Medical Tourism Market to grow by USD 85.9 Billion (2024-2028), Affordable Treatment Options Drive Growth, Report Highlights AI Impact on Trends - Technavio

NEW YORK, Jan. 27, 2025 /PRNewswire/ -- Report on how AI is redefining market landscape - The global medical tourism market size is estimated to grow by USD 85.9 billion 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..

Key insights into market evolution with AI-powered analysis. Explore trends, segmentation, and growth drivers- View Free Sample PDF

Market Driver

Medical tourism is a growing trend in healthcare where patients travel to different countries for affordable and advanced treatments. Treatment costs for healthcare services, cosmetic treatments, surgical procedures, and non-surgical procedures are significantly lower in some countries. Foreign patients seek out robotic surgery, oncology treatments, and medical devices for their healthcare needs. Patient follow-up and post-procedure complications are crucial considerations. Cosmetic medical tourism is popular for aesthetic procedures like K-beauty aesthetic procedures, body fat reduction, acne treatment, liposuction, breast augmentation, abdominoplasty, and gluteal augmentation. Advanced healthcare treatments, clinical research, and telemedicine are also driving the market. Heart bypass surgery, orthopedic procedures, spinal procedures, cardiac procedures, and dental procedures are common elective treatments. Medical tourism insurance ensures high-quality, low-cost treatment for cardiovascular diseases, cardiac surgery, neurosurgery, dental care, and orthopedics. Patients migrate for alternative treatments and shorter waiting periods at healthcare destinations. Global Healthcare Resources and medical tourism apps facilitate this trend. The geriatric population seeks advanced care and affordable healthcare expenditure. Long waiting times and healthcare costs are major factors driving outbound medical tourism. 

The Internet of Things (IoT) is revolutionizing the healthcare industry by connecting physical and digital data sources in real-time. IoT infrastructure improves accessibility to healthcare services, reduces operational burden on facilities, and supports digital healthcare ecosystems. Healthcare organizations are adopting connected hospital infrastructure to enhance patient care. IoT applications in healthcare span from monitoring patients in real-time to expanding services beyond hospital walls. This technological advancement is transforming the industry by providing timely and efficient healthcare solutions. 

Request Sample of our comprehensive report now to stay ahead in the AI-driven market evolution!

Market Challenges

• Medical tourism is a growing industry where patients travel to different countries for affordable and advanced healthcare services. This market includes various treatments such as cosmetic, surgical, and non-surgical procedures. Challenges in medical tourism include high treatment costs, ensuring quality care, and managing patient follow-up and post-procedure complications. Foreign patients seek out robotic surgery, oncology treatments, and medical devices for their healthcare needs. Cosmetic medical tourism is a significant segment, with popular procedures including K-beauty aesthetic treatments, body fat reduction, and acne treatment. Affordable care and long waiting times in home countries drive patient migration to healthcare destinations offering cost-effective treatments and advanced care. Medical tourism insurance and telemedicine are emerging solutions for managing medical travel. Cardiac surgery, orthopedics, neurosurgery, and dental care are common elective treatments. Global healthcare resources offer high-quality and low-cost treatments for cardiovascular diseases, transplants, and alternative treatments. Patients require reliable information and a strong hospital network to ensure a successful medical tourism experience.
• The medical tourism industry's expansion in developing countries faces significant challenges due to insufficient infrastructure. While these nations offer affordable healthcare, they lack adequate accommodation facilities, proper language translators, and reliable transportation. Moreover, taxation irregularities, bureaucratic hurdles, unhygienic conditions, and poor internet connectivity further hinder growth. The absence of international accreditation and the threat of terrorist activities also negatively impact medical tourists' perception. Addressing these issues is crucial to fostering a thriving medical tourism market.

Discover how AI is revolutionizing market trends- Get your access now!

Segment Overview

This medical tourism market report extensively covers market segmentation by  

• 1.1 Cardiovascular treatment
• 1.2 Cosmetic treatment
• 1.3 Fertility treatment
• 1.4 Orthopedics treatment
• 1.5 Others

• 2.1 Private
• 2.2 Public

• 3.1 North America
• 3.2 APAC
• 3.3 Europe
• 3.4 Middle East and Africa
• 3.5 South America

1.1 Cardiovascular treatment-  The global medical tourism market is experiencing significant growth due to the increasing prevalence of cardiovascular diseases, particularly rheumatic heart disease, hypertension, obesity, and diabetes. These conditions are driving up the cost burden on individuals and governments in various countries. As a result, there is a growing need for cardiovascular treatments such as coronary artery bypass grafting and arrhythmia treatment, which utilize coronary stents and catheters for therapeutic and diagnostic purposes. The cost difference between countries is a major factor influencing the choice of destination for cardiovascular treatments. For instance, the cost of angioplasty in countries like India and Thailand ranges from USD3,000 to USD7,000, while in the US, the charges are almost four times higher. This cost advantage, coupled with high-quality medical facilities and other benefits, is attracting medical tourists from around the world. The aging population and the increasing prevalence of diabetes and obesity are expected to increase the demand for cardiovascular treatments. Vendors are responding to this trend by developing advanced technologies for these treatments. In North America, where the incidence of coronary artery disease (CAD) is high, there is a high adoption rate of angiography catheters. In the Asia Pacific region, which has a large patient pool, improving medical facilities are attracting medical tourists, particularly in countries like India. Government and non-government organizations are also playing a role in raising awareness about CADs and the use of angioplasty balloons for treatment. The growth of the cardiovascular treatment market is expected to drive the growth of the global medical tourism market during the forecast period.

