Medical tourism–foreigners traveling to India or Thailand for procedures that would cost an arm and a leg in their home countries–has made for great segments on 60 Minutes and even magazine features. But now the economic downturn, and health-care reform, is taking a toll on the once-booming industry. The number of Americans traveling abroad for elective medical treatment has fallen nearly 14% since 2007, according to a recent study by the Deloitte Center for Health Solutions.
Is the medical tourism industry–which aims to provide quality care for those who can't afford or access it at home–losing its target audience?
Americans are cutting back on health care: In 2008, 22% of adults reduced visits to their doctors, and 36% admitted to putting off needed medical care. So it's not surprising that the medical tourism industry would falter. Not only are people more likely to forgo elective procedures, but they’re also not as eager to dole out cash for a flight overseas.
Even in a down economy, however, the cash you might save from traveling overseas for treatment will probably outweigh what you spend. According to the Deloitte study, the 750,000 Americans that traveled abroad for medical care in 2007 saved 30%-70% on their procedures.
Chinese vote 14 Thai tourism favourites
The 2017 People’s Choice Awards Thailand were based on 3.7 million votes cast during a two-week period.
Thai baht hits new record high in two years
The Thai baht is one of the best-performing currencies in the region this year, rising about 5% against the dollar.
China’s economy stumbles on power crunch
BEIJING (Reuters) – China’s economy hit its slowest pace of growth in a year in the third quarter, hurt by power shortages, supply chain bottlenecks...
Quarantine-Free Thailand Reopens for Vaccinated Tourists From 1 November 2021
The Tourism Authority of Thailand (TAT) would like to confirm that Thailand is all set to welcome fully vaccinated foreign...
The ASEAN-India Trade in Goods Agreement
The ASEAN-India Trade in Goods Agreement (the “Agreement”) is a trade deal between the ten member states of ASEAN and...
Bangkok lifts more COVID-19 restrictions
In response to the Royal Thai Government’s announcement to relax more COVID-19 controls in the dark-red zone provinces, which include...
Thailand lifts curfew in ‘Blue Zone’ destinations from 31 October 2021
Bangkok, 22 October, 2021 – The Tourism Authority of Thailand (TAT) would like to provide an update that the night-time...