Medical tourism market size was valued at USD 17.35 billion in 2022 and is poised to grow from USD 20.7 billion in 2023 to USD 84.29 billion by 2031, growing at a CAGR of 19.2% during the forecast period (2024-2031).
Medical tourism market is lately experiencing huge attraction in recent years backed by quality and affordable healthcare services and rising demand for focused treatments and surgeries. With improvements in several technologies, the coming years will offer advanced electronic health applications. These will play a key role in the market, providing numerous benefits to the medical tourists and to the healthcare providers.
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Medical tourism is witnessing key changes by improved technologies widely adopted in the developed and emerging economies. Patients can easily access telemedicine, streamlining smooth and unified connections for provision of better healthcare services. Also, healthcare professionals are increasingly using telemedicine for simplified operations including booking of appointments, quality management of patient records, visa management, and more. These services can majorly reduce prices, deliver satisfied results, and improve overall efficiency. The medical sector is transforming with enhanced technologies to improve patient outcomes and experience. Also, providers in medical tourism are now helping patients with accessibility to better medical treatments, such as robotic surgeries, advanced imaging technologies, and stem cell therapies. The constantly changing medical tourism market offers access to new destinations, and healthcare providers aim to meet the growing need for healthcare services.
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Virtual Assistants and AI-Powered Chatbots to Drive the Medical Tourism Market Considerably
AI algorithms hold the ability to study huge quantities of patient information that also comprises medical history, diagnostic reports, genetic information to help machine learning methods with the most appropriate healthcare physicians. Despite refined machine learning methods, AI can capably access patient unique demands, preferences, treatment objectives, resulting in the ideal customized treatment plans. This personalized technique efficiently maximizes the likelihoods of successful treatment results. Medical tourists often have several doubts associated with procedural details and travel logistics, and more. The virtual assistants and AI-enabled chatbots deliver 24/7 care, offering timely and accurate responses to patient queries. Such AI-enabled interfaces can help appointment scheduling, offer real-time treatment updates, travel arrangements. By automating routine jobs, providers of medical tourism can improve operational efficiency and offer unbroken experience to patients.
- In August 2023, Apollo Hospitals CFO, Akhileswaran Krishnan said that they are very confident on Apollo Hospitals owing to its sustained healthy profitability and growth in healthcare offerings. The company is now aiming for a 20% margin by the end of 2023, which will be again backed by growing numbers of foreign patients and recovery of medical tourism profits to the pre-COVID levels.
- KPJ Healthcare Berhad, declared 2 major agreements in May 2024, which aimed at better provision of medical tourism services and healthcare services in Malaysia.
- Group of Thai private hospitals, in June 2024, will build above 322 Bn Thai baht revenue by 2024. This will be nearly 4 percent more than the past year’s 314 billion Thai baht. The business flourished by 20 percent, stating it will increase again by medical tourism trend in the nation.
- Clinicspots is expected to help its patients with evidence-based and wise cancer treatment in India for complete recovery in April 2024. Service providers emphasize connecting credited hospitals and doctors with patients and take care of medical visas, concierge services, and travel arrangements for their glitch-free and smooth treatment.
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Medical tourism is expected to shine bright with continued growth soon. Improvements in healthcare along with innovations will further drive the market progressively, while the demand for high-quality and affordable healthcare services will grow. As more individuals are gaining awareness about the advantages offered by medical tourism, the world will see new emerging destinations and the market expanding to fulfill the demands of the global populace.
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