Medical Tourism Market Size, Share, Growth Analysis, By Treatment Type(Cardiovascular, Orthopedic, Cosmetic, Bariatric, Dental, Ophthalmology, Infertility, Alternative Medicine, Others), Service Provider(Public, Private), Destination(Domestic, International), and Region - Industry Forecast 2024-2031


Report ID: SQMIG35E2018 | Region: Global | Published Date: June, 2024
Pages: 157 |Tables: 41 |Figures: 74

Medical Tourism Market Insights

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 is expected to grow in the subsequent years as a market. Some factors that have helped grow this market include technology and Treatments, Mobility and affordability, and Health care needs. The major driving force for this market is the high cost of health care services as the cost of the health services in the home country is very high. Also, there has been the emergence of free market services including sex change, infertility treatments, dental implants and facelifts, which are not funded by insure. The cost of a high-quality treatment in the developed countries versus the cost of the treatment in the developing countries such as Thailand and Malaysia, the latter cost is lower. This has the advantage of making the treatments to be cheap in the developing countries without a compromise on the kind of treatment given since the resources used are cheap and easily obtainable. This factor is one of the causes of increased consumer demand for health services in those countries. For instance, a very common procedure known as coronary angioplasty is expected to cost a patient in the U. S. roughly between USD 55000 to USD 57000, while in Malaysia it ranges from USD 4500 to USD 10000. Singapore, Malaysia, India and Thailand are preferred destinations by people from the US and Europe who seek treatments that are 55% to 70% lower than the costs set in the US and Europe. 

However, the emerging countries also have qualified surgeons who perform operations on millions of patients for different diseases every year. The medical expenses in Malaysia are relatively lower compared to the developed countries as the treatment prices are 30% to 40% cheaper than the US, UK and other developed European countries. These countries offer surgery services, and it is common to find individuals traveling to these countries for surgery like face lift, facial remodeling, dental veneers, breast augmentation, implants, liposuction among others. The market will rise due to advanced and complex healthcare systems and the boosting supply of good quality healthcare services at comparatively low prices. But there are other cases when some treatments of diseases may be harmful if they are not administered immediately, and the consequences of the postponement of different surgical operations may be fatal. For instance, if the individual declines a hip replacement surgery, the hip joint will deteriorate even more, mobility will be restricted, and pain will worsen; the chance to undergo less aggressive surgeries like resurfacing of the hip will also not be possible. 

US Medical Tourism Market is poised to grow at a sustainable CAGR for the next forecast year 2031.

Market Snapshot - 2024-2031

Global Market Size

USD 17.35 billion

Largest Segment

Oncology Treatment

Fastest Growth

Cosmetic Treatment

Growth Rate

23.5% CAGR

Medical Tourism Market ($ Bn)
Country Share for Asia-Pacific Region (%)

To get more reports on the above market click here to Buy The Report

Medical Tourism Market Segmental Analysis

The global medical tourism market is segmented on the basis of treatment type, service provider, destination, and region. Based on treatment type, the market is segmented into cardiovascular treatment, orthopedic treatment, cosmetic treatment, bariatric treatment, dental treatment, ophthalmology treatment, infertility treatment, alternative medicine, and other services. Based on service provider, the market is segmented into public and private. Based on destination, the market is segmented into domestic and international. Based on region, the market is segmented into North America, Europe, Asia-Pacific, Middle East and Africa, and Latin America.

Analysis by Service Provider 

The private segment accounted for the largest share of the market in 2023 and is also anticipated to register the highest CAGR of 25%. amount from 86 billion from 2024 to 2031 billion in the next 7 years. This growth is fueled by such factors as increased implementation of high-quality healthcare technologies and the presence of internationally accredited private health care personnel. The prospect of fast services and enhanced privacy from the private sector to that of the government sector also contributes to this growth. Hospitals in developing nations are now seeking accreditation from both national and international bodies because accreditation would enable them to get accreditation from international health insurance and purchaser markets. Some insurance providers in companies of developed nations are including health tourism policies in medical plans, thus encouraging the use of health facilities in other countries. Also, the high increase in the costs of health care and the great number of people who do not have adequate health insurance coverage are also pushing patients in search of affordable health care services and treatments in the developing countries. 

