by Medical tourism has been on the rise globally over the past few decades. More and more people are travelling abroad for medical treatments that are unavailable or more affordable in their home countries. According to the Medical Tourism Association, an estimated 1 million Americans travelled outside the US for medical care in 2019. Common procedures sought through medical tourism include dentistry, cosmetic surgery, cardiac surgery and orthopaedic surgeries.
Key Reasons for Increased Interest
The growing popularity can largely be attributed to rising healthcare costs in developed nations. Medical Tourism procedures in the US, for example, are often many times more expensive compared to the same treatments abroad. This tourism allows patients to access the same treatments at a fraction of the cost. Furthermore, lengthy waiting times for non-emergency surgeries in countries with socialized healthcare also drives some to seek quicker treatment alternatives overseas. Other factors such as the availability of cutting-edge procedures and state-of-the-art facilities in destinations also attract medical tourists.
Popular Destinations
Several countries have emerged as top destinations for medical tourism due to their combination of world-class healthcare, English speaking professionals and affordable costs. India and Thailand are among the most sought after destinations. Both countries have developed robust medical tourism industries catering to international patients. India, in particular, is a globally recognized leader in sectors such as cardiology, orthopaedics and joint replacements. Other Asian destinations including Singapore, Malaysia and South Korea also attract large numbers of medical tourists each year. Closer to home, countries like Mexico and Costa Rica have made a name for themselves offering significant cost savings compared to the US.
Key Specialties
Certain medical specialties are more commonly sought through medical tourism depending on the specific strengths of each destination country. For example, destinations such as India and Thailand have a strong reputation for cosmetic, bariatric and dental procedures thanks to their combination of experienced surgeons and lower costs. Countries like Singapore and South Korea, on the other hand, are leaders in advanced specialties such as organ transplants, cancer treatment and robotic surgeries. Mexico and Costa Rica attract US patients mostly for elective procedures such as orthopaedic, cardiovascular and spinal surgeries. Overall, the most popular procedures sought internationally include dental treatment, cosmetic surgery, joint replacement surgeries and cardiac bypass surgeries.
Treatment Cost Comparison
One of the primary drivers of medical tourism is the immense gap in treatment costs between countries. A hip replacement surgery in the US, for instance, costs an average of $40,364 while the same procedure in India costs only $9,500. The price difference for coronary bypass surgery is even more drastic at $150,000 in the US versus just $10,000 in India. Even dental crowns and veneers that cost $1,300-$3,000 per unit in the US are priced at just $300-$800 in countries like Mexico and Thailand. Other procedures like knee replacements, angioplasty and spinal fusion also see price markups of 200-300% in the US compared to destinations abroad. These huge cost variations enable medical tourism to provide quality care that is more accessible.
Growth of Accredited Facilities
As the industry matures, countries promoting medical tourism are investing heavily in healthcare infrastructure and workforce training to attract more international patients. State-of-the-art multi-specialty hospitals equipped with latest technologies have gained international accreditations such as JCI and JCAHO. These accreditations validate the facilities’ adherence to global standards of quality and safety. They help foster trust amongst medical travelers in the skills and credentials of doctors as well as outcomes from treatment abroad. The growth of JCI accredited facilities especially in India, Thailand, Singapore and Malaysia aligns well with the increasing preference for accredited care amongst discerning medical tourists.
Scope for Further Growth
This tourism industry experts project continued robust growth over the next decade driven by ongoing globalization, rising health costs and economic uncertainty. Price Arbitrage Associates forecasts the market size to increase at an annual rate of 15-25% and reach revenues of $240 billion by 2027. The overall potential is even larger considering only 2-3% of the nearly 1 billion potential medical tourists have actually travelled for care so far. More active promotion of destinations, ease of travel and quality assurance can unlock this untapped demand. Areas such as wellness, long term senior care, medical value travel and tele-health also open new opportunities to reduce costs and expand access to affordable healthcare globally through this tourism.
Post Treatment Concerns
While this tourism industry addresses some important healthcare access issues, it also brings certain challenges. Continuing care, follow up appointments, and dealing with potential complications back home require diligent planning. Language barriers, cultural differences and long travel distances may also impact the overall experience. Medical malpractice recourse remains complex across international borders. However, reputed facilitators are increasingly providing comprehensive travel and post treatment support services to assist medical tourists through the entire process. Overall, considering its cost effectiveness while treating many real medical needs, this tourism presents a viable option for millions looking for more affordable healthcare without compromising quality if all aspects are well managed.
Note:
1. Source: Coherent Market Insights, Public sources, Desk research.
2. We have leveraged AI tools to mine information and compile it.
Money Singh is a seasoned content writer with over four years of experience in the market research sector. Her expertise spans various industries, including food and beverages, biotechnology, chemical and materials, defense and aerospace, consumer goods, etc.
