Healthcare Medical Devices Biotechnology

Medical Tourism Market

Global Industry Analysis and Forecast 2023-2030

Pages : 120

Base Year : 2022

Released Year : February 2024

Format :Pdf Ppt Xls

Report ID:KR449

Author : Siddhi J.

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Base Year

2022

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Forecast Year

2023-2030

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Historical Years

2018-2021

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Market Value (2022)

USD 38.54 Billion

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Forecasted Value (2030)

USD 192.63 Billion

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CAGR (2023 - 2030)

22.29%

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Fastest Growing Region (2023 - 2030)

Asia Pacific

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Largest Region

Asia Pacific

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By Treatment Type

Cosmetic, Dental, Cardiovascular, Orthopedics, Bariatric, Fertility, Ophthalmic, Others.

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By Service Provider

Public, Private.


Market Perspective

The global Medical Tourism Market was valued at USD 38.54 billion in 2022 and is projected to reach USD 192.63 billion by 2030, growing at a CAGR of 22.29% from 2023 to 2030.

The medical tourism industry is experiencing rapid growth due to the easy access, affordability, and quality of healthcare services, along with strong support from tourism agencies and local governments. Additionally, the increasing occurrence of cancer and other health conditions is expected to bolster the demand for healthcare services, thus positively impacting the medical tourism market expansion. The medical tourism market growth is further boosted by the growing elderly population, which requires specialized medical procedures and services. Various factors contribute to the market's growth, including cost savings, patient benefits such as advanced treatments, state-of-the-art technologies, personalized care, and exceptional hospitality. The presence of cutting-edge medical technologies in medical tourism centers worldwide also plays a significant role in driving product adoption. Moreover, government organizations providing support and assistance to medical tourism, along with the significant growth in advertising and marketing efforts, are fueling market progress.

In addition, the growing trend of globalization, along with the ease of international travel, has rendered it more convenient for patients to seek medical treatment abroad. Patients are now able to access information about different medical tourism destinations, compare prices, and read reviews from other patients, all from the comfort of their own homes. This accessibility has further propelled the growth of the medical tourism market, as patients are now more informed and empowered to make decisions about their healthcare. Furthermore, the increasing number of partnerships between medical tourism providers and insurance companies has made it easier for patients to navigate the financial aspects of medical tourism. With insurance coverage and reimbursement options available, patients are more willing to explore medical tourism as a viable option for their healthcare needs.

Analyst's Review on Medical Tourism Market

Medical tourism is an emerging industry witnessing constant innovation. It involves people seeking healthcare outside their home country due to factors such as cost, availability, or quality of treatment. Due to rising healthcare costs, patients worldwide are looking for affordable solutions in the medical tourism market, particularly in emerging economies such as India and Singapore, and notably in industrialized countries such as the United States. These countries offer high-quality medical facilities and treatments at a fraction of the cost when compared to those in their home countries.

In recent years, the medical tourism industry has been experiencing significant growth, with millions of patients traveling abroad each year for various medical procedures and treatments. This trend can be attributed to several factors, including the increasing accessibility of international travel, advancements in medical technology, and the growing popularity of global healthcare options.

Market Definition

Medical tourism refers to traveling to another country to receive treatment or procedures, a practice applicable to people seeking healthcare outside their home country, often motivated by factors such as cost, availability, or quality of care. Medical tourism combines aspects of tourism and healthcare, as people seek medical treatment while also exploring and experiencing the destination country. Medical tourism has gained immense popularity in recent years, as advancements in technology and transportation have made it easier for individuals to seek medical care abroad. This trend has been fueled further by the rising costs of healthcare in many countries, prompting individuals to search for more affordable options elsewhere. Additionally, some individuals may opt for medical tourism to access treatments or procedures that are not readily available in their home country.

Market Dynamics

The costs of medical treatments and procedures can vary significantly across countries. Patients often seek medical tourism options to access high-quality healthcare at a lower cost compared to their home countries. This affordability factor is a key driver for patients considering medical tourism. In addition to the cost savings, medical tourism also offers patients the opportunity to receive treatments that may not be available or accessible in their home countries. Some countries have advanced medical technologies and expertise that attract patients seeking specialized treatments or procedures. Moreover, medical tourism allows patients to bypass long waiting lists for certain procedures in their home countries, providing them with faster access to necessary healthcare. This combination of affordability and accessibility makes medical tourism an attractive option for many patients worldwide.

Ensuring the quality and safety of medical treatments and procedures is a significant challenge faced by the medical tourism industry. Patients may have concerns regarding the standards and regulations of healthcare facilities in foreign countries. It is crucial for medical tourism destinations to maintain high-quality healthcare services and adhere to international standards to build trust among patients. For instance, a patient from the United States who is considering getting a dental implant in Mexico may worry about the sterilization procedures and qualifications of the dental clinic. To address these concerns, reputable medical tourism destinations can provide detailed information about their healthcare facilities. This may include certifications and accreditations from international organizations such as Joint Commission International, which assure patients that a facility meets high-quality standards. Additionally, some destinations can offer virtual tours or video consultations with healthcare professionals to give patients a better understanding of the facility and its capabilities.

Segmentation Analysis

The global medical tourism market is segmented based on treatment type, service provider, and geography.

