Medical tourism market predicted to reach $72 Billion
December 5, 2016
• U.S. patients leaving the country
• “It’s no wonder that many Americans — and many people across the globe — are choosing to travel to secure much needed treatments”
Heading to Mexico for quality oral surgery – plus some time relaxing at a seaside resort – all at a quarter to half the cost of having the medical work done in the U.S. is getting to be less than unusual.
It’s called “medical tourism” and it could soon be a $72 billion industry, says a report from Boyd Industries of Clearwater, Florida.
The dental equipment market is growing quickly as a result of the expanding dental tourism industry, says Boyd, which designs and makes specialty dental and medical operatory equipment.
Worldwide, the medical tourism market is expected to grow at a rate of 15 percent to 25 percent, with some estimates putting revenues as high as $72 billion, according to Boyd’s research.
Within this expanding market sector, patients are seeking treatments for a variety of issues and are spending, on average, anywhere between $3,800 and $6,000 per trip.
The American dental service economy generates approximately $60 billion each year in both patient fees and practice activity, and this number is expected to increase as demographics, patient behaviors, and technological advances change the way consumers access their dental service providers, the company says. Internationally, the dental consumables market is growing quickly and is expected to reach $35.35 billion by 2021.
“With the uncertain future of the American healthcare insurance market and the rising cost of both medical and dental care, it’s no wonder that many Americans — and many people across the globe — are choosing to travel to secure much needed treatments,” Boyd says. “Professionals in the dental industry are now servicing a growing sector of the population who travel to obtain dental services. In fact, these patients may be the backbone of the so-called medical tourism industry.”
As a result of the growing dental tourism industry, there is increased competition between countries and providers offering dental services to travelers, according to Adrian LaTrace, CEO of Boyd Industries.
“The dental industry has seen tremendous advancements in both diagnostic and treatment technologies, and this is a huge part of the drive behind the expanding dental tourism market,” he says. “Patients also want to know that dentists are using the most up-to-date technology to accurately diagnose and effectively treat their oral health problems.”