Doctors Without Borders: Why the $ 439 billion medical tourism market is on the move
Band Tracey Goins
- Global medical tourism expected to reach over $ 200 billion by 2027
- The economic value of African-American travelers in 2020 was $ 63 billion
As the cost of healthcare continues to rise in the United States, medical tourism, a process of traveling to another country for procedures, is becoming increasingly popular. Pop culture stars like Kim Kardashian West and Nikki Minaj, who receive special attention for their shapely physique, have become the modern pinnacle of plastic surgery standardization. With savings of up to 90% for surgical or cosmetic procedures, the medical tourism market is expected to reach over $ 200 billion globally by 2027.
Why this is important: Nearly two million Americans are expected to travel abroad for medical procedures, where the availability of cheaper treatment options as well as the best quality of care is the main factor behind the growing preference for offshore medical tourism. . Patients can save 30-80% on the total cost of treatment. The low cost and easy availability of manpower is one of the main reasons for cheaper treatment costs in medical tourism destinations. The economic value of African-American travelers increased in 2020 to $ 83 billion, from $ 48 billion in 2010. African-American “cultural” travelers are the top spenders, with an average spend per trip of $ 2,078. . With the medical tourism industry aligning with the travel industry, it is highly likely that the black dollar will be the key to the profitability and continuity of this multibillion dollar phenomenon.
The financial implications of medical tourism have run deep since it reached a multi-billion dollar market. Travel agencies, healthcare brokers and insurance companies have become major players. Blue Cross Blue Shield promotes medical tourism and offers incentives, while other insurance companies have pilot programs for its medical tourists.
In the past, medical tourism generally referred to those who traveled from underdeveloped countries to highly developed countries for treatments not available at home. However, in recent years he was also referring to people from developed countries, who traveled to underdeveloped countries for cheaper medical treatments. The exorbitant costs of healthcare in the United States have led some people to travel to other countries for cheaper alternatives, and private hospitals are thus generating significant income from foreign patients.
Knowledge of the situation: Cosmetic surgery is cited as the second most popular procedure among medical tourists. Desperation for surgical perfection has replaced the days when talking about cosmetic surgery in the black community was taboo. Black women will most likely travel abroad to afford the cosmetic services that they so much desire.
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