Worldwide, the medical tourism market is expected to grow at a rate of 15–25%, with some estimates putting revenues as high as $72 billion.1 Within this expanding market sector, patients are seeking treatments for a variety of issues and are spending, on average, anywhere between $3,800 and $6,000 per trip.
The American dental service economy generates approximately $60 billion each year in both patient fees and practice activity, and this number is expected to increase as demographics, patient behaviors, and technological advances change the way consumers access their dental service providers. Internationally, the dental consumables market is growing quickly and is expected to reach $35.35 Billion by 2021.
With the uncertain future of the American healthcare insurance market and the rising cost of both medical and dental care, it’s no wonder that many Americans—and many people across the globe—are choosing to travel to secure much needed treatments. Professionals in the dental industry are now servicing a growing sector of the population who travel to obtain dental services. In fact, these patients may be the backbone of the so-called medical tourism industry.
As a result of the growing dental tourism industry, there is increased competition between countries and providers offering dental services to travelers. Adrian LaTrace, CEO of Boyd Industries explained, “Each dentist wants to be seen as the most competent provider, able to furnish value-based dental care both quickly and capably using the most up-to-date technology available. The dental industry has seen tremendous advancements in both diagnostic and treatment technologies, and this is a huge part of the drive behind the expanding dental tourism market. Patients also want to know that dentists are using the most up-to-date technology to accurately diagnose and effectively treat their oral health problems.”
As the dental tourism industry continues to grow, dentists must position themselves as leaders in the treatment arena in order to stand out from the competition. That means investing in quality dental equipment that will allow a dentist to perform complicated, precise procedures and increase their dentistry service offerings. Because of consumers’ willingness to travel for access to the most advanced technology and service offerings, the dental equipment market is forecast to grow to $7.8 billion by 2018.
“These patients are willing to travel farther and spend more money to achieve the results they want, which is often only possible using the most modern technology. To keep pace with these consumers, dental practices have to keep up with the demand for access to the most cutting edge equipment” said LaTrace.