Medical tourism expands health care access to people who need it at a more reasonable price. 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 primary reason pushing Americans to fly elsewhere to receive treatment. In 2022, each person’s average health care spending reached $13,493 — equivalent to a nationwide expenditure of $4.5 trillion.
What Drives The Medical Tourism Industry?
Nearly half of Americans are unhappy with the existing health care system. While it’s everyone’s right to receive quality care, the cost hinders access to this benefit for many. Those who push through with expensive treatments often end up in debt.
Getting treatment overseas is one way to afford specialized procedures for people with high-deductible health plans, like a health savings account. If you set one up, you can withdraw the funds to pay for your operation. However, the IRS will deduct 20% from your savings as a penalty if you use it for purposes other than paying hospital bills.
Besides affordability, other factors increasing the demand for treatment overseas are the quality of service, accreditation of medical facilities and shorter waiting times. The last reason is a massive factor in the decision-making process. Medical facilities in the U.S. are notorious for their long waiting times. In a survey, 26% of patients wait two or more months before receiving care, which many find unreasonable.
Lastly, medical tourism is a good excuse for vacations for people who love to travel. It allows them to combine pleasure with treatment.
Popular Medical Tourism Destinations
Some countries stand out as medical tourism destinations.
1. Poland
Poland is one of the best locations for plastic surgery. Surgeons often complete their training abroad, receiving recognition from the European Board of Plastic, Reconstructive and Aesthetic Surgery and other bodies to prove their qualifications. The fee is also 40%-70% lower than in the U.S.
2. Singapore
This country is renowned for its cutting-edge facilities, comprehensive services and world-class specialists who cater to patients’ medical needs. It’s one of the top medical tourism destinations in Asia, along with Thailand and Malaysia. Vietnam and the Philippines are seeing a booming market for the industry. The ASEAN region seized a 31% global market share in medical tourism in 2020.
3. Turkey
Why head over to Turkey for cosmetic surgery? In 2023, it ranked fourth in the highest number of procedures done globally. It has over 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 since 2009. The country is well-known for providing high-quality cosmetic surgery procedures, but some patients also visit for general checkups and integrated internal medicine.
Common Procedures Driving Medical Tourism
Surprisingly, the largest share of the global market for medical tourism in 2021 isn’t cosmetic surgery but the cardiac segment. One reason for this is the increasing incidence of cardiovascular diseases.
Millions have temporarily moved abroad to have heart and other related medical operations. Many others travel to seek treatments for conditions like cancer, orthopedic-related diseases that deal with bones and muscles, fertility, and dental and brain disorders.
Medical tourism has the potential to drive the gross domestic product of countries that excel in it. The global market for this sector is projected to reach more than $72.8 billion in 2031. What this ultimately means is you get the option to receive high-quality care without the premium price tag.
Medical Tourism Gives People A Choice
Medical tourism allows citizens to afford care, especially those in countries with high costs of living like the U.S. If a surgical operation at a local hospital will put you in debt, research overseas facilities where the fee is within your budget.
