Beyond Borders: The Rise of Medical Tourism
By Tracey Goins
Medical tourism is a $439B global market
African American travelers economic value in 2018 was $63B
As the cost of healthcare care continues to rise in the U.S., medical tourism, a process of traveling to a different country for procedures is becoming increasingly popular. Pop culture stars like Kim Kardashian West and Nikki Minaj who receive major attention for their shapely physiques have become the modern-day apogee of plastic-surgery normalization. With cost savings of up to 90% for surgical or cosmetic procedures, the multi-billion dollar medical tourism market is expanding quickly.
Why This Matters: Nearly 2 million Americans are expected to travel abroad for medical procedures in 2019. The economic value of African American travelers increased in 2018 to $63 billion from $48 billion in 2010. African American “cultural” travelers are the highest spenders, with an average per trip spend of $2,078. With the medical tourism industry aligning itself with the travel industry, it is highly likely the black dollar will be key in profitability and continuity of this multi billion dollar phenomenon.
The financial implications of medical tourism is profound as it has grown to a $439 billion dollar market. Travel agencies, healthcare brokers and insurance companies have become major players. Blue Cross Blue Shield actually promotes medical tourism and offers incentives while other insurance companies have introduced 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 treatment unavailable at home. However, in recent years it equally refer to those from developed countries who travel to developing countries for lower-priced medical treatments. Exorbitant U.S. healthcare costs has lead some to travel to other countries for cheaper alternatives and private hospitals are generating major revenue from forgien patients as a result.
Situational Awareness: Cosmetic surgery is cited as the second most popular procedure among medical tourists. The desperation for surgical perfection has replaced the day when talk of cosmetic surgery in the black community was taboo. Black women will travel abroad to afford the cosmetic services they very much desire.
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