AI-Enabled Precision Medicine Tool To Drive The Medical Tourism Market 2023, As Per The Business Research Company

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15 Dec, 2022, 11:30 GMT

LONDON, Dec. 15, 2022 /PRNewswire/ -- As per The Business Research Company's Medical Tourism Global Market Report 2023, the global medical tourism market size is expected to grow from $73 billion in 2022 to above $276 billion in 2031 at a compound annual growth rate (CAGR) of 15.2%. This exponential growth in the medical tourism market size is a result of multiple drivers of the market such as government initiatives, lower cost care for surgeries, increase in geriatric population, rising number of medical tourists, and technological advancements.

The key driver attributing towards this rapid growth are the technological advancements. The advancements in technology are expected to drive the growth of the medical tourism market as the major players operating in the medical tourism market are focused on developing new technological solutions to strengthen their position in the market.

For instance, in June 2022, General Authority for Health Care, an Egypt based Government health agency, announced the launch of '3D virtual realit' technology for the first time in Egypt to promote the authority's project for medical tourism – with the slogan- "We Take Care of You in Egypt" among Arabs, Africans and foreigners, at the Africa Health ExCon held in New Cairo on June 5-7.

Another such example of technological advancements in the medical tourism market is the use of artificial intelligence in chronic health disorders. Artificial intelligence supports efficiency in disease diagnosis, medical decisions, and treatment as part of effective chronic disease management and the role of AI in medical tourism is crucial.

For example, in November 2022, MedStar Health, a US based not-for-profit health system and Zephyr AI, Inc., an India based precision medicine technology company, have announced a partnership focused on developing artificial intelligence (AI)-enabled precision medicine tools to improve outcomes for chronic diseases, starting with type 2 diabetes (T2D). This partnership will leverage MedStar Health's de-identified T2D datasets and patient management expertise to further develop Zephyr AI's predictive analytics product, known as Insights. The tool is designed to help improve the timeliness of T2D interventions and decrease adverse outcomes such as end-stage chronic kidney disease, dialysis, foot ulcers, and amputations.

Whereas the adoption of precision medicine is a key trend gaining popularity in the medical tourism market, its usage with AI is an added benefit. Precision medicine promises better healthcare solutions aiming more targeted therapies involving lower costs and fewer errors. In medical tourism, this has a long-term implications given that medical tourists always look for quality alongside affordability.

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Regional Overview Of The Medical Tourism Global Market Report 2023

Asia-Pacific holds the major regional share of the medical tourism market. Asia Pacific, the largest region in the medical tourism market and was worth $25 billion in 2022, accounting for over 20% of the total market share. The medical tourism market in the Asia-Pacific is supported assistance provided by the tourism department and the government to the source and the host destinations, raising awareness regarding medical tourism and the affordability of advanced medical treatments. Many countries such as India, and Thailand are promoting medical tourism owing to their cost-effectiveness.

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What Are The Major Players Of The Medical Tourism Market?

The global medical tourism market is highly fragmented. The top ten competitors in the market made up more than 2% of the total market. This is due to the existence of a number of local players in the market serving customers in particular geographies. Prince Court Medical Centre (IHH Healthcare) was the largest competitor with 0.45% share of the market, followed by Bumrungrad International Hospital, Asklepios Kliniken Verwaltungsgesellschaft mbH, Apollo Hospitals Enterprise Ltd, Fortis Healthcare, Bangkok Dusit Medical Services PCL., Saudi German Hospitals Group, Asian Heart Institute, Gleneagles Hospital, and KPJ Healthcare Behard.

Check out similar market reports:

Precision Medicine Global Market Report 2022 – Market Size, Trends, And Global Forecast 2022-2026

Telemedicine Services Global Market Report 2022 – Market Size, Trends, And Global Forecast 2022-2026

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