Medical Tourism Market to Grow by USD 85.9 Billion by 2028, Availability of Low-Cost Treatment Boosts Market, Report on AI Impact on Market Trends - Technavio

NEW YORK, Feb. 4, 2025 /PRNewswire/ --Report on how AI is redefining market landscape - The global medical tourism marketsize 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.Aavailability 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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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 often lower in other countries. Foreign patients seek out robotic surgery, oncology treatments, medical devices, and patient follow-up services. Cosmetic medical tourism is popular for aesthetic procedures like K-beauty aesthetic procedures and body fat reduction. Patients require quality care from hospital networks and medical aesthetic clinics. Post-procedure complications are a concern, but medical tourism apps and telemedicine offer solutions. Inbound health tourism attracts geriatric populations seeking advanced care, while outbound medical tourism allows patients to bypass long waiting periods. Cardiac surgery, orthopedics, neurosurgery, dental care, and elective treatments are common reasons for medical travel. Cost-effective treatments for cardiovascular diseases, cosmetic surgeries, and dental implant tourism are driving the market. Medical tourism insurance ensures high-quality and low-cost treatment for patients.

The Internet of Things (IoT) is revolutionizing the healthcare industry by connecting physical and digital data sources in real-time. This innovation bridges gaps in healthcare services, reduces operational burdens on facilities, and fosters digital ecosystems. Healthcare organizations are transitioning to IoT-enabled infrastructure to enhance patient care. IoT applications span from hospitals to remote patient monitoring, offering numerous benefits such as improved access to services and efficient resource utilization. This technological shift is a significant trend in the medical tourism market, enabling better care and patient experiences.

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MarketChallenges

• Medical tourism is a growing industry where patients travel to different countries for affordable and advanced healthcare services. However, it comes with its own set of challenges. High treatment costs in home countries push patients towards medical tourism. Cosmetic treatments, surgical procedures, and non-surgical procedures are popular among foreign patients. Robotic surgery, oncology treatments, and transplants are complex procedures that attract medical tourists. Patient follow-up and post-procedure complications are significant concerns. Cosmetic medical tourism, cardiovascular surgeries, and orthopedic procedures are common reasons for patient migration. Quality care, advanced healthcare treatments, and clinical research are essential factors for patients. Hospital networks, medical devices, and healthcare costs are critical elements for medical tourists. Patients seek high-quality treatment at low costs, leading to medical tourism insurance and telemedicine solutions. Long waiting times and healthcare destinations also influence patient decisions. Elective treatments like dental procedures, body fat reduction, acne treatment, liposuction, breast augmentation,abdominoplasty, gluteal augmentation, heart bypass surgery, and spinal procedures are popular. Patients with cardiovascular diseases, cardiac surgery, neurosurgery, dental care, and orthopedics benefit from cost-effective treatments. Geriatric population and advanced care are emerging trends. Patient migration for affordable and efficient healthcare services will continue to grow, making medical tourism a significant business opportunity.
• The global medical tourism industry is experiencing significant growth, particularly in developing countries known for their affordable healthcare services. However, the expansion of this market is being hindered by several challenges. Inadequate infrastructure, including insufficient accommodation facilities, connectivity to tourist destinations, and language translators, poses a major obstacle. Additionally, taxation irregularities, bureaucratic hurdles, and unhygienic conditions further hinder the growth of medical tourism. Poor Internet connectivity and the threat of terrorist activities also deter potential medical tourists. Lack of international accreditation and investor-friendly policies, as well as limited transport options, further exacerbate these issues. Addressing these challenges is crucial for the growth and success of the global medical tourism market.

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Segment Overview

This medical tourism market report extensively covers market segmentation by

• 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

1.1 Cardiovascular treatment-The global medical tourism market is experiencing significant growth due to the increasing prevalence of cardiovascular diseases such as rheumatic heart disease, hypertension, obesity, and diabetes. These conditions have led to a high cost burden for individuals and governments in various countries. As a result, there is a growing need for affordable cardiovascular treatments, including coronary artery bypass grafting and arrhythmia treatment, which utilize coronary stents and catheters. The cost difference between countries like India and Thailand, where charges for angioplasty range from USD3,000 to USD7,000, and the US, where charges are almost four times higher, makes medical tourism an attractive option for patients. The aging population and the rising prevalence of chronic conditions such as diabetes and obesity will further increase the demand for cardiovascular treatments. Advanced technologies are being developed to address this need, and regions like APAC, with a large patient pool and improving medical facilities, are attracting medical tourists. Government and non-profit organizations are also spreading awareness about cardiovascular diseases and the benefits of angioplasty balloons for treatment. The increasing number of cardiovascular cases and the adoption of advanced technologies will drive the growth of the global medical tourism market during the forecast period.

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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, surgical, and non-surgical ones, are significantly lower in medical tourism destinations. Foreign patients seek out healthcare services ranging from robotic surgery and oncology treatments to medical devices and dental procedures. Cosmetic treatments like body fat reduction, acne treatment, liposuction, breast augmentation, abdominoplasty, gluteal augmentation, and advanced care procedures attract a large number of medical tourists. The geriatric population also benefits from affordable care and advanced healthcare services. Medical tourism apps facilitate the process by providing information on healthcare destinations, long waiting times, and available procedures. Outbound medical tourism is a growing trend due to increasing healthcare expenditure and long waiting times in home countries. Medical devices and surgical procedures, such as knee replacement and heart bypass surgery, are popular choices for medical tourists. Overall, medical tourism offers affordable, high-quality healthcare services for a wide range of procedures.

Market Research Overview

Medical tourism refers to the practice of traveling to different countries for affordable and advanced healthcare services, including cosmetic treatments, surgical procedures, and non-surgical treatments. Foreign patients seek medical tourism for various reasons, such as lower treatment costs, access to advanced healthcare technologies, and shorter waiting periods. Cosmetic medical tourism is a significant segment of medical tourism, with procedures like body fat reduction, acne treatment, liposuction, breast augmentation, abdominoplasty, gluteal augmentation, and K-beauty aesthetic procedures gaining popularity. Robotic surgery, oncology treatments, transplants, and cardiovascular surgeries are other common medical tourism destinations. Patient follow-up and post-procedure complications are crucial aspects of medical tourism, ensuring quality care and peace of mind for patients. Medical devices, clinical research, and telemedicine are also integral parts of the medical tourism industry. Medical tourism offers cost-effective treatments for elective procedures, cardiac surgery, orthopedics, neurosurgery, dental care, and cardiovascular diseases. Patient migration for medical reasons is a growing trend, with healthcare costs being a significant factor. Medical tourism insurance and alternative treatments are other essential aspects of this industry. Global Healthcare Resources, Medical aesthetic clinics, and healthcare destinations offer high-quality treatment at lower costs, attracting patients from around the world. Inbound health tourism and outbound medical tourism are two sides of the same coin, with patients traveling to and from different countries for medical care. Geriatric population and advanced care are emerging trends in medical tourism, catering to the needs of an aging population seeking affordable and quality healthcare services.

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.

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SOURCE Technavio