Latin America - Medical Tourism Trends, Opportunities and Challenges

Latin American Medical Tourism countries are recording remarkable growth. According to recent researches as many as 23 million Americans are expected to go for medical tourism in near future, half of it is likely to be go to Latin America. Latin American countries have become the obvious choice to quality and affordable treatments for the burgeoning aged and uninsured American population. Read full article at Dr Prem's Medical Tourism Guide - Latin America Trends and Opportunities

Watch above the experts of Dr Prem's Speech about Latin America Medical Tourism Industry during 4th International Health and Wellness Tourism Congress in San Domingo

Both the scenic beauty and top quality treatment in these countries far outmatch what is available back in the US. The year 2016 saw USD 4.33 billion in Latin American medical tourism market share estimated to grow at 18.9% CAGR. This is expected to touch USD 10.30 billion by 2021 as reported by Market Data Forecast.

A 40%-70% slash in medical expenses in Latin American countries compared to that in the US is a strong reason to opt for beyond the border medical service. Devaluation in Latin American currencies has further pulled the lever in favor of Canadians and the Americans.

Destinations developing into centers of excellence:

Brazil, Mexico, Costa Rica, Columbia, Panama and Argentina are the flag bearers of Latin American medical tourism. In the Caribbean, the Cayman Islands, Bahamas, Dominican Republic, Cuba, Puerto Rico and Barbados have etched a prominent mark in this domain as well.

Many of the Latin American countries have turned out to be the centers of excellence offering treatments ranging from simple dental procedures to critical ailments. Highly sought after medical services are chronic disease care, cancer treatments, bariatric and heart surgeries, orthopedic treatments, cosmetic and plastic surgeries and eye care.

Proliferation in JCI's and ISQA accredited healthcare facilities using state-of-the-art technology has been the in thing. Top grade hygiene and quality patient care are being given top priority to improve treatment outcomes.

Dr Prem Jagyasi talking about Future of Wellness Tourism industry Courtesy: https://dohealthwell.net/ team.

Mexico enjoys the maximum privilege of medical tourism activities for its proximity to the US. Several reputed private hospital chains in the US are running clinics in Mexico offering quality treatments at a much lesser cost.

Brazil stands out with its advanced healthcare system. According to the WHO, the country has the best healthcare system in Latin America and is the first country outside the US to have the JCI accredited hospital. Currently, Brazil has more than 40 JCI accredited hospitals. The WHO has also labeled Costa Rica’s healthcare system slightly better than the US and is among the top five most visited destinations by the Americans.

Competitiveness in medical tourism is well realized by the Latin American countries where each country has carved a niche in specialized treatments which others lack. For example, Mexican towns along the Mexico/US border are thriving in dental and cosmetic treatments. Some countries specialize in weight loss surgeries, Brazil and Columbia in plastic surgery, Cuba in treating night blindness and the Dominican Republic offers hi-precision critical surgeries using state-of-the-art Da Vinci Robot.

Favorable conditions creating medical tourism opportunities in Latin America:

Proximity to the US, cultural similarities, absence of language barrier, scenic landscape and excellent round-the-year weather conditions conducive to healing along with advanced healthcare infrastructure are the biggest pull factors of medical tourism in this region.

The hospitable nature of Latin Americans creates the feel-at-home ambience for the international traveler. As a result, there is a growing willingness among the US and Hispanics to cross the border clubbing vacationing and medical care.

Latin American nationals residing abroad (for example in the US and Canada) maintain strong ties with their home countries. They are more inclined towards seeking medical services here where they can build a comfortable patient-physician relationship. A quarter million of Canadian population of Latin American origin forms a strong customer base. A similar trend is observed in the US-dwelling Latin American population.

The various Free Trade Agreements like NAFTA, DR- CAFTA etc. have enabled many US residents to avail visa-free travel. For example, in Panama, people from almost any nationality can avail 180-day visa-free stay. 

In view of the growing medical tourism in Latin America, the possibility of US funding or Canadian government-sponsored programs is quite high. Not only this, many North American organizations are keen to reduce employee health insurance costs by outsourcing medical treatment and service.

The rising trend of senior medical tourism creating newer business opportunities:

A large size of the senior population in the US and Canada are also opting for retirement tourism in Costa Rica, Panama, Mexico, Cuba etc. for affordable living conditions and medical support and opportunities to maintain a stimulating and active lifestyle. The governments of these countries are keeping a sharp eye on this population and are doing the best to attract this customer segment.

The territorial tax system of Costa Rica further enables a peaceful stay for senior citizens. The Pensionado visa of Panama is a big draw for the senior population who can enjoy heavy discounts on living expenses like airfare, restaurant bills and entertainment costs.

Mexico’s proximity to the US has again proved to be advantageous in attracting the senior population too. About 40,000-80,000 senior Americans are enjoying retired life here. Recently, Cuba and Canada have entered into an agreement dedicated to the medical care and attention of senior Canadian tourists.

Hospitality boom in Latin American destinations:

Medical tourism boom in Latin America has also boosted the hospitality industry. Impressive hotel development projects for mixed-use and adaptive purposes by leading players are surfacing in Mexico, Brazil, Colombia, Dominican Republic, Puerto Rico etc. The major cities of Colombia namely, Bogotá, Cartagena, and Barranquilla are witnessing the development of mixed-use hotel projects.

Projects worth mentioning here are the Johns Hopkins-affiliated Hospital Punta Pacifica in Panama City, Panama and the proposed hotel Centro Internacional Del Caribe to be built beside Clínica Portoazul in Barranquilla, Colombia.

Tough competitiveness has led Latin American destinations to evolve as a more mature medical tourism market. The destinations are striving to create a sustainable market based on their core competencies eyeing the huge customer base of the US, Canada and also other developed nations.

About Author

Dr Prem Jagyasi is an award winning strategic leader, renowned author, publisher and highly acclaimed global speaker. Aside from publishing a bevy of life-improvement guides, Dr Prem runs a network of 50 niche websites that attracts millions of readers across the globe. Thus far, Dr Prem has traveled to more than 65 countries, addressed numerous international conferences and offered his expert services to more than 150 international organizations. He also owns, operates and leads a web services and technology business, supervised and managed by his eminent team. Dr Prem further takes great delight in travel photography. Please visit him at https://drprem.com/

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