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.
This product will be delivered within 3-5 business days.
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.
This product will be delivered within 3-5 business days.
Table of Contents
1. Executive Summary2. Medical Tourism Market Characteristics3. Medical Tourism Market Trends and Strategies32. Global Medical Tourism Market Competitive Benchmarking33. Global Medical Tourism Market Competitive Dashboard34. Key Mergers and Acquisitions in the Medical Tourism Market
4. Medical Tourism Market - Macro Economic Scenario
5. Global Medical Tourism Market Size and Growth
6. Medical Tourism Market Segmentation
7. Medical Tourism Market Regional and Country Analysis
8. Asia-Pacific Medical Tourism Market
9. China Medical Tourism Market
10. India Medical Tourism Market
11. Japan Medical Tourism Market
12. Australia Medical Tourism Market
13. Indonesia Medical Tourism Market
14. South Korea Medical Tourism Market
15. Western Europe Medical Tourism Market
16. UK Medical Tourism Market
17. Germany Medical Tourism Market
18. France Medical Tourism Market
19. Italy Medical Tourism Market
20. Spain Medical Tourism Market
21. Eastern Europe Medical Tourism Market
22. Russia Medical Tourism Market
23. North America Medical Tourism Market
24. USA Medical Tourism Market
25. Canada Medical Tourism Market
26. South America Medical Tourism Market
27. Brazil Medical Tourism Market
28. Middle East Medical Tourism Market
29. Africa Medical Tourism Market
30. Medical Tourism Market Competitive Landscape and Company Profiles
31. Medical Tourism Market Other Major and Innovative Companies
35. Medical Tourism Market Future Outlook and Potential Analysis
36. Appendix
Executive Summary
Medical Tourism Global Market Report 2024 provides strategists, marketers and senior management with the critical information they need to assess the market.This report focuses on medical tourism market which is experiencing strong growth. The report gives a guide to the trends which will be shaping the market over the next ten years and beyond.
Reasons to Purchase
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- Measure the impact of high global inflation on market growth.
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- Outperform competitors using forecast data and the drivers and trends shaping the market.
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- Benchmark performance against key competitors.
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- All data from the report will also be delivered in an excel dashboard format.
Where is the largest and fastest growing market for medical tourism? How does the market relate to the overall economy, demography and other similar markets? What forces will shape the market going forward? This report answers all these questions and many more.
The report covers market characteristics, size and growth, segmentation, regional and country breakdowns, competitive landscape, market shares, trends and strategies for this market. It traces the market’s historic and forecast market growth by geography.
- The market characteristics section of the report defines and explains the market.
- The market size section gives the market size ($b) covering both the historic growth of the market, and forecasting its development.
- The forecasts are made after considering the major factors currently impacting the market. These include:
- The impact of sanctions, supply chain disruptions, and altered demand for goods and services due to the Russian Ukraine war, impacting various macro-economic factors and parameters in the Eastern European region and its subsequent effect on global markets.
- The impact of higher inflation in many countries and the resulting spike in interest rates.
- The continued but declining impact of COVID-19 on supply chains and consumption patterns.
- Market segmentations break down the market into sub markets.
- The regional and country breakdowns section gives an analysis of the market in each geography and the size of the market by geography and compares their historic and forecast growth. It covers the growth trajectory of COVID-19 for all regions, key developed countries and major emerging markets.
- The competitive landscape chapter gives a description of the competitive nature of the market, market shares, and a description of the leading companies. Key financial deals which have shaped the market in recent years are identified.
- The trends and strategies section analyses the shape of the market as it emerges from the crisis and suggests how companies can grow as the market recovers.
Report Scope
Markets Covered: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 Companies Mentioned: Prince Court Medical Centre (IHH Healthcare); Bumrungrad International Hospital; Asklepios Kliniken Verwaltungsgesellschaft mbH; Apollo Hospitals Enterprise Ltd; Fortis Healthcare
Countries: Australia; Brazil; China; France; Germany; India; Indonesia; Japan; Russia; South Korea; UK; USA; Canada; Italy; Spain
Regions: Asia-Pacific; Western Europe; Eastern Europe; North America; South America; Middle East; Africa
Time Series: Five years historic and ten years forecast
Data: Ratios of market size and growth to related markets, GDP proportions, expenditure per capita
Data Segmentation: Country and regional historic and forecast data, market share of competitors, market segments
Sourcing and Referencing: Data and analysis throughout the report is sourced using end notes
Delivery Format: PDF, Word and Excel Data Dashboard
Companies Mentioned (Partial List)
A selection of companies mentioned in this report includes, but is not limited to:
- 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
Methodology
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