Medical Tourism Market Size, Share, Growth Analysis And Forecast 2024-2033

The medical tourism market size has grown rapidly in recent years. It will grow from $86.95 billion in 2023 to $102.21 billion in 2024 at a compound annual growth rate (CAGR) of 17.6%. The growth in the historic period can be attributed to emerging markets growth, increased incidence of cardiovascular diseases, growth in cosmetics procedures, rise in demand for body contouring and rising disposable personal income.

The medical tourism market size is expected to see rapid growth in the next few years. It will grow to $180 billion in 2028 at a compound annual growth rate (CAGR) of 15.2%. The growth in the forecast period can be attributed to government initiatives, lower cost care for surgeries, increase in geriatric population, rising number of medical tourists and technological advancements. Major trends in the forecast period include metaverse for medical tourism, use of mobile technology, adoption of precision medicine, mergers and acquisitions, use of artificial intelligence and partnerships and collaborations.

Market Overview -
Medical tourism is the process of travelling to another country solely for the reasons of medical treatment. It is useful for people living in countries where appropriate medical facilities are not available.

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Medical Tourism On The Rise Seeking Affordable Healthcare Abroad
High healthcare cost in developed countries is driving growth in the medical tourism market as developing countries are able to provide cheaper treatment. Patients usually travel to developing countries with quality healthcare infrastructure and low healthcare costs. According to a study conducted by the Centres for Disease Control and Prevention, approximately 0.75 -1.6 million people from the USA travel out of the country for medical care to avoid high treatment cost. For instance, a hip replacement surgery in the USA costs approximately $39,299 while the same surgery in India, Costa Rica or other developing countries would cost between $7000 and $15,000 including logistics.

Competitive Landscape -
Major companies operating in the medical tourism market report are Prince Court Medical Centre (IHH Healthcare), Bumrungrad International Hospital, Asklepios Kliniken Verwaltungsgesellschaft mbH, Apollo Hospitals Enterprise Ltd, Fortis Healthcare, Bangkok Dusit Medical Services PCL, Saudi German Hospitals Group, Asian Heart Institute, Gleneagles Hospital, KPJ Healthcare Behard, Samitivej Hospitals, NTT Medical Center Tokyo, Seoul National University Hospital , Beijing Saint Lucia Consulting Ltd, China Medical Tourism Inc, Clifford Hospital , German International Clinic, Bonn Medical Partners, University Medical Center, Intermed Consult, International Diagnostic Center Frankfurt, Ribau & Garner, Medical Concierge France , ZagrebMed, Specijalna bolnica Sv. Katarina, Carlsbad Clinic , Jackson Health System, Elite Skin Rejuvenation, CubaHeal Medical Tourism, Inc, North American Specialty Hospital , Shouldice Hospital, CHRISTUS MUGUERZA, Clinica Sao Vicente, Hospital Barra d'Or, Hospital Do Coracao, Hospital de Clinicas Carcas, Sigamadental Venezuela, Novartis, Centro Medico Maracay, Medipol Mega University Hospital, Medicana Haznedar Hospital. Istanbul, Anadolu Medical Center. Kocaeli, Estetik International, Istanbul, I.A.U VM Medical Park Florya Hospital , Medical Park Bahcelievler Hospital , AL Rayyan Medical Centre, Al Shifa Al Khaleeji Medical Centre, Emsey Hospital, Medistanbul Hospital, Kolan International Hospital, Hisar Hospital Intercontinental, Fedhealth, BestMed, Platinum Health, Travcure Medical Tourism Consultants, Beaconhill Smile clinics, Agho Clinic Benin City

Digital Revolution In Medical Tourism The Role Of Electronic Health Records
Patients traveling across countries for medical treatment are increasingly using electronic health records to store information related to health in digital format. An electronic health record is the systematic collection of patient health and medical examination reports stored electronically. These health records can be accessed instantly and securely by authorized users. Electronic health records eliminate the need to carry heavy medical records for patients travelling long distances for treatment. Some of the major electronic health records software include eClinicalWorks, Allscripts, Cerner.

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Key Segments -
The medical tourism market covered in this report is segmented -
1) By Treatment Type: Cosmetic Treatment, Dental Treatment, Cardiovascular Treatment, Orthopedics Treatment, Cancer Treatment, Fertility Treatment, Neurological Treatment, Other Treatment Types
2) By Type: Domestic, International
3) By Healthcare Service: Medical Treatment, Wellness, Alternative Treatment
4) By Service Provider: Public, Private

Key highlights covered in the report -
1. Detailed market size forecast and historical data analysis
2. Key drivers influencing market growth
3. Identification of upcoming trends and potential opportunities in the market
4. Analysis of major players strategies, to understand competitive dynamics and market positioning
5. Evaluation of regional dynamics

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