CAGR: 22%Current Market Size: USD 14 BillionFastest Growing Region: North America
Largest Market: APACProjection Time: 2023-2030Base Year: 2022
The Global Medical Tourism market is expected to grow from USD 14 billion in 2022 to USD 68.70 billion by 2030, at a CAGR of 22% during the Projection period 2023-2030. The growth of this market is mainly driven owing to the rising population of diseases.
People who travel overseas for medical treatment are said to engage in medical tourism. Historically, this referred to those seeking care that was not available to them at home and who traveled from less developed nations to major medical centers in developed nations. However, in recent years, it may also be used to describe people from affluent nations that visit developing nations for less expensive medical care. There are many medical agencies around the world that decide whether or not a drug is allowed in their nation (FDA, EMA, etc.), therefore the motive could also be due to medical treatments that are unavailable or not licensed in the home country. Although people also travel for dental tourism and reproductive tourism, surgeries (cosmetic or otherwise) and comparable treatments account for the majority of medical tourism. People with rare diseases may visit nations where medical care is more known. However, practically all forms of healthcare, including psychiatry, complementary medicine, convalescent care, and even funeral services, are accessible. A more general word for travel that emphasizes medical procedures and the usage of healthcare services is "health tourism." It encompasses a broad spectrum of medical tourism, from preventive and health-promoting treatments to restorative and curative travel. A related industry is wellness tourism. When compared to the alternative concept of sustainable capacities, which refers to work done in the context of long-term, locally-run, and foreign-supported infrastructures, the field of medical tourism—which refers to volunteers who travel overseas to provide medical care—has recently drawn negative criticism. Most of this criticism can be found in peer-reviewed, scientific publications. Recently, comparable criticisms have also appeared in publications with wider readerships.
Sample Request:- Global Medical Tourism Market
Market Dynamics:
Drivers:
Globalization has greatly influenced medical tourism, making it possible for many patients to receive the best and most cheap medical care. Consequently, globalization improves health care by 75% and lowers expenses by 25% to 75%, particularly for Americans and others in industrialized nations. As a result, the trend toward globalization enables patients to get cutting-edge, low-cost care across international borders, fueling the global health tourism industry.
Restraints:
Several unfavourable circumstances significantly constrain the expansion of the global medical tourism market. A rising number of patients from industrialized economies are travelling abroad for medical care due to the accessibility of affordable treatment choices. However, there is a chance of post-surgical issues even if the procedure is completed. In bariatric procedures, medical devices like intragastric balloons and adjustable gastric bands are utilized, and they must be removed six to twelve months after placement. In such circumstances, the patient must board a plane and travel abroad to acquire the required medical care. Some crucial factors to consider are long wait periods for some medical procedures, difficulty with patient follow-up, and post-surgery complications.
Opportunities:
The cost of medical care is very expensive in developed nations. Despite the high quality of the treatments, procedures are thought to be on the expensive side. In addition, essential healthcare products are often fairly pricey. Given the recent growth in litigation costs, this scenario places a substantial burden on healthcare systems worldwide. Healthcare practitioners need to be aware of all costs, including direct and indirect ones, as well as how applying prevention techniques might save money over the long run. People in wealthier nations cannot afford the exorbitant prices of medical care. Insurance companies don't always pay for medical costs, which forces individuals to travel abroad for care.
Challenges:
Numerous aspects of the healthcare system are broken by the medical record transfer issue, which results in daily patient fatalities. Doctors and medical professionals need to understand that there is no free market in which people can profit when they are already ill and need emergency care. The health tourism market may be restricted due to this issue.
Segmentation Analysis:
The global Medical Tourism market has been segmented based on treatment type, service provider, and others.
By Treatment Type
The treatment type segment is cosmetic treatment, orthopedic treatment, oncology (cancer) treatment, fertility treatment, and others. The Cosmetic Treatment segment led the largest share of the Medical Tourism market with a market share of around 22% in 2022. Cosmetic procedures are regarded as elective surgeries, thus they are not covered by health insurance. Contrarily, cosmetic procedures are far less expensive in many developing nations, which encourages people to go for medical care to receive better healthcare at a lower cost. Cosmetic surgery made up 17% of the medical tourism industry in 2020. The most popular cosmetic procedures worldwide include rhinoplasty, facelifts, breast augmentation, and hair restoration. Globally, the demand for cosmetic procedures is increasing as people's awareness of aesthetics increases.
