Flywire, a cross-border payment solution provider, has seen a surge in hospital demand as systems ramp up competition for patients that live outside the U.S.
Flywire CEO Mike Massaro attributed market growth to a rising demographic of consumers with the ability to access services in other countries.
Below are four things to know about the market.
1. Patients Beyond Borders estimates that the worldwide market for international patient care is approximately $40 billion today, and is expected to grow at a rate of at least 15 percent year-over-year.
2. Top destinations for medical tourism include Costa Rica, India, Israel, Malaysia and the United States.
3. About 14 million patients use medical services outside of their country of residence each year, according to Patients Beyond Borders. On average, patients spend between $3,800 and $6,000 per visit.
4. Approximately 1.4 million Americans are expected to travel outside the U.S. for medical care in 2016.