The public segment is expected to have a high and healthy CAGR of 24% soon. from 2024 to 2031, it is expected to increase to 43% for the period under consideration. Still, certain variables such as healthcare globalization and more patients travelling to other countries for treatments are propelling the medical tourism industry forward. The opportunities of the states in providing advanced technologies, such as telemedicine and e-health, improve access to care and treatments worldwide. In addition, better means of transport both in the form of transport facilities, modern and advanced levels of hospitality and accommodation, and better communication facilities are also helping in the development of medical tourism. 

Analysis by Destination 

The domestic segment of the medical tourism market is characterized by a very high rate of growth, and thus, it is one of the main sources of income for the development of the healthcare system of the country. The Indian healthcare industry has expanded at the same pace coupled with competitive costs and sound health care structure which has made India as the preferred treatment center for the domestic people. Lebanon offers patients a wide array of medical facilities where they can choose to seek treatment in either the allopathic homoeopathy, Ayurveda, Unani, Siddha and Tibetan systems of medication depending on which system of medication suits them best. The Private Sector is equally phenomenal in the provision of health care, contributing to 80% of the institutions and human resources in the health sector of the country. Finally, overspending in the domestic medical tourism industries can be attributed to government spending, especially on health, and support from foreign governments on public health enhancement projects. 

The fastest growing segment of the international segment in the global medical tourism market has been affected negatively by the pandemic of COVID-19, which caused a decline of 2.6 International tourist arrivals of  from 2020 to 2022 and a significant decline in tourism export earnings. However, international visitor arrivals recovered only up to 88% to the pre-Covid level in the year January-December 2023 which proves the strength of the industry at least in the short run. Despite the effects of the pandemic, the medical tourism continues to progress, and this can be attributed to mostly including the cheap dental and diagnostic procedures in the countries with cheap labor, access to new technologies in medicine, cheap flights, and the internet. Medical tourism can be defined in a broad context that covers virtually all forms of treatment, including dental care, cosmetic surgery, elective surgery, fertility treatment and many others, which patients from developed, wealthy countries are more than willing to seek from healthcare facilities in less developed nations. 

Medical Tourism Market By Destination

To get detailed analysis on other segments, Request For Free Sample Report

Medical Tourism Market Regional Insights

The Asia-Pacific region leads the market, with an anticipated CAGR of 27.66% over the forecast period. The other and most attractive proposition of this region is that medical treatments are notably 90% lower than those marketed by private hospitals in the USA. Conversely, statistics obtained from the Malaysia Healthcare Travel Council reveal a difference of around USD 10,000 in the cost of coronary artery bypass graft in the US ($92,000) compared to the cost in India ($10,000). Noteworthy, however, is the fact that Thailand, Malaysia, and Singapore are some countries that are regarded across the globe for the many entertainments, recreation and living in their beautiful tourist destinations that are both affordable and friendly to the locals and people who come there to get treated, rank top standards. This region's prosperity usually comes from the view of many nations there who consider medical tourism a good economic source. The governments of Thailand, Malaysia and India draw healthcare tourism among others under the tourism ministry. Investments of the emergency and investors in this growing Asia-Pacific country are becoming increasingly involved in offering excellent facilities, advanced technology, qualified personnel and quality services. On the other hand, this means that the medical tourism industry in the said region is seeing record-breaking gains. 

Europe is expected to become a promising market for world medical tourism with low cost, but high-quality healthcare services provided. The countries like Germany, Austria, France, Belgium and so on offering affordable programs equally at the level of the highest medical care. One of the most attractive features for medical tourists in Eastern Europe is the low costs involving such procedures as surgical, medical, and dental areas of expertise which are comparatively cheaper than in other regions. Comparing European nations with the USA, healthcare spending in the former is much lower, from 40% to 80% less than what the USA spends, thereby causing a further development of medical tourism industry there. Being widely supportive with great medical facilities and numerous natural resources, Europe (the continent) throws itself as an investment market in the sector of medicine, catching the attention of a continuously growing number of patients. The adequacy of medical services can, thus, stimulate market growth in Europe, and sales are expected to contribute over USD 41,000 million in 2030. 

