The new frontier in hospitality is medical tourism. Think more about orthopedics and ophthalmology and less about plastic surgery. The industry currently totals some $439 billion in size, with estimates reaching to $3 trillion over the decade ahead. For context, that target is roughly 7-to-8 times the size of the global smartphone sales today. Top emerging-market destinations now include India and Colombia. Other countries, such as the UAE and Malaysia, have strategic development plans in place. The salient point for investors is that medical tourism is a yield-intensive story, albeit one with added regulatory costs. Aging societies and higher incomes are driving momentum.

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