Back to Main Story:An analyst’s eye on Cayman’s Health City
- When the new sector is robust enough to “spark”, there are many possible overflow benefits: economic diversity, entrepreneurship culture, high-value jobs and new industries – to name a few.
- Quality enhancement: a stronger private medical sector improves Cayman Island’s capacity to provide better emergency response.
- Stakeholder empowerment: the majority of healthcare providers are small and medium enterprises, which are sized to lead the national effort on medical tourism.
- Proactive funding sources: the local/foreign model of medical tourism development will be an excellent source of successful partnerships and investment attraction.
- Positioning: proper development of a medical tourism industry in the Cayman Island would improve the positioning of Cayman as a desirable, world class tourism destination for broader categories of tourists.
- Higher tourism intensity: medical travelers spend on average 12 days or more in the country in order to properly recover from surgery or other medical/dental procedures.
- To enhance local income generation potential: medical tourists spend on average five to 12 times more than a traditional tourist (leisure, vacation).
- To optimize the cost/benefit ratio of marketing actions: since an international patient generates much more revenue to the country than other kinds of visitors, the return of each dollar invested in medical tourism is much higher than for other niches.