Medical Tourism Market By Region
  • Largest
  • Fastest

To know more about the market opportunities by region and country, click here to
Buy The Complete Report

Medical Tourism Market Dynamics

Drivers 

Government Initiatives and Infrastructure Development  

  • Expansion of the medical tourism market is due to the government and enhanced investments in the construction of superior and sound healthcare infrastructure. Government policies that support the concept of micro-holidays along with the investments in enhancing the air connectivity and other means of transportation are some of the factors that contribute to the market growth. Also, the government initiatives are helping in its growth as they are working in favor of medical tourism. Material containing data on treatments available for diseases, their costs, and the best centers for getting them also helps in raising awareness about medical tourism. Moreover, there is scarcity of specialized health care professionals, a factor that is causing health care specialists to travel for specialized surgeries, a factor that constitutes medical tourism. 

Surge in Medical Tourism  

  • The influx of medical tourists seeking offshore healthcare services is a driving force in the burgeoning medical tourism industry. According to a study published in the American Journal of Medicine, there were an estimated 14–16 million medical tourists worldwide in 2017. Some of the leading players where a good number of people seek medical care in foreign countries. For instance, more than a million international travelers seek medical care in the US each year and there is an expected annual growth of 25% both in the US and the world. over 40 countries around Asia, America, Africa, and Eastern Europe are leading medical tourism destinations, providing treatments to millions of people annually. Thailand is another fascinating country that many tourists prefer to visit, and its numbers are incredibly high – 2. In addition, medical tourism statistics show that 5 million people travel to different countries for medical purposes every year. Malaysia has also experienced large growth, here increasing its medical tourists by 100 per cent to 1. Between 2011 and 2018, it is about USD 2 million. About 500000 medical tourists visit Singapore per year and about 700000 go to India for medical treatment each year. South Korea has also seen a significant rise with regards to medical tourism; in fact, the number of medical tourists in the country reached over 365,000 in the year 2018. As these countries expect the growth trend to continue soon, they are expected to play a crucial role in expanding the global markets in the future. 

Restraints 

Pandemic Impacts Medical Tourism Growth Trajectory  

  • The development of medical tourism depends on the patients’ various mobility to other countries for treatments. Nonetheless, the advent of the COVID-19 changed the game entirely, and governments across the globe-imposed travel restrictions adversely affecting the market. They reveal that international tourist arrivals declined by about 72% globally in the year 2020 owing to the pandemic. Such restrictions greatly affected medical tourism in a negative manner given that the number of medical procedures for international clients began to drop drastically. Destinations were severely restricted by the pandemic, and Asia Pacific was the worst-affected region, shrinking by 84 percent in 2020. Therefore, the market value of medical tourism declines due to Covid-19 and its growth towards the pre-pandemic level is anticipated to take time. 

Ethical Concerns about Medical Tourism 

  • Medical tourism is an emergent market, and it is global with many opportunities but with several risks of medical and ethical failures. Another issue is the probability of getting hospital-acquired diseases or other associated infections. Medical tourists are more vulnerable to contract infection with multi-resistant organisms, noroviruses (acute gastroenteritis), and mycobacteria especially after receiving cosmetic surgery. They may be contracting diseases which are not familiar to the country they originated from hence posing a public health implication when they go back. Third, the frequency of transplant tourism has also risen in the last two decades, and the number of patients who experienced graft rejection after surgeries has also increased. Ethical practices may also vary from country to country depending on the sociocultural differences. For Instance, some treatment options may be classified as experimental in one country like stem cell therapy but may already be administered to patients in private hospitals and clinics in another country. All these risks can be avoided if proper precautions and standard procedures are followed whenever one needs medical treatment in a foreign country. 

