Global Medical Tourism Market Size 2024, Forecast To 2033
11 Mar, 2024
The medical tourism market has experienced rapid growth, escalating from $86.95 billion in 2023 to $102.21 billion in 2024 at a compound annual growth rate (CAGR) of 17.6%. The historic period's growth is attributed to the expansion of emerging markets, an increased incidence of cardiovascular diseases, growth in cosmetic procedures, a rise in demand for body contouring, and increased disposable personal income. Looking ahead to 2028, the market is anticipated to continue its rapid growth, reaching $180 billion at a CAGR of 15.2%. Projected growth drivers in the forecast period include government initiatives, lower-cost care for surgeries, an increase in the geriatric population, a rising number of medical tourists, and technological advancements. Key trends in the forecast period involve the metaverse for medical tourism, the use of mobile technology, the adoption of precision medicine, mergers and acquisitions, the use of artificial intelligence, and partnerships and collaborations.
Global Medical Tourism Market Key Driver
The escalating healthcare costs in developed countries are propelling the growth of the medical tourism market, with developing nations offering more affordable treatment options. Patients often travel to these countries, attracted by quality healthcare infrastructure and lower medical expenses. According to a study by the Centres for Disease Control and Prevention, approximately 0.75 - 1.6 million people from the USA seek medical care abroad to avoid exorbitant treatment costs. For instance, a hip replacement surgery in the USA costs about $39,299, whereas the same procedure in India, Costa Rica, or other developing nations ranges between $7000 and $15,000, inclusive of logistics. The market size for medical tourism is expected to reflect this trend in 2023 and is anticipated to evolve further in 2024 and 2028.
Get A Free Sample Of The Global Medical Tourism Market ReportGlobal Medical Tourism Market 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
By Geography:The regions covered in the medical tourism market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Italy, Canada, Spain
North America was the largest region in the medical tourism market in 2023. Western Europe was the second largest region in the global medical tourism market share. The regions covered in the medical tourism market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa
Major Medical Tourism Industry Players
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
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Medical Tourism 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.
Medical Tourism Global Market Report 2023 provides data on the global medical tourism market such as market size, growth forecasts, segments and geographies, competitive landscape including leading competitors’ revenues, profiles and market shares. The medical tourism market report identifies opportunities and strategies based on market trends and leading competitors’ approaches.