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Medical Tourism Market Size By Treatment Type (Cosmetic Treatment, Orthopedic Treatment, Oncology (Cancer) Treatment, Fertility Treatment, and Others), By Service Provider (Public and Private) Regions, Segmentation, and Projection till 2030

CAGR: 22%Current Market Size: USD 14 BillionFastest Growing Region: North America

Largest Market: APACProjection Time: 2023-2030Base Year: 2022

Global Medical Tourism Market- Market Overview:

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:                          

  • The increasing tendency of globalization

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:                                             

  • Numerous undesirable aspects

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:

  • High cost of healthcare in developed nations

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:

  • Having trouble transferring medical records

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.

  • The Asia Pacific region witnessed a major share. In 2019, Thailand was the most popular country for medical tourism. The nation is regarded as one of Asia's most well-liked travel hotspots. Thailand's expanding medical tourism industry results from more private hospitals, better-developed healthcare facilities, and more affordable healthcare services. More than 450 private hospitals are already nationwide, and more are likely to go up soon. Regarding CAGR for the Projection period, not just Thailand but also India, Singapore, South Korea, and Japan are anticipated to contribute considerably too aggressive expansion.
  • North America is anticipated to experience significant growth during the predicted period. In North America, there is an increase in demand for online medical agencies (OMA). Most nations have developed strategies to encourage the digitalization of healthcare services, which creates a demand to travel to other regions in search of the best and most effective medical care. As a result, collaboration with foreign organizations improves, and the demand for medical tourism will increase if there is an increase in diagnostic and surgical procedures. Therefore, it is anticipated that implementing connection technologies, digital platforms, and telemedicine will propel market expansion.

Global Medical Tourism Market- Country Analysis:

  • Germany

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

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

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.

  • 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
  • Seoul National University Hospital

Latest Development:

  • In August 2022, For incoming international passengers travelling to India for medical reasons, the Government of India listed 10 airports: Delhi, Mumbai, Chennai, Bengaluru, Kolkata, Visakhapatnam, Kochi, Ahmedabad, Hyderabad, and Guwahati. These airports will have special desks, a multilingual portal, and simplified visa requirements.
  • In May 2022, A brand-new online resource called Croatian ZagrebMed is scheduled to debut to promote health and medical travel. About 20 eminent Croatian medical institutions from various specialities will be represented on the platform.

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

  • Cosmetic Treatment
  • Orthopedic Treatment
  • Oncology (Cancer) Treatment
  • Fertility Treatment
  • Others               

By Service Provider

  • Public
  • Private              

Regional scope

  • North America
  • Europe
  • Asia-Pacific
  • South America
  • Middle East and Africa

Scope of the Report

Global Medical Tourism Market by Treatment Type:

  • Cosmetic Treatment
  • Orthopedic Treatment
  • Oncology (Cancer) Treatment
  • Fertility Treatment
  • Others

Global Medical Tourism Market by Service Provider:

  • Public
  • Private

Global Medical Tourism Market by Region:

  • North America
    • USA
    • Canada
    • Mexico
  • Europe
    • Germany
    • France
    • UK
    • Italy
    • Spain
    • Russia
  • Asia-Pacific
    • Japan
    • China
    • India
    • Korea
    • Southeast Asia
  • South America
    • Brazil
    • Peru
  • Middle East and Africa
    • UAE
    • South Africa
    • Saudi Arabia

Frequently Asked Questions

What was the market size of Medical Tourism Market in 2022?

Global Medical Tourism market size was USD 14 billion in 2022

Which segment in Treatment Type accounted for the largest Medical Tourism market share?

Cosmetic Treatments dominated the Medical Tourism market in Treatment Type.

Why is the Medical Tourism market growing?

Global Medical Tourism market is growing owing to the rise in diseases worldwide.

Which region accounted for the highest Medical Tourism market share?

The Asia Pacific region accounted for the highest Medical Tourism market share.