Request Free Customization of this report to help us to meet your business objectives.

Medical Tourism Market Competitive Landscape

The competition in medical tourism is moderate as it involves medical centers, travel agencies, and destination management companies from all over the world. given that the various governments and private entities are now spending their resources in buying infrastructure and marketing skills to enable them to compete effectively in the global market. In general, the global medical tourism market can be regarded as competitive due to an increase in the number of players, including hospitals and clinics, and due to key factors influencing selected areas such as quality, costs, attractiveness of the destination, and technology in the medical field. 

Top Player’s Company Profiles 

  • MOHW Hengchun Tourism Hospital (Taiwan) 
  • Apollo Hospitals Enterprise Ltd. (India) 
  • Bumrungrad International Hospital (Thailand) 
  • Mount Elizabeth Hospitals (Singapore) 
  • Dr. B. L. Kapur Memorial Hospital (India) 
  • Kasemrad Hospital International Rattanathibet (Thailand) 
  • Mission Hospital (Thailand) 
  • Bangkok Hospital (Thailand) 
  • Miot Hospital (India) 
  • Penang Adventist Hospital (Malaysia) 
  • Samitivej Pcl. (Thailand) 
  • Barbados Fertility Center (Barbados) 
  • KPJ Healthcare Berhad (Malaysia) 
  • Aditya Birla Memorial Hospital (India) 
  • Prince Court Medical Centre (Malaysia) 
  • Fortis Healthcare Limited (India) 
  • MediGlobus (South Korea) 
  • Seoul National University Hospital (South Korea) 
  • Asian Heart Institute (India) 
  • UZ Leuven (Belgium) 

Recent Developments 

  • In April 2023, the Rattinan Medical Centre, a specialized facility in cosmetic surgery and laser treatments based in Thailand, partnered with the FICO Group to inaugurate a new clinic dedicated to enhancing wrinkle-free medical tourism offerings. 
  • In January 2023, the Dubai Health Authority (DHA) unveiled 'Dubai in One Day', an innovative medical tourism package designed to cater to international patients. Launched during the Arab Health 2023 event, this initiative allows medical tourists to swiftly book procedures and access a comprehensive range of tourism services within a condensed timeframe. 
  • In October 2022, Turkish Airlines introduced a program featuring weekly medical tours from the United States, priced at USD 5,000 per tour. 

Medical Tourism Key Market Trends

Multitude of Factors Driving the Growth  

  • The medical tourism market around the world is expanding dramatically, and there are many reasons for its development. The Medical Tourism Association estimates that 14 million people worldwide travel overseas for various treatments, including check-ups. This increase in medical tourists is especially observed in areas like Dubai, Singapore, and Thailand because the cost of treatment in these areas is slightly cheaper than in some developed nations. About 500 000 patients come to Singapore to receive medical treatment annually, and Indonesia accounts for half of this number. This is believed to be the case and continues to grow as the need for such procedures as beauty enhancement and treatment arises. Another determinant that has fueled the growth of the global medical tourism industry is high-cost savings that come with healthcare services in Asian countries as compared to private facilities in the US The price of a heart surgery in Thailand costs $13,000 while the same surgery can cost up to $113,000 in the US according to Apollo Hospitals. In the same way, Thailand offers hip replacement surgeries at $7,800, while the same procedure in the United States costs $50,000 On the same note, progressive technology across various countries is also pushing growth in the market further. It is also evident that the demand for cosmetic surgeries is ever increasing and the cost of cosmetic procedures in the U. S. For instance; can range between $4500 to $12500. The situation has been common where many people opt to travel abroad as they receive the same quality of service for a lesser price. 

Medical Tourism Market SkyQuest Analysis

SkyQuest’s ABIRAW (Advanced Business Intelligence, Research & Analysis Wing) is our Business Information Services team that Collects, Collates, Correlates, and Analyzes the Data collected by means of Primary Exploratory Research backed by robust Secondary Desk research. 

