism service platform with blockchain to solve problems that are currently occurring in the medical tourism/beauty medical tourism industry. The MEDITOC platform will share data from related industries to address information asymmetry and opacity and provide transparent data to consumers and healthcare providers. Currently, foreigners visiting South Korea for medical tourism, including beauty purposes, are experiencing problems with violations of the Foreign Exchange Transaction Act and fees through brokers. MEDITOC aims to form a borderless medical tourism and beauty medical tourism market by applying cryptocurrency to provide easy payments and discount rates that do not require currency exchange.
