Medical tourism Global Market Report 2024

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 observed in the historical period can be ascribed to the expansion of emerging markets, an increased incidence of cardiovascular diseases, a surge in cosmetic procedures, a rising demand for body contouring, and an increase in 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 anticipated growth in the forecast period can be attributed to government initiatives, the provision of 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 encompass the utilization of the metaverse for medical tourism, the use of mobile technology, the adoption of precision medicine, mergers and acquisitions, the application of artificial intelligence, and the establishment of partnerships and collaborations.

The growth of the medical tourism market is driven by the high healthcare costs in developed countries, leading patients to seek more affordable treatment in developing nations with quality healthcare infrastructure. A study by the Centers for Disease Control and Prevention revealed that approximately 0.75 - 1.6 million people from the USA travel abroad for medical care to escape the exorbitant treatment expenses. For instance, a hip replacement surgery in the USA costs around $39,299, while the same procedure in developing countries such as India or Costa Rica ranges between $7,000 and $15,000, inclusive of logistics.

Patients undertaking cross-border medical journeys are increasingly relying on electronic health records to store health information digitally. Electronic health records involve the systematic collection of patient health and medical examination reports stored in electronic format, providing instant and secure access to authorized users. This eliminates the need for patients to carry heavy medical records when traveling long distances for treatment. Key electronic health records software includes eClinicalWorks, Allscripts, and Cerner.

Major players in the medical tourism market are focusing on strategic partnerships to better serve their existing consumers. Honeywell International Inc. has collaborated with University Hospital Brno and Narayana Hrudayalaya Limited to accelerate the global digitization of healthcare. This collaboration aims to co-create breakthrough technologies that transform healthcare delivery. In September 2022, Honeywell International Inc. announced its partnership with University Hospital Brno and Narayana Hrudayalaya Limited for the development of new technologies. The initial pilot at University Hospital Brno involves testing skin patches for continuous tracking of patients' vital parameters, with data accessible through a mobile app. The collaboration aims to introduce new products, establish technology development centers, co-create capacities for technology expansion and research, and implement fire safety measures for end-to-end life security in hospitals. University Hospital Brno is the second-largest hospital in the Czech Republic, while Narayana Hrudayalaya Limited is a multispecialty hospital based in India.

In December 2022, Advocate Aurora Health and Atrium Health, two prominent healthcare organizations, completed their merger. Advocate Aurora Health, a non-profit healthcare system with 26 hospitals and over 500 care locations, and Atrium Health, a US-based hospital network, united to prioritize meeting patient needs by reimagining the delivery of care. Advocate Health aims not only to deliver optimal health outcomes and enhance care accessibility and affordability but also to be a catalyst for meaningful social change. The merged organization's goals include expediting medical advances, addressing health disparities, promoting population health, supporting professional development, and achieving carbon neutrality by 2030.

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.

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.

The countries covered in the medical tourism market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Italy, Canada, Spain. The medical tourism market includes revenues earned by entities by providing inbound medical tourism services, and outbound medical tourism services. The market value includes the value of related goods sold by the service provider or included within the service offering. Only goods and services traded between entities or sold to end consumers are included.

The primary categories of medical tourism are domestic and international. Domestic health or medical tourism occurs when an individual travels within their own country to receive superior medical treatment or when the therapy available in their usual place of residence is prohibitively expensive. Treatment options encompass cosmetic procedures, dental interventions, cardiovascular treatments, orthopedic procedures, bariatric interventions, fertility treatments, ophthalmic procedures, and others. Service providers include both public and private entities. The array of healthcare services spans medical treatment, wellness offerings, and alternative treatments.

The medical tourism market research report is one of a series of new reports that provides medical tourism market statistics, including medical tourism industry global market size, regional shares, competitors with a medical tourism market share, detailed medical tourism market segments, market trends and opportunities, and any further data you may need to thrive in the medical tourism industry. This medical tourism market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenario of the industry.

The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified).

The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.


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