Medical Tourism: The Rise of Cross-Border Solutions to Global Healthcare Needs

The global medical tourism market size is expanding exponentially. Some forecasters believe it will reach US$97.9 billion by 2030, posting a gain of nearly 33% during that time period.

What is pushing the growth? The key drivers are affordability, quality of care, and access to care. Faced with rising costs and extended wait times, many large insurers and self-funded employers are allowing patients to seek treatment from international medical providers. ?

The procedures that top the list for medical tourists:

• Dental treatments (veneers, implants and crowns)
• Cardiovascular treatment (coronary artery bypass graft and heart valve transplantation)
• Orthopedic treatment (knee & hip reconstruction and spinal surgery)
• Cosmetic treatment (breast implants, facelifts, etc.)

The Medical Tourism Index (MTI), designed by the International Healthcare Research Center, has been an important tool for health insurance providers and consumers to assess the suitability of a medical travel destination. These metrics include: quality of facilities and services, (including logistics and accommodations), attractiveness of the destination, and the ability to provide the patient with a safe care journey at every touch point. ?Also studied in detail are: cost comparisons in relation to prices in the patient’s home country, medical travel infrastructure, the robustness of the destination’s economy, its security and global reputation. Pre-travel planning, fluid communication and post-treatment care factor prominently into the decision-making process. ?

The growth of medical tourism has also been impacted by those elective surgeries - like weight loss, fertility treatments, cosmetic and certain dental procedures - which are typically not covered by insurance. As an example, the cost of IVF treatment in the U.S. is between USD$15,000 and USD$20,000, whereas in Thailand, it is priced between US$6,200 and US$12,000.

Here are some country trends: Singapore is ranked second in the Medical Tourism Index by the Medical Tourism Association. Singapore's private hospitals provide superior healthcare services through the use of highly trained specialists and a state-of-the-art infrastructure. Colombia, Taiwan, and Spain are among the leading destinations with the highest growth rates. ?India is the preferred destination for cardiothoracic and orthopedic procedures. Dental operations are favored in Brazil and Costa Rica. Thailand is popular for cosmetic procedures and for fertility treatments.

Sources: 2023 International Healthcare Research Center; Research and Market Reports, 2022: Medical Tourism Magazine, 2022