An Essential Fact Sheet and Guide on Medical Tourism Statistics
Over the last few years, Medical Tourism has gained popularity among highly industrialized countries such as the United States. The number of medical tourists from the United has increased from about half a million in 2007, to an expected estimate of 1.25 million Americans that will travel abroad for medical treatment in 2014. Beyond the U.S., the OECD estimates that there are up to 50 million medical tourists worldwide annually.
These figures indicate a significant growth in the Medical Tourism industry, with estimates ranging from $50 billion to $65 billion dollars in 2014. The industry is expected experience a continued growth of approximately 20%. While exact statistics for medical tourism are difficult to confirm, these estimations indicate a strong potential for medical tourism in the future.
The following lists facts and relevant information related to medical tourism and its impact on the global healthcare industry.
Medical Tourism Facts: Why do people go abroad to get medical treatment?
While most would think that medical travelers seek cheap and fast medical attention, some facts in a May 2008 McKinsey and Company report
regarding medical tourism indicated otherwise. The report states that 40% of medical travelers seek advanced technology, while 32% seek better healthcare. Another 15% seek faster medical services while only 9% of travelers seek lower costs as their primary consideration.
A lack of health insurance is the most common factor for medical travel.
- Singapore has been a growing medical tourism center in South East Asia with 850,000 medical tourists arriving in 2012.
- Due to its close proximity to the U.S., Mexico has become a top medical tourism destination with 40,000 to 80,000 American seniors spending their retirement there with a considerable number receiving nursing home and health care.
- After more than doubling in the last 5 years, Malaysia is also becoming a famous destination with 770,134 medical travelers in 2013.
Potential Cost Savings among Nations offering Medical Services
Satisfied American patients reported gaining savings from 25% to 75% depending on the type of services required and can reach as high as 90%. Savings vary per country and depend on the type of procedure required.
Most U.S. citizens traveling abroad for medical services usually choose the following categories of medical tourism procedures:
Americans prefer Mexico, Costa Rica or Panama for dental services or cosmetic surgeries due to their proximity. Southeast Asia and India are the choice destinations for orthopedic and cardiovascular cases due to the high quality of healthcare, and a significant number of U.S accredited hospitals and physicians.
The following are some of potential savings and services that can be acquired in various medical tourism destinations.
- Medical care in Panama would cost up to 40% to 70% less in comparison to the U.S.
- A 40% to 50% savings in dental work and cosmetic surgery can be obtained in Hungary.
- Mexico is a favorite destination offering 25% to 35% savings for dental and cosmetic surgery.
- Costa Rica offers 30% to 40% savings for dental and cosmetic surgery services.
- Brazil offers cosmetic surgery services at 40% to 50% less.
- India provides various healthcare services at 20% of the U.S. cost.
- Various healthcare services can be obtained at 30% less than U.S. prices in Thailand.
- Singapore offers various medical services in 13 JCI accredited hospitals for only 35% less than U.S. prices.
- Cosmetic surgery and alternative medicine can be obtained in Malaysia for 25% of the U.S. cost.
The Outlook in Medical Tourism
These medical tourism facts indicate a bright future for this industry. Companies like Hannaford Bros. Co. located in Maine are considering saving up to 70% on medical costs
by offering offshore medical treatments for their employees. In a similar manner, insurance companies like BasicPlus Health Insurance at Roswell are collaborating with global healthcare companies to provide overseas options to members with maximum fixed benefits.
Although these medical tourism statistics show favorable figures, patients traveling abroad should research facts about the facilities and services regarding U.S. accreditation. Whether you are receiving surgery in the US or abroad, there are always risks involved. Reviewing a doctor's credentials and talking with previous patients is highly recommended when seeking quality healthcare.