ECONOMIC ANALYSIS OF THE MEDICAL INDUSTRY IN TURKEY

Abstract

Healthcare industry is one of the fastest growing industries in the world and comprises hospitals, medical equipment and services, telemedicine, medical tourism and medical insurance. In this study, the medical industry in Turkey was analyzed using the industry’s export and import data. The increase in Turkey’s population and the number of hospital are increasing the demand for health industry in Turkey. But the medical device industry is mostly dependent on foreign and import-oriented structure. Trend analysis results show that the growth in imports is more than the growth in exports. On the other hand, Turkey is a country which has comparative advantages in medical tourism in the world. In order to increase the competitiveness and reduce the negative impact on foreign trade, Turkey should increase its investments in the medical industry.