Top 5 Medical Tourism Destinations

Medical tourism is a market which has experienced something of a growth spurt over the last few years, but it is an area which is fast becoming the only viable option for more and more people. As the time and costs of medical treatments in places such as the UK, US and much of western Europe continue to rise, increasing numbers of people are looking towards overseas treatment which can bring substantial cost savings even after taking travel and accommodation into account. Medical tourism destinations have emerged from all over the globe.

Set to become a $100 billion industry by 2012 according to statistics produced by McKinsey & Company and the Confederation of India. The top 5 medical tourism destinations are currently Panama, Brazil, Malaysia, Costa Rica and India and while these particular countries may surprise many, they are areas of the world which have undergone substantial economic growth of late. The quality of care in these countries is at a level which has seen the number of visitors to Malaysia alone increase from 75,000 in 2001 to nearly 300,000 in 2006, with the market expected to grow at 30% a year for the foreseeable future! The ‘Americanized’ nature of Costa Rica and Panama is an attractive feature to many US citizens who can undergo common procedures at 40%-70% below the cost of those at home. India is fast tracking itself in the technology stakes and with high trained medical personnel and cutting-edge technology at its disposal is one of the most attractive English-speaking medical tourism destinations.

As these so called “health tourist” areas of the world look to attract more and more professionals to carry out these medical procedures, the need for quality, affordable housing has increased dramatically. This has created some very lucrative property markets in a number of regions of the countries mentioned above and caught the eye of numerous international property investors.

The market for these services is set to continue to grow for some time with local governments setting aside investment and venues specifically to attract overseas income. As the numbers increase so the need for more traditional local services increases, attracting new businesses to the area, thereby further increasing demand for local housing and commercial property.

As there is obviously a major trust factor required to attract the number of health tourists which the likes of Panama, Brazil and the like are seeing, this should protect these specific markets to some extent as this trust needs to be gained over time. We believe here at Nubricks that local economies and property markets have the potential to benefit hugely from becoming a medical tourism destination by having a positive impact on skilled and unskilled trades alike and as the destination attracts more and more interest, with increased medical tourism, both domestic and foreign investors are also likely to benefit.