Health Tourism Market Synopsis

Health Tourism Market Size Was Valued at USD 6.12 Billion in 2023 and is Projected to Reach USD 80.23 Billion by 2032, Growing at a CAGR of 33.1% From 2024-2032.

Health Tourism refers to People Travelling from one country to another country to obtain medical treatment and healthcare Services. It Covers a wide range of services from Preventive, Health-conductive treatment to rehabilitative and curative treatments.

• In the tourism industry the word Medi tour agent is used for medical tourism which does all the activities related to tourism, they manage medical packages on a large level they do all the arrangements related to transport, with the help of a travel agency. They generally work for travel businesses and related businesses like Hotel Business, Travel Business, Attractions, etc. They also provide different kinds of surgeries and provide medical therapy.
• Rehabilitation & Revitalizing Centers are also provided in health tourism centers where they provide new energy and freshness after treatment, which gives tourists new energy development and positive thinking.
• Five-Star Hote or Hospital & Spa this concept is growing very fast in medical tourism. Today, Hospitals are full of facilities like hotels for marketing. These hospitals provide many facilities like craniomaxillofacial and many others.
• Today, health tourism is the highest-growth world tourism industry and the global scale is higher than oil and industry and is called the third industry in the world
• It has grown dramatically in recent years because of the high cost of treatment in developed Western countries, long waiting lists, the relative affordability of international air travel, and favorable economic exchange rates.

Top Key Players Involved Are:

"Bumrungrad International Hospital (Thailand), Apollo Hospitals (India), Fortis Healthcare (India), KPJ Healthcare Berhad (Malaysia), Anadolu Medical Center (Turkey), Asian Heart Institute (India), Clemenceau Medical Center (Lebanon), Bangkok Hospital Group (Thailand), Acibadem Healthcare Group (Turkey), Medanta - The Medicity (India), Shouldice Hospital - Canada, Wooridul Spine Hospital - South Korea, Gleneagles Hospital (Singapore), Thomson Medical (Singapore), Aditya Birla Memorial Hospital (India), Prince Court Medical Centre (Malaysia), Baylor Scott & White Health (USA), American Hospital Dubai (UAE), Raffles Medical Group (Singapore), Sunway Medical Centre (Malaysia), Johns Hopkins Medicine International (USA), Hospital Israelita Albert Einstein (Brazil), Mayo Clinic (USA), MD Anderson Cancer Center (USA), Cleveland Clinic (USA) and Other Active Players."

Health Tourism Market Trend Analysis

Rise in globalization trend

• Many countries are offering advanced medical facilities with equipped technology and highly skilled healthcare professionals, this is mainly attracting international patients who are seeking high-quality medical care.
• Cost efficiency which allows patients to access medical treatments and procedures at a lower cost compared to their home countries. In Some countries, we have to wait for a long period even in case of an emergency where health tourism provides an opportunity for patients to receive quicker access to treatments by reducing their time.
• The specialized expertise in specific medical fields or procedures is well known in some countries patients who need these specialized treatments can visit specific countries Patients seeking specialized treatments from renowned specialists.
• Health tourism not only provides medical treatments but also for the people who are opting for Cosmetic surgeries and treatments like rejuvenation, relaxation, and many others it will be very beneficial for those individuals Hence In this way It creates an opportunity for healthcare tourism.

Opportunity

Rise In The Demand For Online Medical Agencies

• In the healthcare system, most developments and investments were taking Place toward digitalization. The COVID-19 pandemic has created the situation for the need for a healthcare ecosystem that is integrated digitally to enable reach to patients.
• Many stakeholders in the healthcare system are showing interest in the adoption of different teleconsultation and e-pharmacy platforms. Other stakeholders in pharmaceutical companies have partnered with platform providers and are launching their platforms to help doctors connect with their patients.
• The telemedicine market is expected to grow to US$5.5b by 2025 with teleconsultation and e-pharmacy making up 90% Increment. With the rising adoption levels and the promising growth of virtual care, businesses will simplify their business models.
• Consumers would be able to order their medicines conveniently from their Mobile Phones or through any digital Platforms, this will significantly help patients who are old and sick and not in a condition to go out to the pharmacy. By using this technology and access to the inventory of multiple stores at a time, e-pharmacies can aggregate supplies, making otherwise hard-to-find medicines available to consumers across the country.
• E-pharmacies are also focusing on reducing the working capital and overhead Costs and enabling pharmacy entrepreneurs to broaden their customer base, these e-pharmacies may also provide value-added information to consumers by medicine reminders, and side effects and enable the consumers to buy.

Health Tourism Market Segment Analysis:

The Health Tourism Market is Segmented on the basis of Treatment Type, Service, Service Provider, and Age Group.