Download a Sample of our comprehensive report today to discover how AI-driven innovations are reshaping competitive dynamics

Research Analysis

Medical tourism refers to the practice of traveling to different countries for cheaper, higher quality, or specialized healthcare services. Treatment costs for various procedures, including cosmetic treatments, surgical procedures, and non-surgical procedures, are significantly lower in medical tourism destinations. Foreign patients seek out medical tourism for a wide range of treatments, from robotic surgery and oncology treatments to medical devices and dental procedures. Cosmetic procedures like body fat reduction, acne treatment, liposuction, breast augmentation, abdominoplasty, gluteal augmentation, and other aesthetic treatments are popular choices. The geriatric population also benefits from medical tourism for advanced care and affordable options. Medical tourism apps facilitate the process, making it easier for patients to access healthcare services abroad. Outbound medical tourism is on the rise due to long waiting times and increasing healthcare expenditure in home countries. Medical tourism destinations offer a wide range of healthcare services, from cosmetic surgeries to complex procedures like heart bypass surgery, orthopedic procedures, and spinal procedures.

Market Research Overview

Medical tourism refers to the practice of traveling to different countries for affordable and high-quality healthcare services, including cosmetic, surgical, and non-surgical treatments. Treatment costs for healthcare services, cosmetic procedures, and surgical procedures are often lower in other countries, making medical tourism an attractive option for foreign patients seeking advanced healthcare treatments. Cosmetic medical tourism is a popular segment of medical tourism, with procedures such as body fat reduction, acne treatment, liposuction, breast augmentation, abdominoplasty, gluteal augmentation, and K-beauty aesthetic procedures being commonly sought after. Robotic surgery, oncology treatments, and transplants are also popular reasons for medical tourism. Patient follow-up and post-procedure complications are important considerations for medical tourists. Quality care, a strong hospital network, and advanced healthcare treatments are essential factors in ensuring a successful medical tourism experience. Global Healthcare Resources, Medical aesthetic clinics, and telemedicine are some of the key trends in medical tourism. Medical tourism is not limited to cosmetic procedures; it also includes cardiovascular surgeries, orthopedic procedures, spinal procedures, cardiac procedures, and elective treatments. Medical tourism insurance, cost-effective treatments, and medical treatment apps are also becoming increasingly popular. The geriatric population, long waiting times, and high healthcare expenditure are driving factors for outbound medical tourism. Patient migration for advanced care and affordable treatments is a growing trend in medical tourism. Health services, waiting periods, health check-ups, and angioplasty are some of the other medical procedures that attract medical tourists.

Table of Contents:

1 Executive Summary
2 Market Landscape
3 Market Sizing
4 Historic Market Size
5 Five Forces Analysis
6 Market Segmentation

• Type
• Cardiovascular Treatment
• Cosmetic Treatment
• Fertility Treatment
• Orthopedics Treatment
• Others
• Service Type
• Private
• Public
• Geography
• North America
• APAC
• Europe
• Middle East And Africa
• South America

7 Customer Landscape
8 Geographic Landscape
9 Drivers, Challenges, and Trends
10 Company Landscape
11 Company Analysis
12 Appendix

About Technavio

Technavio is a leading global technology research and advisory company. Their research and analysis focuses on emerging market trends and provides actionable insights to help businesses identify market opportunities and develop effective strategies to optimize their market positions.

With over 500 specialized analysts, Technavio's report library consists of more than 17,000 reports and counting, covering 800 technologies, spanning across 50 countries. Their client base consists of enterprises of all sizes, including more than 100 Fortune 500 companies. This growing client base relies on Technavio's comprehensive coverage, extensive research, and actionable market insights to identify opportunities in existing and potential markets and assess their competitive positions within changing market scenarios.

Contacts

Technavio Research
Jesse Maida
Media & Marketing Executive
US: +1 844 364 1100
UK: +44 203 893 3200
Email: media@technavio.com
Website: www.technavio.com/

View original content to download multimedia:https://www.prnewswire.com/news-releases/medical-tourism-market-to-grow-by-usd-85-9-billion-2024-2028-affordable-treatment-options-drive-growth-report-highlights-ai-impact-on-trends---technavio-302360308.html

SOURCE Technavio