Topic: [2018-01-05] Bitcoin is Pervasive In Medical Tourism (Read 111 times)

Bitcoin is increasingly being used for payments in various sectors of the tourism industry. Now, as medical tourism is booming, the cryptocurrency is also becoming popular in this multi-billion dollar sector.

BITCOIN AND THE MEDICAL TOURISM BOOM

For some time, travelers and tourists have been using Bitcoin to pay for flights, accommodations, and car rentals.

Now, medical tourism is growing exponentially. According to economics professor Marc Pilkington, medical tourism is a $100 billion global market industry comprising 11 million medical tourists annually. The yearly growth is around 25% worldwide.

And, many medical tourists are paying with Bitcoin when traveling abroad to receive medical treatments, such as health check-ups, organ transplants, cancer treatments, and orthopedic, dental, and cosmetic procedures.

According to the MedicalTourism Magazine, the medical tourism’s growth drivers include:

-Aging population
-Increase in degenerative diseases
-Lack of access to quality healthcare services
-Rising healthcare costs
-Long wait times
-Ease of travel

Now, a rising number of the institutions that provide treatment and services to medical tourists are using blockchain technology and accepting payments in Bitcoin.

A Fortune article entitled “The Rise of Medical Tourism Accepting Crypto Currencies” estimates that medical tourists will increasingly use cryptocurrencies. According to the article:

"All in all, medical tourists are likely to increasingly use cryptocurrencies and blockchain technology. For a growing percentage of the rich and super-rich and many less wealthy individuals and families, there are distinct advantages of using cryptocurrencies."

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