Medical tourism is popular (and economical) for a number of reasons. As the cost of medical treatments in developed countries continues to grow, medical tourism – the act of traveling to a foreign country to receive low cost, high quality medical care – will only continue to rise in popularity.
Along with lower costs for procedures, medical facilities outside of the U.S. often have equal or better recovery care, equipment and technology. The standards that international care is valued at are also becoming higher, and facilities are competing to keep up and meet the resulting demands. These standards are most often set by organizations such as the Global Healthcare Accreditation (GHA) and the Joint Commission International (JCI), which give valuable accreditations to hospitals and facilities that meet their standards of quality.
In 2018, the global medical tourism market was valued at USD 39.6 billion. From 2019 to 2026, it’s expected to see a CAGR of 21.9%. This means that by 2026, the global medical tourism market is estimated to be valued at a staggering USD 179.6 billion.
Thailand dominated the medical tourism market in 2018, bringing in both the most revenue and the highest numbers of patients. Many choose Thailand for cosmetic procedures, but other procedures are more popular in different countries. The Asia-Pacific region overall does, however, dominate the medical tourism market. In 2018, the region brought in USD 4.8 billion from medical tourism. Along with Thailand, India, Singapore, and Malaysia are the most popular destinations for international healthcare in the region. It’s worth noting that the Latin American (LATAM) medical tourism market is expected to expand at 7.3% CAGR by 2025, so this region is not one to ignore for patients seeking healthcare across international borders.
Insurance for Complications in Medical Tourism
Wherever a patient chooses to go, even if it is a highly accredited hospital, there is a chance that unforeseen complications could arise after a procedure is performed. Our medical tourism insurance helps protect patients from the financial burden these complications would inevitably incur.