According to our analysis, the global medical tourism market is rapidly expanding because of the factors including soaring cost of healthcare facilities in the developed countries, better quality healthcare services at less expensive rates in the growing economies, and surging consumer preference for specific treatments and aesthetic surgeries. While approximately 14 million people are crossing the borders for medical treatments annually, the market is witnessing increased prospects of medical travellers seeking affordable solutions for most of their healthcare requirements. Currently, there is a growing trend where Asia-Pacific region take the leading position in offering medical tourism services because they have relatively lower prices, better facilities, and more varieties of treatments. Also, the rising awareness among the healthcare consumers and technological enhancements are also propelling the market growth, along with the encouraging efforts made by the governments and medical care suppliers towards medical tourism. 

Report Metric Details
Market size value in 2023 USD 20.7 billion
Market size value in 2031 USD 84.29 billion
Growth Rate 19.2%
Base year 2023
Forecast period 2024-2031
Forecast Unit (Value) USD Billion
Segments covered
  • Treatment Type
    • Cosmetic Treatment, Oncology Treatment, Cardiovascular Treatment, Orthopedics Treatment, Bariatric Treatment, Fertility Treatment, Ophthalmic Treatment, Other Treatments
Regions covered North America (US, Canada), Europe (Germany, France, United Kingdom, Italy, Spain, Rest of Europe), Asia Pacific (China, India, Japan, Rest of Asia-Pacific), Latin America (Brazil, Rest of Latin America), Middle East & Africa (South Africa, GCC Countries, Rest of MEA)
Companies covered
  • Bumrungrad International Hospital
  • Apollo Hospitals
  • Fortis Healthcare
  • Gleneagles Global Hospitals
  • KPJ Healthcare Berhad
  • Prince Court Medical Centre
  • Raffles Medical Group
  • Samitivej Hospital
  • Bangkok Hospital
  • Anadolu Medical Center
  • Acibadem Healthcare Group
  • Medicana International Hospitals Group
  • Clemenceau Medical Center
  • Wooridul Spine Hospital
  • Seoul National University Hospital
  • Asan Medical Center
  • Yanhee International Hospital
  • Singapore General Hospital
  • St. Luke's Medical Center
  • The Medical City
Customization scope

Free report customization with purchase. Customization includes:-

  • Segments by type, application, etc
  • Company profile
  • Market dynamics & outlook
  • Region

 

To get a free trial access to our platform which is a one stop solution for all your data requirements for quicker decision making. This platform allows you to compare markets, competitors who are prominent in the market, and mega trends that are influencing the dynamics in the market. Also, get access to detailed SkyQuest exclusive matrix.

Buy The Complete Report to read the analyzed strategies adopted by the top vendors either to retain or gain market share

Table Of Content

Executive Summary

Market overview

  • Exhibit: Executive Summary – Chart on Market Overview
  • Exhibit: Executive Summary – Data Table on Market Overview
  • Exhibit: Executive Summary – Chart on Medical Tourism Market Characteristics
  • Exhibit: Executive Summary – Chart on Market by Geography
  • Exhibit: Executive Summary – Chart on Market Segmentation
  • Exhibit: Executive Summary – Chart on Incremental Growth
  • Exhibit: Executive Summary – Data Table on Incremental Growth
  • Exhibit: Executive Summary – Chart on Vendor Market Positioning

Parent Market Analysis

Market overview

Market size

  • Market Dynamics
    • Exhibit: Impact analysis of DROC, 2021
      • Drivers
      • Opportunities
      • Restraints
      • Challenges
  • SWOT Analysis

