Medical Tourism Market Charts a Path to US$ 733,422.9 Million by 2033

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akashpatil786 09 Feb 2024

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While an increasing number of Americans are travelling abroad for availing medical treatment, there has been significant surge in inbound medical tourism of the country as well. The Joint Commission International (JCI), which is 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 takeaways:

The U.S. is expected to lead in terms of healthcare travel spending, however, in the coming years China’s spending is forecast to surge considerably
Among services offered under medical tourism, therapeutic services are highly sought-after. Wellness services too are gaining traction as an increasing number of medical tourists are seeking meditation and wellness retreats
Phone and online booking will remain more preferred modes of booking for medical tourism
Medical tourism is often sought for cancer and cardiovascular treatment. Besides this, cosmetics and bariatric procedures are very popular among medical tourists

Key Players of Medical Tourism Market: