According to Stratistics MRC, one of the leading providers of market and business research in the US, the Global Medical Tourism Market accounted for $17.1 billion USD in 2015 and is poised to reach $57.2 billion by 2022, growing at a CAGR of 18.8% during the forecast period (The compound annual growth rate (CAGR) is the annual growth rate of an investment over a specified period of time longer than one year).
Affordable good quality care, presence of advanced medical technologies and better pricing for cosmetic surgeries are likely to fuel the market for Medical Tourism in countries like Mexico.
The Allied Market Research (AMR), published a study in April this year titled “World Medical Tourism Market—Opportunities and Forecasts, 2014–2022″. This report states that the world medical tourism market could reach $143.8 billion USD by 2022.
Allied Market Research predicts that North America and Asia-Pacific will remain the principal Medical Tourism revenue-generating regions.
According to AMR research analyst Vivek Singh, the major factors contributing to the growth of the Medical Tourism market are: “affordability, availability, and accessibility of superior quality healthcare services with healthy support and assistance from tourism departments and local governments.
Hospital de Especialidades Médicas Merida
Why bother, if I can get across the border?
For many years now, Americans living near the Mexican border have been crossing to Mexico for medical care rather than pay higher prices for similar care and identical drugs in the United States.
While doctors and public health officials in the area have been aware of the phenomenon for decades now, a new large random sampling of Mexican doctors along the border from Texas to California have a big percentage of Americans as patients.
The cost of a visit to the doctor can be so much lower over the border that in some cases it is less than the 20 percent most Americans must pay under any health insurance plan.
Andrew B. a resident of Corpus Christi, Texas, regularly makes a three-hour drive to the border town of Nuevo Progreso in Tamaulipas, Mexico for dental work. He even had a wisdom tooth pulled there.
Nuevo Progreso, Tamaulipas (Tripadvisor)
Last time he went for a check up, the dentist said ” This procedure will cost you 60 American dollars. Okay no problem, you’re already in the chair,” Burt said. When he got back, one of his relatives looked to see how much exactly the same procedure would cost in the States, and it was 7 times more expensive (420 USD).
Testimonial published on http://www.kristv.com/
Who’s the boss, when it comes to Medical Tourism?
Geographically, North America and Asia-Pacific dominate this sector, and collectively account for two-thirds of the overall medical tourism market in 2015.
The growth of these regions is attributed to the availability of affordable medical treatments for several disease conditions in countries such as Mexico, Thailand, Malaysia, India and Singapore.
Many people are not aware that they can receive the highest quality of medical care outside of their home country.
Some patients in countries like the United States, Canada, and the United Kingdom have a lack of access to healthcare due to high cost and long waiting lists.
Patients in some other regions as in some parts of Africa and the Middle East do not have access to high quality medical care in their own country and need to look elsewhere.
Some patients just want to travel outside of their country for healthcare to incorporate high quality care with a holiday and tourism.
Hospital Room (Clinica Merida)
Come to Yucatan and save big on Medical Care
The medical cost savings in Mexico are tremendous. Typically a patient’s savings are in the order of 50%.
Mexico is by far one of the medical tourism countries with the most convenience to the traveler. Its high quality doctors and hospitals plus the savings that can be obtained, make Mexico the ideal medical tourism destination.
Check out the list below and see for yourself :
NOTE: These prices are approximate, not necessarily actual prices and do not include airfare travel or lodging costs for patient and/or companion. Prices may vary based upon many factors including: hospital, doctor’s experience, accreditation, currency exchange rates and more. (PRICES ARE AS OF 2015.)
If you are reading this article while in the US, Canada, UK or any other country in the world, we invite you to visit Yucatan Healthcare and learn about the excellent medical services that are offered by a select group of high qualified specialists in the Yucatan.
Sources:
- http://www.travelmarketreport.com/
- http://www.medgadget.com/
- http://www.tornosnews.gr/
- http://www.kristv.com/
- http://yucatanhealthcare.com/
