The predicted 6.3% CAGR for the United States medical tourism industry indicates that many patients choose to travel here because of the high-quality healthcare facilities, advanced technology, and highly skilled doctors. The diversity of therapies and healthcare alternatives accessible here distinguishes medicinal tourism, with numerous cancer centers, heart care facilities, and wellness centers.
NEWARK, DE / ACCESSWIRE / September 12, 2024 / The global medical tourism market is projected to experience robust growth, recording a CAGR of 12.7% during the forecast period. According to recent analysis, the market is set to reach an industry valuation of USD 248.9 billion by 2024 and could potentially grow to USD 822.7 billion by 2034.
One of the primary drivers of this growth is the increasing demand for advanced medical technologies worldwide. With enhanced support from tourism departments and governments in both source and host countries, medical tourism is witnessing an unprecedented rise, becoming a significant industry in the global healthcare landscape.
However, competition from developed nations with cutting-edge medical facilities presents a challenge for emerging wellness tourism destinations. These regions must strive to keep up with the innovations and high standards set by more established medical tourism hubs.
According to the Medical Tourism Association, more than 14 million people travel abroad for medical treatment annually. The industry is being driven by an increasing number of patients seeking more affordable and timely treatments, particularly those that are either unavailable or too costly in their home countries.
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As healthcare continues to globalize, medical travel has become increasingly accessible, with the movement of patients, healthcare professionals, medical technologies, and capital across borders becoming easier. This cross-border healthcare trend has contributed to increased awareness of available advanced treatments, further fueling market growth.
Market Value of Medical Tourism Market by Country
Countries | CAGR (2024 to 2034) |
United States | 6.30% |
Canada | 17.60% |
China | 19.10% |
United Kingdom | 6.50% |
India | 21.30% |
Japan | 18.20% |
"Medical tourism is rapidly growing as patients seek affordable, high-quality care abroad. As technology and global healthcare standards improve, this market will only continue to expand. A game-changer for both patients and providers" Says Sudip Saha, managing director at Future Market Insights (FMI) analyst.
Prominent Drivers of the Medical Tourism Market:
Cost Savings on Medical Procedures: One of the primary drivers is the significant cost difference in medical treatments between countries, with patients often traveling to access high-quality care at lower prices compared to their home country.
Access to Advanced Medical Technologies: Some countries offer cutting-edge medical technologies and treatments not yet available in other regions, attracting patients seeking innovative healthcare solutions.
Shorter Waiting Times for Treatments: Medical tourism appeals to patients from countries with long waiting periods for certain procedures, as they can receive timely care abroad.
Availability of Specialized Treatments: Some destinations are known for their expertise in specialized medical fields, such as cardiac surgery, fertility treatments, or cosmetic procedures, driving patients to seek these services internationally.
Comprehensive Medical and Travel Packages: Many healthcare providers and tour operators offer complete packages that include medical treatment, recovery facilities, and travel arrangements, making the process convenient and appealing to international patients.
Challenges Faced by the Medical Tourism Market:
Regulatory and Legal Complexities: Differences in healthcare regulations, standards, and legal frameworks between countries can create complications for medical tourists, including issues with malpractice claims, insurance coverage, and patient rights.
Quality and Safety Concerns: Varying healthcare standards across regions may lead to concerns about the quality of care, hygiene, and safety protocols, making patients hesitant to travel for treatment.
Language and Cultural Barriers: Communication challenges and cultural differences between patients and healthcare providers can impact the quality of care, patient satisfaction, and understanding of medical procedures.
Travel-Related Risks: Long-distance travel, especially for patients with serious health conditions, can pose health risks and complications. Additionally, post-treatment travel can hinder recovery.
Post-Treatment Continuity of Care: After receiving treatment abroad, patients may struggle to find proper follow-up care or face difficulties coordinating with local healthcare providers, affecting long-term recovery outcomes.
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Key Players of Medical Tourism Market
Medretreat
Healthbase
Apollo Hospitals
KPJ Healthcare Behard
Klinikum Medical Link
Euromedical Tours
BB Health Solutions
Cosmedic Travel
Aditya Birla Memorial Hospital
Fortis Healthcare Limited
NTT Medical Center Tokyo
Regional Analysis
The United States leads North America, with a 6.3% growth rate projected until 2034. In Europe, the United Kingdom is anticipated to lead with a 6.5% CAGR until 2034. In Asia Pacific, India is expected to expand somewhat faster than China, with a CAGR of 21.3% versus 19.1% through 2034.
Key Segments of Market Report
By Treatment Type:
In terms of treatment type, the industry is categorized into cosmetic treatment, dental treatment, cardiovascular treatment, orthopedics treatment, fertility treatment, ophthalmic treatment, and other treatments.
By Service Provider:
Based on service provider, the industry is bifurcated into public and private.
By Traveler Type:
When it comes to traveler type, the industry is classified into independent traveler, tour group, and package traveler.
By Age Group:
Depending on age group, the industry is branched into below 15 years, 15-25 years, 26-35 years, 36-45 years, 46-55 years, 56-65 years, 66-75 years, and above 75 years.
By Tourist Type:
When it comes to service provider, the industry is bifurcated into domestic and international.
By Tourist Gender:
Based on tourist gender, the industry is divided into men and women.
By Booking Channel:
In terms of booking channel, the industry is trifurcated into phone booking, online booking, and in-person booking
By Region:
A regional analysis of the industry is conducted across North America, Europe, the Middle East and Africa, East Asia, South Asia, Oceania, and Latin America.
Author By:
Sudip Saha is the managing director and co-founder at Future Market Insights, an award-winning market research and consulting firm. Sudip is committed to shaping the market research industry with credible solutions and constantly makes a buzz in the media with his thought leadership. His vast experience in market research and project management a consumer electronics will likely remain the leading end-use sector cross verticals in APAC, EMEA, and the Americas reflects his growth-oriented approach to clients.
He is a strong believer and proponent of innovation-based solutions, emphasizing customized solutions to meet one client's requirements at a time. His foresightedness and visionary approach recently got him recognized as the ‘Global Icon in Business Consulting' at the ET Inspiring Leaders Awards 2022.
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