By Service Provider
The service provider segment includes public and private. The private segment led the Medical Tourism market with a market share of around 53% in 2022. The segment's expansion can be attributed to ongoing technical improvements, incorporating remote monitoring technologies into devices, increased accessibility, and patient population awareness in the private sector. Technology breakthroughs like the emergence of artificial intelligence, the introduction of novel technologies, and the expanding use of self-care treatment are large to be attributed to the market's expansion.
Global Medical Tourism Market- Sales Analysis.
The sale of synthetic biology Treatment Types expanded at a CAGR of 14.9% from 2016 to 2022.
Growing Internet Use Has Affected the Medical Tourism Market's Development. Despite not being a new idea, medical tourism is becoming increasingly popular online as a healthcare option for people worldwide. From a marketing standpoint, the internet presents healthcare service providers and operators with a dynamic platform to raise awareness about the different alternatives for medical travel. The Internet may also significantly impact a patient's decision to travel for medical treatment. Patients frequently research options online from various information sources before making a choice. Consumers are becoming more active in web-based healthcare forums to find reliable information on foreign healthcare infrastructure.
In addition, medical tourism marketers are increasingly using social media to connect with potential clients. Social media platforms like Facebook allow marketers to take advantage of the platform's segmentation tools to precisely identify target groups and then offer their services to consumers in specified geographic regions. The internet is being used by an increasing number of medical tourism organizers to promote their services. Information about healthcare services is increasingly being transferred electronically. As a result, more people are now accessing the necessary information in healthcare. For instance, The Apollo Hospital Group's website contains an "International Patient Service" section that also provides "live chat" services to help patients from other countries.
To enhance Thailand's global position in medical tourism, the Tourism Authority of Thailand (TAT) launched a very successful e-campaign in 2010. In addition, TAT and Royal Orchid Plus established a website called HealthBeautyHoliday to provide details on medical tourism services such as hotel discounts, spa services, and so on.
Thus, owing to the aforementioned factors, the global medical tourism market is expected to grow at a CAGR of 22% during the Projection period from 2023 to 2030.
By Regional Analysis:
The regions analyzed for the Medical Tourism market include North America, Europe, South America, Asia Pacific, the Middle East, and Africa. The Asia Pacific region dominated the Medical Tourism market and held a 40% share of the market revenue in 2022.
Global Medical Tourism Market- Country Analysis:
Germany's Medical Tourism market size was valued at USD 0.56 billion in 2022 and is expected to reach USD 2.10 billion by 2030, at a CAGR of 18% from 2023 to 2030. The key trends and opportunities in the Medical Tourism market as well as future trends, are growing as a result of factors like improved healthcare IT infrastructure and increasing accessibility of virtual care. Also, many hospitals in the country want to create a medical tourism revenue stream. Their efforts are expected to soar in response to the surging demand for cosmetics procedures. That fuels the market in the region.
China’s Medical Tourism market size was valued at USD 2.24 billion in 2022 and is expected to reach USD 9.63 billion by 2030, at a CAGR of 20% from 2023 to 2030. Some factors contributing to China’s growth are the presence of a highly developed tourism sector, increased private healthcare providers, and reasonable treatment costs. Furthermore, improved quality of personal care and adoption of the latest treatment technologies are responsible for the growing medical tourism in the country.
India's Medical Tourism market size was valued at USD 1.7 billion in 2022 and is expected to reach USD 6.83 billion by 2030, at a CAGR of 19% from 2023 to 2030. Wellness services are quite well-liked in India because many individuals have visited there in search of alternative medicine. Yoga, massages, and meditation are among the services widely accessible in India for medical tourists looking for alternative remedies. Rishikesh, a city in the Indian state of Uttarakhand, is frequently referred to as the "Yoga Capital of the World." India may be the only country in the world with a special division for complementary therapies, such as homoeopathy, Ayurveda, Unani, yoga, and other wellness disciplines, known as the "Ministry of Ayush." For these reasons, wellness services are highly popular in India, which helps the country's medical tourism market statistics.
Key Industry Players Analysis:
To increase their market position in the global Medical Tourism business, top companies focus on tactics such as adopting new product launches, mergers & acquisitions, Treatment Type developments, collaborations, partnerships, joint ventures, etc.
