Medical Tourism Files IPO Prospectus Amid Global Surge in Health-Travel Demand

In recent years, medical tourism has become one of the fastest-growing emerging industries worldwide. As income levels and health awareness rise, combining travel with medical care has emerged as a new form of tourism. “Traveling to South Korea for hyaluronic acid injections during holidays” and “Undergoing a health check-up while visiting Japan” have become ways for tourists to experience foreign cultures.

What Is Medical Tourism?
Medical tourism, as a form of health tourism, generally refers to traveling to another country to access local medical services. Traditionally, individuals have traveled from less developed countries to major medical centers in more developed nations to receive treatments unavailable in their home regions.

Although traditional models persist, a growing trend sees individuals traveling from developed to developing countries for medical treatment due to cost considerations. Another driver of medical tourism is that certain procedures, such as specific fertility treatments, may be illegal in patients’ home countries.

The Origins of Medical Tourism
The first recorded instance of medical tourism dates back thousands of years. Pilgrims from across Greece traveled throughout the Mediterranean to a small town called Epidauria in the Saronic Gulf. This place was considered a sanctuary of Asklepios, the god of healing.

Spa towns and sanatoriums may be considered an early form of medical tourism. For instance, in 18th-century England, patients traveled to spa towns for their reputedly health-promoting mineral waters, which were believed to treat a wide range of conditions, from gout to liver disease and bronchitis.

Medical TourismAdvantages of
The growing popularity of medical tourism is primarily driven by high healthcare costs in patients' home countries, long waiting times for certain procedures, and the increasing affordability and comfort of international travel. Moreover, many countries boast advanced medical technologies and high standards of care.



Excessive wait times are the primary reason for Britons to pursue outbound medical tourism. In contrast, the main driver in the United States is the lower cost of care abroad. For instance, a liver transplant costs $300,000 in the U.S., compared to approximately $91,000 in Taiwan.

An authoritative expert from Harvard Business School stated, “Medical tourism is more widespread in the United Kingdom than in the United States.” In developed countries such as the United States, medical tourism has broad prospects for growth. According to a forecast report published by Deloitte Consulting in August 2008, medical tourism originating from the United States is projected to grow tenfold over the next decade.

Some individuals travel to obtain surgical procedures or other medical treatments. Others go abroad for dental tourism or fertility tourism. Patients with rare genetic disorders may travel to another country where treatments for rare diseases are more readily accessible and better understood. In medical tourism destinations, nearly all types of healthcare services are available, including psychiatry, alternative therapies, rehabilitative care, and even funeral services.

Furthermore, patients in some developed countries have also identified problems within their domestic healthcare systems. For instance, insurance may not cover orthopedic surgeries (such as knee and hip replacements), or it may restrict the choice of medical devices, surgeons, and prosthetics.

Medical Tourismof risk
Medical tourism offers numerous benefits, but it also poses certain risks to medical tourists, including deep vein thrombosis, tuberculosis, amoebic dysentery, paratyphoid fever, and inadequate postoperative care.

Compared with Europe and North America, some countries such as South Africa and Thailand have significantly different patterns of infectious diseases and epidemics. For individuals with compromised health, exposure to patients or endemic areas without established natural immunity poses substantial risks. This is particularly concerning for patients with gastrointestinal disorders (such as hepatitis A, amoebic dysentery, and paratyphoid fever), as it may slow down the treatment process and even expose them to the risk of contracting other infectious diseases, influenza, or tuberculosis.

However, because diseases in impoverished tropical countries are diverse, doctors tend to consider more comprehensively the possibility of any infectious disease, including AIDS, tuberculosis, and typhoid fever. In contrast, many cases in the West have been misdiagnosed because such diseases are considered "rare" there.



In terms of postoperative care, medical tourism also carries certain risks. Undertaking long-distance travel shortly after surgery increases the risk of complications. Long-haul flights and poor air circulation can lead to the formation of deep vein thrombosis and pulmonary embolism in patients.

Other holiday activities may also pose risks—for example, exposure to sunlight during scar healing can cause the scars to become darker and more prominent.

Meanwhile, healthcare institutions managing medical tourists may lack comprehensive complaint policies, failing to appropriately and fairly address complaints from dissatisfied patients.

Medical TourismThe Process of
Patients seeking medical services abroad should first contact a medical tourism provider. These providers typically require patients to submit medical records, including details on the nature of their condition, the attending physician’s recommendations, medical history, and diagnostic results; additional information may also be requested.

Next, the doctor or consultant will provide recommendations regarding medical services. Both parties will engage in a series of discussions covering estimated costs, selection of hospitals and travel destinations, length of stay, and other related matters.

Upon signing the agreement, the patient will receive a recommendation letter for a medical visa issued by the relevant embassy.

Patients travel to the destination country, where medical tourism providers arrange all necessary matters, including accommodation, treatment, and other forms of care. Upon completion of the treatment, patients may either remain in the destination or return home.

Currently, there is a growing number of medical tourism destinations to choose from. Developed regions such as the United States and Europe are highly favored by mid-to-high-end clients due to their early technological advancements. Today, Japan, South Korea, Singapore, Thailand, Malaysia, Israel, and Taiwan have also become well-established medical tourism destinations.

It is understood that an increasing number of traditional travel agencies are venturing into the high-end medical tourism sector, offering services such as health check-ups in the United States, early cancer screening products in Japan, minimally invasive cosmetic procedures and health check-up packages in South Korea, and anti-aging and beauty treatments in Switzerland. Some individuals also utilize travel to facilitate reproductive assistance, including in vitro fertilization (IVF), surrogacy, and embryo cryopreservation.

However, perceptions of medical tourism are not always positive. In places with high quality standards, such as the United States, medical tourism is considered highly risky. In some countries around the world, broader political factors can influence where medical tourists choose to seek healthcare. Therefore, one must exercise caution when engaging in cross-border medical tourism.

Text | Chen Kun

Editor: Huang Jia