KEY MARKET INSIGHTS

  • Technology Analysis
    • (Exhibit: Data Table: Name of technology and details)
  • Pricing Analysis
    • (Exhibit: Data Table: Name of technology and pricing details)
  • Supply Chain Analysis
    • (Exhibit: Detailed Supply Chain Presentation)
  • Value Chain Analysis
    • (Exhibit: Detailed Value Chain Presentation)
  • Ecosystem Of the Market
    • Exhibit: Parent Market Ecosystem Market Analysis
    • Exhibit: Market Characteristics of Parent Market
  • IP Analysis
    • (Exhibit: Data Table: Name of product/technology, patents filed, inventor/company name, acquiring firm)
  • Trade Analysis
    • (Exhibit: Data Table: Import and Export data details)
  • Startup Analysis
    • (Exhibit: Data Table: Emerging startups details)
  • Raw Material Analysis
    • (Exhibit: Data Table: Mapping of key raw materials)
  • Innovation Matrix
    • (Exhibit: Positioning Matrix: Mapping of new and existing technologies)
  • Pipeline product Analysis
    • (Exhibit: Data Table: Name of companies and pipeline products, regional mapping)
  • Macroeconomic Indicators

COVID IMPACT

  • Introduction
  • Impact On Economy—scenario Assessment
    • Exhibit: Data on GDP - Year-over-year growth 2016-2022 (%)
  • Revised Market Size
    • Exhibit: Data Table on Medical Tourism Market size and forecast 2021-2027 ($ million)
  • Impact Of COVID On Key Segments
    • Exhibit: Data Table on Segment Market size and forecast 2021-2027 ($ million)
  • COVID Strategies By Company
    • Exhibit: Analysis on key strategies adopted by companies

MARKET DYNAMICS & OUTLOOK

  • Market Dynamics
    • Exhibit: Impact analysis of DROC, 2021
      • Drivers
      • Opportunities
      • Restraints
      • Challenges
  • Regulatory Landscape
    • Exhibit: Data Table on regulation from different region
  • SWOT Analysis
  • Porters Analysis
    • Competitive rivalry
      • Exhibit: Competitive rivalry Impact of key factors, 2021
    • Threat of substitute products
      • Exhibit: Threat of Substitute Products Impact of key factors, 2021
    • Bargaining power of buyers
      • Exhibit: buyers bargaining power Impact of key factors, 2021
    • Threat of new entrants
      • Exhibit: Threat of new entrants Impact of key factors, 2021
    • Bargaining power of suppliers
      • Exhibit: Threat of suppliers bargaining power Impact of key factors, 2021
  • Skyquest special insights on future disruptions
    • Political Impact
    • Economic impact
    • Social Impact
    • Technical Impact
    • Environmental Impact
    • Legal Impact

Market Size by Region

  • Chart on Market share by geography 2021-2027 (%)
  • Data Table on Market share by geography 2021-2027(%)
  • North America
    • Chart on Market share by country 2021-2027 (%)
    • Data Table on Market share by country 2021-2027(%)
    • USA
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • Canada
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
  • Europe
    • Chart on Market share by country 2021-2027 (%)
    • Data Table on Market share by country 2021-2027(%)
    • Germany
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • Spain
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • France
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • UK
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • Rest of Europe
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
  • Asia Pacific
    • Chart on Market share by country 2021-2027 (%)
    • Data Table on Market share by country 2021-2027(%)
    • China
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • India
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • Japan
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • South Korea
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • Rest of Asia Pacific
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
  • Latin America
    • Chart on Market share by country 2021-2027 (%)
    • Data Table on Market share by country 2021-2027(%)
    • Brazil
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • Rest of South America
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
  • Middle East & Africa (MEA)
    • Chart on Market share by country 2021-2027 (%)
    • Data Table on Market share by country 2021-2027(%)
    • GCC Countries
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • South Africa
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • Rest of MEA
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)

KEY COMPANY PROFILES

  • Competitive Landscape
    • Total number of companies covered
      • Exhibit: companies covered in the report, 2021
    • Top companies market positioning
      • Exhibit: company positioning matrix, 2021
    • Top companies market Share
      • Exhibit: Pie chart analysis on company market share, 2021(%)

Methodology

For the Medical Tourism Market, our research methodology involved a mixture of primary and secondary data sources. Key steps involved in the research process are listed below:

1. Information Procurement: This stage involved the procurement of Market data or related information via primary and secondary sources. The various secondary sources used included various company websites, annual reports, trade databases, and paid databases such as Hoover's, Bloomberg Business, Factiva, and Avention. Our team did 45 primary interactions Globally which included several stakeholders such as manufacturers, customers, key opinion leaders, etc. Overall, information procurement was one of the most extensive stages in our research process.

