The case for the medical tourism cluster is particularly easy to understand. Singapore and Thailand are both popular tourist destinations, with high-quality medical facilities accredited by international agencies.

These Asian hospitals have a huge advantage over their U.S. counterparts. A heart valve replacement, for instance, will cost you US$150,000 in the United States, but only US$10,000 to US$12,500 in Thailand or Singapore. The combination of aging North American boomers, long waiting lists for medical care in Canada and the United States, and pinched public-health budgets should provide these facilities with a steady stream of international patients.