The rising costs of healthcare in first-world countries has created a niche market for Panama, where medical tourism is thriving, due in large part to its dollar economy and significantly lower healthcare costs while offering first rate medical facilities and important number of English speaking medical practitioners who have been trained in world class universities in the US and Europe.

Panama's investment in technology, infrastructure and accreditation accounts in great part for this surge in medical tourism. The sector has worked diligently to poise itself as a leader going into the future. This is added to the fact that Panama continues to figure prominently in the news as one of the world's best retirement destinations. The prosperous US dollar-based economy, modern infrastructure and easy access contribute to make it a real contender in the health tourism market. It has been reported that most procedures in Panama are between 40 to 70 percent cheaper than in the United States.

A growing number of US physicians and medical industry professionals are also coming to Panama to establish partnerships with local practitioners. Panama's prosperous US dollar-based economy, modern infrastructure and easy access contribute to make it a real contender in the health tourism market. It makes sense to capitalize on the prospect of continued impressive economic growth, the benevolent climate and Panama's top ranking for one of the world's best places to retire.

There are excellent hospitals in Panama City. State of the art technology can be found in the city's private hospitals and medical offices. All are very well equipped and meet U.S. and Canadian healthcare standards.

• The Punta Pacifica Hospital in affiliation with Johns Hopkins Medicine International is considered the crowning jewel of this market expansion, offering world class clinical care and diagnostic facilities at a fraction of the costs of developed countries.

• Hospital Nacional recently invested in a $25 million renovation also has state of the art facilities and an excellent reputation for the quality of care. It has a department dedicated to assisting patients insured by foreign companies and a multilingual staff.

• Centro Medico Paitilla also has made an important investment in state of the art imaging equipment as well as additional private rooms.

• Stem Cell Institute – Panama is a leading provider of stem cell therapy and research. Stem cell research clinics attract a growing number of patients and practitioners as the success stories of this therapy continue to spread, and more patients flock to Panama to receive experimental, potentially life saving medical treatments, some of which are not available in the US due to heavy FDA regulations. The controversy sparked by the ethical debate focuses mainly on embryonic stem cells, however not all stem cells are embryonic. Adult stem cells, amniotic stem cells and induced pluripotent stem cells do not require the creation, use or destruction of human embryos.

Most of the specialists affiliated with these hospitals are bilingual, US Board certified and have their private clinics on the premises. Their diplomas are proudly displayed on the walls, issued by the most prestigious institutions of higher learning, like Harvard, Stanford and Johns Hopkins, to name a few.

A growing number of US physicians and medical industry professionals are also coming to Panama to establish partnerships with local practitioners. Panama's prosperous US dollar-based economy, modern infrastructure and easy access contribute to make it a real contender in the health tourism market. It makes sense to capitalize on the prospect of continued impressive economic growth, the benevolent climate and Panama's top ranking for one of the world's best places to retire.

All types of medical procedures are available, from cataract and cosmetic surgery to the more sophisticated,acute treatments such as open heart surgery, orthopedics, as well as the cutting edge procedures like stem cell therapy. It's no secret that most procedures in Panama are between 40 to 70 percent cheaper than in the United States.

As the country continues to make strides in developing the Hub of the Americas, many airlines continue to open new routes to and from Panama. Direct flights into Panama City have increased significantly over the past couple of years. Copa Airlines, the national carrier, expands by adding direct flights to a growing list of airports in the US and Canada. European and US based carriers already have a solid market with direct flights and a growing number of passengers. Major airlines such as KLM, Air France, Iberia and TAP, American Airlines, Delta and Spirit and United Airlines (December 2014) all have direct flights to and from Panama.

Health tourism also feeds an ancillary service sector which provides a “turn-key" experience for the health conscious tourist. A growing number of service providers offer concierge services and will arrange an all inclusive medical vacation, custom tailored to the client's needs and preferences. The number of concierge services providers keeps growing. There are services that will ensure that all of the clients needs are met, from airport pick-up, select accommodations, hospital visits, medical appointments, transfers and after-care.

Panama also has lots of excellent new spas with a great variety of treatments and diet options. Most large hotel chains in the city and beaches offer good deals on their spa packages. A growing number of private high-end spas, nestled in exquisite natural settings and offering packages that combine spa treatments and sightseeing options.

Healthcare tourism in Panama is expected to continue its impressive growth, as the country strives to capitalize on its well earned reputation as one of Latin America's most modern countries and most dynamic economies, and the prospect of becoming one of the cutting edge medical technology centers in the American continent.