Medical tourism expands the scope of health care services to those in need at more affordable prices. Learn about it and what drives its growth.
What is medical tourism?
Medical tourism is when you travel abroad to receive medical treatment. Affordability is the main reason that drives Americans to fly elsewhere for treatment. In 2022, per capita health care spending will reach $13,493, equivalent to $4.5 trillion in national spending.
What drives the medical tourism industry?
Nearly half of Americans are dissatisfied with the current health care system. While receiving quality care is everyone’s right, high costs prevent many from accessing this benefit. Those who insist on expensive treatments often end up in debt.
For people with high-deductible health plans, such as health savings accounts, receiving treatment overseas is one way to afford specialized treatment. If you set one up, you can withdraw funds to cover your operating expenses. However, if you use your savings for purposes other than paying hospital bills, the IRS will deduct 20% from your savings as a penalty.
Apart from affordability, other factors increasing demand for overseas treatment include quality of services, accreditation of medical facilities and shorter waiting times. The last reason is an important factor in the decision-making process. Healthcare facilities in the United States are notorious for long wait times. One survey showed that 26% of patients had to wait two months or more for treatment, which many believed was unreasonable.
Finally, for those who love to travel, medical tourism is a great excuse to take a vacation. It allows them to combine pleasure with therapy.
Popular medical tourism destinations
Some countries stand out as medical tourism destinations.
1.Poland
Poland is one of the best places for plastic surgery. Surgeons often complete training abroad and are accredited by the European Council of Plastic, Reconstructive and Aesthetic Surgery and other bodies to certify their qualifications. The cost is also 40%-70% lower than in the United States
2. Singapore
The country is known for its state-of-the-art facilities, comprehensive services and world-class experts who meet patients’ medical needs. It is one of the top medical tourism destinations in Asia, along with Thailand and Malaysia. The industrial markets in Vietnam and the Philippines are booming. In 2020, the ASEAN region accounted for 31% of the global medical tourism market share.
3. Türkiye
Why go to Türkiye for plastic surgery? In 2023, it ranked fourth globally in the number of surgeries performed. It has more than 1,000 Joint Commission International-accredited hospitals and clinics.
4. South Korea
South Korea’s Ministry of Health and Welfare recorded 606,000 international patients in 2023, the highest level since 2009. treat.
Common procedures to promote medical tourism
Surprisingly, the largest share of the global medical tourism market in 2021 is not cosmetic surgery, but the cardiac field. One reason is the increasing incidence of cardiovascular disease.
Millions of people have temporarily emigrated abroad to undergo heart and other related medical procedures. Many people also travel to seek treatment for conditions such as cancer, orthopedic-related conditions involving bones and muscles, fertility, and dental and brain disorders.
Medical tourism has the potential to drive GDP growth in countries that excel in medical tourism. The global market for this industry is expected to reach over US$72.8 billion by 2031.
Medical tourism gives people a choice
Medical tourism makes medical care more affordable for citizens, especially those in countries with a high cost of living, such as the United States.
