Press release
Medical Tourism Market: Potential Growth, Key Insights and Emerging Trends
Medical Tourism Market Share
Global medical tourism is set for rapid growth in the coming years, propelled by increasing incidence of diseases, rising disposable income, lower cost care for surgeries, adoption of advanced technology, and favorable government policies.
What Is The Projected Market Size Of The Global Medical Tourism Market And Its Growth Rate?
• Market size in 2024: $82.69 billion
• Expected Growth by 2025: $92.63 billion (CAGR 12.0%)
• Predicted Value by 2029: $186.99 billion (CAGR 19.2%)
This significant growth in the medical tourism market is attributed to the demand for affordable treatment in developing nations, increased incidence of cardiovascular diseases, the rise in cosmetic procedures, growth in emerging markets, and higher disposable income among patients.
What Is Driving The Growth In The Medical Tourism Market?
The high cost of healthcare in developed countries is propelling the medical tourism market. Patients often travel to developing nations with quality healthcare infrastructures and lower healthcare costs. A study conducted by the Centers for Disease Control and Prevention reveals that between 0.75 -1.6 million people from the USA seek medical care outside the country to evade high treatment costs. For instance, a hip replacement surgery costing approximately $39,299 in the USA is available between $7000 and $15,000 (including logistics) in India, Costa Rica, or other developing nations.
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Who Are the Key Players Driving Medical Tourism Market Growth?
• 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
Other players in the market include NTT Medical Center Tokyo, Seoul National University Hospital, Beijing Saint Lucia Consulting Ltd, China Medical Tourism Inc, Clifford Hospital, and many more.
What Are The Key Trends In The Medical Tourism Market?
Driving trends in the medical tourism market include:
• Adoption of metaverse for medical tourism.
• Use of mobile technology in healthcare.
• Adoption of precision medicine.
• Mergers and acquisitions in the healthcare sector.
• Application of artificial intelligence in medical procedures.
• Partnerships and collaborations among healthcare providers.
What Are The Segments Of The Global Medical Tourism Market?
The global medical tourism market is classified primarily by:
• Treatment Type: Cosmetic, Dental, Cardiovascular, Orthopedics, Cancer, Fertility, Neurological, and others.
• Type: Domestic, International
• Healthcare Service: Medical Treatment, Wellness, Alternative Treatment
• Service Provider: Public, Private
Which Region Leads The Medical Tourism Market?
North America was the largest region in the medical tourism market in 2024 followed by Western Europe. The market report covers Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, and Africa.
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What Is Covered In The Medical Tourism Market Global Market Report?
- Market Size Analysis: Analyze the Medical Tourism Market size by key regions, countries, product types, and applications.
- Market Segmentation Analysis: Identify various subsegments within the Medical Tourism Market for effective categorization.
- Key Player Focus: Focus on key players to define their market value, share, and competitive landscape.
- Growth Trends Analysis: Examine individual growth trends and prospects in the Market.
- Market Contribution: Evaluate contributions of different segments to the overall Medical Tourism Market growth.
- Growth Drivers: Detail key factors influencing market growth, including opportunities and drivers.
- Industry Challenges: Analyze challenges and risks affecting the Medical Tourism Market.
- Competitive Developments: Analyze competitive developments, such as expansions, agreements, and new product launches in the market.
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