In 2023, the medical tourism market is projected to bring in US$ 221,252.6 million. By 2033, the global medical tourism industry is projected to generate US$ 733,422.9 million in sales. The market for medical tourism is anticipated to grow at a CAGR of 12.7% throughout the forecast period.
While an increasing number of Americans are traveling abroad for availing medical treatment, there has been significant surge in inbound medical tourism of the country as well. The Joint Commission International (JCI), a nonprofit organization, evaluates the quality and standard of healthcare facilities across the globe. As a matter of fact, JCI accreditation is recognized internationally as a benchmark for quality care in hospitals and clinics. In the U.S., JCI has accredited nearly 15,000 hospitals in the U.S.
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Between 2020 and 2030, the market is forecast to exhibit 12.3% CAGR, as the number of medical tourists is expected to rise at 11% over the same period. Factors such as increasing healthcare costs in the West, increasing incidence of chronic ailments, and surging demand for various cosmetic procedures have been resulting in the soaring medical tourism. Availability of cheaper treatment options abroad without compromising on the overall standard and quality of healthcare services is the chief driver of medical tourism in the East. The field contributes significantly to the generation of revenue across developing economies, which has been motivating government aids.
Besides this various government and non-government machineries are contributing towards campaigns to encourage medical tourism. Their efforts are indicative of opportunities existing in the field. For instance, the Tourism Authority of Thailand has launched a very effective e-campaign a couple of years back to assert the country’s position in the global medical tourism landscape. Besides this, various campaigns are launched in India to promote yoga and spiritual centers within the country.
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Key Trends Shaping the Future of the Medical Tourism Market
The global Medical Tourism Market is experiencing dynamic shifts, driven by evolving consumer preferences, technological advancements, and increasing accessibility to healthcare services across borders. As the industry continues to expand, several key trends are shaping its trajectory.
- Rising Popularity of Destination Choices: Medical tourists are increasingly exploring diverse destinations beyond traditional hubs. Emerging markets in Asia, Latin America, and Eastern Europe are gaining prominence, offering high-quality healthcare services at competitive prices. This trend reflects a shift from established medical tourism destinations to newer, more cost-effective alternatives.
- Integration of Technology: The integration of technology is revolutionizing the medical tourism experience. Telemedicine, virtual consultations, and digital health records enhance the overall patient journey, making it more convenient and transparent. Technological advancements also play a crucial role in medical procedures, attracting patients seeking cutting-edge treatments available in specific regions.
- Quality Accreditation and Regulation: Quality assurance and safety have become paramount concerns for medical tourists. Accreditation by recognized international bodies and adherence to stringent regulatory standards are now prerequisites for healthcare providers in popular medical tourism destinations. This trend is fostering trust among patients and promoting the global standardization of healthcare services.
- Specialized Medical Tourism Packages: Tailored packages catering to specific medical needs are gaining traction. Specialized treatments, such as cosmetic surgery, dental procedures, and fertility treatments, are being bundled with travel and accommodation services. This trend allows medical tourists to choose comprehensive packages that align with their specific healthcare requirements.
Key Players:
- Clemenceu Medical Center
- Asklepios Klinik Barmbek
- Fortis Hospital
- Apollo Hospitals
- Gleneagles Hospital
- Prince Court Medical Center
- Shouldice Hospital
- Christus Muguerza Super Specialty Hospital
- Anadolu Medical Centre
- ITL World
- Global Healthcare Connection Inc.
- Mednamaste
- Satori World
- Medical E-Medsol Pvt. Ltd.
- Bumrungrad International Hospital
- Bangkok Dusit Medical Services
- Asia Heart Institute
Key Segments
Americas
- Global Healthcare Connections, Inc.
- Christus Muguerza S.A.P.I De CV
- Shouldice Hospital
Europe
- Asklepios Kliniken GmbH
Asia-Pacific
- Fortis Healthcare Ltd
- Apollo Hospitals
- Gleneagles Hospital
- Bumrungrad international Hospital
- Bangkok Dusit Medical Services
- Asian Heart Institute
- Prince Court Medical Center
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