Based on treatment type, the medical tourism market is segmented into cosmetic, dental, cardiovascular, orthopedics, bariatric, fertility, ophthalmic, and others. The cosmetic segment dominated the market in 2022 due to improved facilities and services in low-cost countries, especially across India, Singapore, and Thailand. These countries are expected to hold profitable shares over the forecast period. The demand for cosmetic procedures such as plastic surgery, facial rejuvenation, and body contouring has grown significantly worldwide. The increasing emphasis on physical appearance and beauty standards has led to a growing desire among individuals to improve their aesthetic qualities.

Based on service provider, the medical tourism market is classified into private and public. The private segment is expected to lead the market over the forecast period. The segment is experiencing strong growth due to tourists being attracted to the world-class medical facilities offered by private providers. In addition, private providers have the power to offer access to advanced medical systems, digital systems, and value-based care at lower costs. The surging adoption of advanced healthcare technologies and the availability of internationally reclaimed and accredited private care providers are supporting the growth of the segment.

Geographical Analysis

Based on region, the global medical tourism market is classified into North America, Europe, Asia Pacific, MEA, and Latin America.

Asia Pacific is expected to register a significant revenue share in 2022 due to enormous improvements in medical treatment, including cutting-edge technologies, state-of-the-art facilities, and highly qualified medical staff. These developments have positioned the region as a specialty surgery and treatment hub, attracting patients in search of high-quality medical care. To obtain access to international healthcare insurance and purchaser networks, healthcare facilities in developing nations across the region are contending for regulatory authorities' accreditation on a global scale. Furthermore, several factors contributing to this trend include the expanding user bases of social media sites and the influence of public figures.

Moreover, Asia Pacific is projected to be the fastest-growing region in the foreseeable future. This growth can be attributed to several factors such as the availability of high-quality medical facilities, skilled healthcare professionals, and affordable treatment options. For instance, Thailand is known for the widespread availability of bariatric and cosmetic surgery including laser tattooing, breast augmentation, liposuction, hair transplantation, Botox, and contouring procedures. These locations are popular with people contemplating transformative cosmetic operations since their facilities frequently provide entire packages, including treatment, lodging, and post-operative care. A further improvement in the region's ability to accommodate medical tourists is the expanding number of hospitals and healthcare facilities being constructed. Additionally, the range of options allows individuals to select the most suitable location for their healthcare needs, thereby fostering market expansion.

Competitive Landscape

The global medical tourism market study will provide valuable insights emphasizing the fragmented nature of the industry. Prominent players are focusing on several key business strategies such as partnerships, mergers and acquisitions, product innovations, and joint ventures to expand their product portfolio and increase their respective market shares across different regions. Expansion and investments are the major strategic initiatives adopted by companies in this sector. Industry players are investing extensively in R&D activities, building new manufacturing facilities, and supply chain optimization. The major players in the medical tourism market are:

  • Bumrungrad International Hospital
  • Apollo International
  • Seoul National University Hospital
  • Mayo Clinic
  • Raffles Medical Group
  • Prince Court Medical Centre
  • Aditya Birla Health Services Ltd.
  • Kasemrad International Hospital Vientiane
  • Samitivej PCL
  • KPJ Healthcare Berhad

Recent Developments

  • June 2023 (Investment): Bumrungrad International Hospital in Phuket, Thailand, undertook the initiative to establish a specialized hospital comprising 150 beds and state-of-the-art diagnostic capabilities. This endeavor is a strategic move by Bumrungrad to broaden its capacity to deliver personalized healthcare services and utilize advanced medical equipment to serve a larger patient population.

The global Medical Tourism Market is segmented as:

By Treatment Type

  • Cosmetic
  • Dental
  • Cardiovascular
  • Orthopedics
  • Bariatric
  • Fertility
  • Ophthalmic
  • Others

By Service Provider

  • Public
  • Private

By Region

  • North America
    • U.S.
    • Canada
    • Mexico
  • Europe
    • France
    • U.K.
    • Spain
    • Germany
    • Italy
    • Russia
    • Rest of Europe
  • Asia Pacific
    • China
    • Japan
    • India
    • South Korea
    • Rest of Asia Pacific
  • Middle East & Africa
    • GCC
    • North Africa
    • South Africa
    • Rest of Middle East & Africa
  • Latin America
    • Brazil
    • Argentina
    • Rest of Latin America.
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Frequently Asked Questions (FAQ's)
The global medical tourism market is projected to reach USD 192.63 billion by 2030, growing at a CAGR of 22.29% from 2023 to 2030.
The global medical tourism market was valued at USD 38.54 billion in 2022.
The medical tourism market is growing rapidly owing to the availability, accessibility, and affordability of quality healthcare services and good support from tourism agencies and local governments. These factors drive the growth of the market
Top manufacturers of the medical tourism market are Bumrungrad International Hospital, Apollo International, Seoul National University Hospital, Mayo Clinic, Raffles Medical Group, Prince Court Medical Centre, Samitivej PCL, KPJ Healthcare Berhad, Aditya Birla Health Services Ltd., Kasemrad International Hospital Vientiane, and others
Asia-Pacific is the fastest-growing region in the forecasted period (2023-2030).
By treatment type, cosmetic will hold the maximum share in the medical tourism market with the revenue value in 2030.
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