Medical tourism has been around since the dawn of civilization, with records showing people in Roman times traveling to countries such as Turkey and Switzerland to use volcanic thermal waters for healing.
The modern equivalent is primarily driven by access to information on the internet.
Patients searching online for treatments abroad — from heart surgery to cosmetic surgery — are often of higher quality and less costly than those offered at home.
Chris Pochiba is a social media influencer who traveled to South Korea in 2022 to undergo laser eye surgery. His wife, Sara Aho, explained why they chose South Korea over other destinations.
“A lot of countries in the world have the same technology. But South Korea is known for being high-tech, very clean, very hygienic, very professional and kind of familiar,” Aho said.
In fact, more and more Americans are choosing to seek treatment in countries such as Mexico, Costa Rica, India and Thailand, where the average cost savings range from 45% to 90%.
However, the Covid-19 pandemic halted international travel and, in turn, the inflow of patients, disrupting what was then a thriving industry worth more than $70 billion.
But it’s not all doom and gloom.
“Compared to 2019, which is the last year in 2022, we’re coming back with fewer people, but revenue,” Paul McTaggart, CEO and founder of medical travel agency Medical Departures, told CNBC. increased.”
Paul added: “Just as you’ve seen inflation at the gas station, at the grocery store, you’ve seen it at the hospital. The prices of medicines and dental care have gone up, and we’ve been the beneficiary of that.”
So is this rapid growth sustainable? Are there some pitfalls that someone considering this route should be wary of? Watch the video above to learn more.