By Type, Cancer Treatment segment is expected to dominate the market during the forecast period

• Some countries like Thailand are renowned for their excellence in cancer treatment, they have established world-class oncology centers and hospitals with many highly skilled medical professionals. Patients from around the world come and get experience with renowned oncologists and multidisciplinary teams for treatment.
• Advanced Treatment with innovative and cutting-edge treatment options which include advanced surgical techniques, radiation therapy, targeted therapies, immunotherapy, and personalized medicine approaches.
• Cancer treatments can be financially more for many people, and Health tourism provides treatment at a low cost for patients which is the very best option. This tourism also helps in reducing the waiting time as cancer patients won't have much time for survival or treatment this will be very beneficial for them which is crucial for cancer management by traveling to other countries.
• Many health Tourism offer comprehensive and patient-centric approaches to cancer care, they not only provide the medical aspects but also provide emotional support, rehabilitation services, and wellness programs.

• In 2023, The International Atomic Energy Agency production, Europe distributed a share of 29%, followed by Europe at a share of 27%, Asia at 27%, Latin America at 9% Share, Europe, and Australia shared levels at 2% respectively, where North America has a greater share of Megavoltage units for Radiotherapy treatment.

By Service, Public Segment held the largest share in 2023

• Public healthcare facilities often have well-established infrastructure and facilities with equipment, advanced technology, and specialized departments with highly skilled and experienced medical professionals, including doctors, surgeons, and specialists to provide better healthcare services to patients who are seeking surgeries, treatments, and many other problems.
• Public facilities often have specialized departments for specific treatments which are very costly in private hospitals like oncology, cardiology, neurology, etc. These healthcare services are more accessible and affordable for patients when compared to private healthcare facilities. This is crucial for those patients who have health-related issues but are unable to afford expensive medical treatments.
• They also aim to provide accessible healthcare to a wide range of individuals, including those from lower socio-economic backgrounds. They also get Support and government initiatives to allocate significant funds for the development and improvement of public healthcare infrastructure, ensuring the availability of quality services to their citizens and often extending their services to international patients.
• They also hold accreditations and certifications from recognized medical bodies, demonstrating their adherence to international standards of healthcare delivery, hence in this way public segment is contributing to the dominance in the health tourism market.

Health Tourism Market Regional Insights:

North America is Expected to Dominate the Market Over the Forecast period

• North America is the home to many world’s leading medical institutions, which are renowned for their advanced healthcare technologies, skilled professionals, and high-quality services. Particularly, The United States is known for its medical treatments, specialized hospitals, and research facilities. These factors make North America an attractive destination for individuals who are in seek of medical treatments.
• Moreover, its well-established infrastructure, which includes a highly developed transportation system, makes it easily accessible for international patients. It is well known for its innovation and medical breakthroughs drawing patients in search of advanced treatments and procedures. It Invests more in the Research and Development sector, which is making the growth and constantly pushing this sector.
• This commitment to innovation solidifies the region's position as a preferred destination for specialized and complex medical cases. The cultural diversity and language proficiency of this country are making the patients visit and get treatment. This country has doctors from different regions where they have the proficiency in speaking multilingually.

Top Key Players Involved Are:

• Bumrungrad International Hospital (Thailand)
• Apollo Hospitals (India)
• Fortis Healthcare (India)
• Kpj Healthcare Berhad (Malaysia)
• Anadolu Medical Center (Turkey)
• Asian Heart Institute (India)
• Clemenceau Medical Center (Lebanon)
• Bangkok Hospital Group (Thailand)
• Acibadem Healthcare Group (Turkey)
• Medanta - The Medicity (India)
• Shouldice Hospital - Canada
• Wooridul Spine Hospital - South Korea
• Gleneagles Hospital (Singapore)
• Thomson Medical (Singapore)
• Aditya Birla Memorial Hospital (India)
• Prince Court Medical Centre (Malaysia)
• Baylor Scott & White Health (USA)
• American Hospital Dubai (UAE)
• Raffles Medical Group (Singapore)
• Sunway Medical Centre (Malaysia)
• Johns Hopkins Medicine International (USA)
• Hospital Israelita Albert Einstein (Brazil)
• Mayo Clinic (USA)
• Md Anderson Cancer Center (USA)
• Cleveland Clinic (USA) And Other Active Players.

Key Industry Developments in the Health Tourism Market:

• In January 2024, Fern N Petals, a Gifting brand launched the medical tourism venture MediJourney which is for Personalized wellbeing and healthcare services and also provides expert consultations, Medical Visa Support, and medicine.
• In January 2024, KPJ Pahang Specialist Hospital unveiled its First Mobile Clinic for underserved communities this ceremony saw the clinic entrusted to Waqaf Felda from Suruhanjaya Syarikat Malaysia (SSM) as part of SSM's Corporate Waqalah Zakat distribution, represents more than a mere milestone.