Latest Development:
Report Metrics
Report Attribute |
Details |
Study Period |
2022-2030 |
Base year |
2022 |
CAGR (%) |
22% |
Market Size |
14 billion in 2022 |
Projection period |
2023-2030 |
Projection unit |
Value (USD) |
Segments covered |
By Treatment Type, By Service Provider, and By Region. |
Report Scope |
Revenue Projection, competitive landscape, company ranking, growth factors, and trends |
Companies covered |
Apollo Hospitals Enterprise Limited, Bumrungrad International Hospital, Aditya Birla Memorial Hospital, Fortis Healthcare Limited, KPJ Healthcare Berhad, Asian Heart Institute, NTT Medical Center Tokyo, Prince Court Medical Centre, Barbados Fertility Center, Samitivej PCL, and Seoul National University Hospital. |
By Treatment Type |
|
By Service Provider |
|
Regional scope |
|
Scope of the Report
Global Medical Tourism Market by Treatment Type:
Global Medical Tourism Market by Service Provider:
Global Medical Tourism Market by Region:
Global Medical Tourism market size was USD 14 billion in 2022
Cosmetic Treatments dominated the Medical Tourism market in Treatment Type.
Global Medical Tourism market is growing owing to the rise in diseases worldwide.
The Asia Pacific region accounted for the highest Medical Tourism market share.
Political Factors- Several variables affect the profitability of the worldwide medical tourism market. Politics-related factors that could affect the industry include changes to tax laws, consumer protection, employment laws, and insurance obligations. For instance, a change in tax laws may need a strategy modification that either capitalizes on increasing government healthcare spending or accounts for decreased government subsidies. A significant shift in the workforce and overtime requirements may also result from changes in employment law, such as the 2016 legislation that affected employee overtime requirements.
Economical Factors- Examples of economic problems that have an impact on healthcare companies' financial performance include unemployment, inflation, and interest rates. The purchasing power of the general public and public expenditure policies may be impacted by these shifting situations. For instance, if a business produces medical tourism for healthcare, a high unemployment rate will result in fewer people being able to move for treatment. Additionally, if fewer people are able to work, they will not be eligible for employment benefits.
Social Factor- The medical tourism sector should be able to recognize shifts in the values, attitudes, and demography of your different consumer groups. To avoid going against accepted beliefs or conventions, a manufacturer, for instance, should be aware of the society it serves. These kinds of elements must be considered in the company's marketing plan as well. The effectiveness of marketing will increase, and it will have a positive effect on performance if an individual use content that demonstrates alignment with a particular sociocultural set of beliefs/values. Medical tourism has been greatly influenced by globalization, which has made it possible for many patients to receive the best and most cheap medical care. Consequently, globalization improves health care by 75% and lowers expenses by 25% to 75%, particularly for Americans and others living in industrialized nations. As a result, the trend toward globalization enables patients to get cutting-edge, low-cost care across international borders, fueling the global health tourism industry.
Technological Factors- Medical tourism are expanding, and one factor driving this expansion is increased R&D spending by healthcare companies. Spending on R&D and the release of new medications have both increased during the past 20 years. For instance, Investments in healthcare innovation are boosting contributions to the American economy and strengthening the nation's reputation as a leader in medical innovation. The current IQVIA report, which reflects trust in scientific innovation to address unmet health needs, states that investment in future medical advances grew in 2018. In 2018, venture capital firms made over $23 billion in investments, and the 15 top pharmaceutical corporations spent over $100 billion on R&D for the first time, an increase of 32% over the previous five years. A few technological characteristics are the speed of technological advancement, automation, R&D initiatives, and technology incentives. Today, technology is all around us and the development of new technologies is likely to affect the industry.
Environmental Factors- For firms that assemble medical tourism, environmental sustainability measures have both financial and environmental advantages. Environmentally friendly building designs are now being sought after by many firms, and waste disposal practices are also being scrutinized. Corporate social responsibility (CSR), which ought to be a significant component of any business plan, is demonstrated by leadership in the area of green environmental practices. The implementation of the closed-loop, circular economy approach is starting to become the standard in several nations. Industries with enabling institutional frameworks facilitate material recycling and reuse.
Legal Factors- Laws pertaining to consumer protection, antitrust, employment, and health and safety regulations are only a few of them. These factors could affect a business’s operations, costs, and product demand. Failure to abide by the new regulations and legal processes governing medical tourism could result in the immediate demise of a business and a market. The overall plan should take into account the legal repercussions of ongoing cases, HIPAA compliance, future acquisitions, and more. Additionally, there is employment law, which is a catch-all word for a number of laws defending workers' rights, including fair pay, equality, equity, inclusion, and justice, as well as health and safety. While some nations lack efficient enforcement of employment laws, others have harsh penalties for violating any of the specified rights of employees. Therefore, breaking these regulations could result in severe consequences.
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