• by bcarlson@marketresearch.com
  • December 9 2013

30 Billion-Dollar Medical Tourism Market

30 Billion-Dollar Medical Tourism Market

Medical tourism will help millions of global patients find cheaper healthcare, but it is also a trend that global marketers of healthcare products should be aware of.  Eight million patients across the globe cross borders to recieve treatment and pay anywhere from 3-5 thousand dollars for a variety of services, according to the group Patients Without Borders.  Much of this travel represents cosmetic surgery, but more routine surgery is also included. Using their estimates, this trend represents a 24 to 40 million-dollar market for medical tourism, all included. 

How medical tourism impacts markets usually covered by Kalorama Information, which are the equipment and reagent markets, in healthcare and revenues earned by manufacturers, is more complicated.  The manufacturer does not see the 30 billion, it goes to a variety of service providers.  But it’s a factor in manufactuer revenue, as service fees charged by well-equipped private hosptials will impact the IVD market as well as other healthcare markets as patients in developed nations will expect top-notch healthcare including testing, facilities, durable medical equipment and novel surgery instruments. They can drive a higher level of quality equipment into the distribution system in these countries.    

Medical tourism will be a growth factor for equpment markets in many countries, including the following cited by Patients Without Borders as destinations:

  • Brazil
  • Costa Rica
  • India
  • Korea
  • Malaysia
  • Mexico
  • Singapore
  • Taiwan
  • Thailand
  • Turkey