Authored By: Sarah
28 Aug 2024

Medical Tourism Market Size to grow by USD 85.9 billion between 2024-2028

Technavio, a leading provider of market research reports, has released its latest study on Medical Tourism Market. This report offers a comprehensive analysis of the current market trends, emerging opportunities, and key challenges. In the dynamic healthcare landscape, the Internet of Things (IoT) is revolutionizing the industry by connecting physical and digital data sources in real-time. This innovation bridges the gap between patients and healthcare providers, enabling remote monitoring and timely intervention. IoT infrastructure enhances accessibility to healthcare services, streamlines operational processes, and fosters the growth of digital healthcare ecosystems. Healthcare organizations are increasingly adopting connected hospital infrastructure to deliver efficient and personalized care. The IoT's applications span across various healthcare settings, offering immense potential for expansion within and beyond facility boundaries.

Key Highlights

Growth Projections

The global medical tourism market  size is estimated to grow by USD 85.9 bn from 2024-2028, according to Technavio. The market is estimated to grow at a CAGR of  32.11% during the forecast period. Availability of low-cost treatment options is driving market growth, with a trend towards growing focus on technological advancements  However, lack of advanced infrastructure in developing nations  poses a challenge.Key market players include Anadolu Medical Center, Apollo International Ltd., Asian Heart Institute, Asian institute of medical sciences, Asklepios Kliniken GmbH and Co. KGaA, Athina Global Health, Bangkok Chain Hospital Public Co. Ltd, Bangkok Dusit Medical Services Public Co. Ltd., BNH Medical Centre Co. Ltd., Bumrungrad Hospital Public Co. Ltd, Clalit Research Institute, Clemenceau Medical Center, Dr. B. L. Kapur Memorial Hospital, Global Health Ltd., IHH Healthcare Berhad., Min Sheng General Hospital, Raffles Medical Group Ltd, Spire Healthcare Group Plc, The Cleveland Clinic Foundation, and The Johns Hopkins Health System Corp..

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Major Findings

  • Medical tourism has gained significant traction due to the availability of affordable treatment options in various destinations worldwide. Patients from developed countries travel to countries like India, Thailand, and Mexico to access cost-effective medical procedures without compromising on quality. These destinations offer advanced medical facilities and skilled medical professionals, making them attractive options for individuals seeking affordable healthcare solutions. The trend is expected to continue as more people explore international options to manage their healthcare expenses effectively.

  • The medical tourism market is experiencing significant growth due in part to the increasing number of international accreditations earned by hospitals worldwide. These accreditations, which demonstrate adherence to rigorous quality standards, instill confidence in patients seeking medical care abroad. This trend is expected to continue, as more hospitals invest in accreditation programs and patients increasingly prioritize quality and safety in their healthcare decisions.

  • In developing nations, the medical tourism industry faces a significant challenge due to the lack of advanced healthcare infrastructure. This deficiency hinders the delivery of high-quality medical services, which is a major concern for patients seeking affordable yet effective treatments. As a result, these countries may struggle to attract a large number of medical tourists, limiting their potential growth in the global medical tourism market.

  • Medical tourism refers to the practice of traveling to different countries for post-operative treatments, which are essential to ensure optimal healing and recovery following a medical procedure. These treatments may include physical therapy, rehabilitation, and follow-up care, which are often more affordable and accessible in certain destinations. Medical tourists seek out these services to enhance their overall healthcare experience and improve their quality of life post-surgery. The medical tourism market caters to this growing demand, offering a range of post-operative treatments in various locations worldwide.

Market Research Overview

The global market for parent companies in the hotels, resorts, and cruise lines sector encompasses organizations involved in the operation of hotels, resorts, and cruise ships, as well as travel agencies, tour operators, and associated services. According to Technavio's industry analysis, the market size is determined by the consolidated revenue generated by businesses in casinos and gaming, hotels, resorts and cruise lines, leisure facilities, and restaurants. Key growth drivers for this industry include the expanding travel and tourism sector, with annual growth in international and domestic travelers from developing and developed economies.

The Medical Tourism Market is experiencing significant growth, fueled by the Availability of low-cost treatment options. Businesses are leveraging the products belonging to the market for customer engagement, transactional notifications, and promotional offers.

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Regional Insights

The medical tourism market represents a significant business opportunity for healthcare providers and investors. Patients from developed countries travel to destinations with lower healthcare costs for affordable, high-quality medical treatments. This trend is driven by advancements in medical technology and increasing affordability, making it a lucrative sector for growth. Medical tourism companies facilitate these journeys, offering services such as travel arrangements, accommodation, and post-treatment care. This industry is poised for continued expansion, with estimates projecting a compound annual growth rate of 20% through 2025.

Research Analysis Overview

Medical tourism, the practice of traveling to different countries for affordable and advanced healthcare services, is a growing trend among individuals seeking to bypass long waiting times and reduce healthcare expenditure. Medical tourism apps have made it easier for people to find healthcare destinations offering affordable care and advanced treatments for cosmetic surgeries, such as gluteal augmentation, abdominoplasty, breast augmentation, liposuction, and non-surgical procedures like acne treatment and body fat reduction. Foreign patients travel for various procedures, including orthopedic surgeries like knee replacement, spinal procedures, and cardiac surgeries like heart bypass surgery. Oncology treatments, dental procedures, and robotic surgery are also popular choices. Medical devices and advanced technologies, such as robotic surgery, are often more accessible and affordable in healthcare destinations outside of one's home country. The geriatric population is a significant market for medical tourism, with many seeking affordable yet effective treatments for various conditions. Cosmetic procedures and aesthetic treatments are also popular among tourists, with long-term benefits and immediate results driving demand. Overall, medical tourism offers affordable, advanced care for a wide range of treatments, making it an attractive option for those seeking to improve their health and well-being.

About Technavio                                                                        

Technavio is a global market research company offering comprehensive reports and insights on various industries. Our research helps businesses make informed decisions by providing actionable data and trends. Technavio is based on four simple principles: easy-to-access reports, robust industry coverage, a focus on new and emerging technologies, and competitive pricing. We believe in helping companies and executives become better equipped to make faster, sounder, and more effective decisions. Technavio is one of the most influential market research and advisory firms in the world. We work with business and technology leaders to provide cutting-edge market research and insights to companies. 

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Technavio Research
Jesse Maida
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Email: media@technavio.com
Website: www.technavio.com/

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