2. Information Analysis: This step involved triangulation of data through bottom-up and top-down approaches to estimate and validate the total size and future estimate of the Medical Tourism Market.

3. Report Formulation: The final step entailed the placement of data points in appropriate Market spaces in an attempt to deduce viable conclusions.

4. Validation & Publishing: Validation is the most important step in the process. Validation & re-validation via an intricately designed process helped us finalize data points to be used for final calculations. The final Market estimates and forecasts were then aligned and sent to our panel of industry experts for validation of data. Once the validation was done the report was sent to our Quality Assurance team to ensure adherence to style guides, consistency & design.

Analyst Support

Customization Options

With the given market data, our dedicated team of analysts can offer you the following customization options are available for the Medical Tourism Market:

Product Analysis: Product matrix, which offers a detailed comparison of the product portfolio of companies.

Regional Analysis: Further analysis of the Medical Tourism Market for additional countries.

Competitive Analysis: Detailed analysis and profiling of additional Market players & comparative analysis of competitive products.

Go to Market Strategy: Find the high-growth channels to invest your marketing efforts and increase your customer base.

Innovation Mapping: Identify racial solutions and innovation, connected to deep ecosystems of innovators, start-ups, academics, and strategic partners.

Category Intelligence: Customized intelligence that is relevant to their supply Markets will enable them to make smarter sourcing decisions and improve their category management.

Public Company Transcript Analysis: To improve the investment performance by generating new alpha and making better-informed decisions.

Social Media Listening: To analyze the conversations and trends happening not just around your brand, but around your industry as a whole, and use those insights to make better Marketing decisions.

$5,300
BUY NOW GET FREE SAMPLE
Want to customize this report?

Our industry expert will work with you to provide you with customized data in a short amount of time.

REQUEST FREE CUSTOMIZATION

FAQs

Medical Tourism Market size was valued at USD 17.35 billion in 2022 and is poised to grow from USD 21.42 billion in 2023 to USD 93.9 billion by 2031, growing at a CAGR of 23.5% in the forecast period (2024-2031).

The market is fragmented in nature. The prominent players operating in the market are constantly adopting various growth strategies in order to stay afloat in the market. Product launches, innovations, mergers, and acquisitions, collaborations and partnerships, and intensive R&D are some of the growth strategies that are adopted by these key players to thrive in the competitive market. The key market players are also constantly focused on R&D in order to supply industries with the most efficient and cost-effective solutions. 'Bumrungrad International Hospital', 'Apollo Hospitals', 'Fortis Healthcare', 'Gleneagles Global Hospitals', 'KPJ Healthcare Berhad', 'Prince Court Medical Centre', 'Raffles Medical Group', 'Samitivej Hospital', 'Bangkok Hospital', 'Anadolu Medical Center', 'Acibadem Healthcare Group', 'Medicana International Hospitals Group', 'Clemenceau Medical Center', 'Wooridul Spine Hospital', 'Seoul National University Hospital', 'Asan Medical Center', 'Yanhee International Hospital', 'Singapore General Hospital', 'St. Luke's Medical Center', 'The Medical City'

One of the key aspects that drives the growth of the market includes the availability of the lowest costs of surgical care. In developed countries, rising healthcare costs are putting a strain on both healthcare providers and patients. Government regulations imposed on the healthcare system in various nations cause operations to be delayed. This has prompted people to seek medical treatment in other countries. Medical treatment in Asian countries is cheaper than in private institutions in the United States, according to the Medical and Health Tourism Congress (MHTC). For an instance, cardiac bypass surgery in Thailand would cost USD13,000 against USD113,000 in the United States. As a result, an increase in the number of surgeries is being attributed to an increase in inbound health tourism to nations such as India and Thailand, among others, for speedy and low-cost medical care. Hence, due to this the market is likely to be propelled.

The most prominent trend that contributes to the medical tourism market growth across the globe includes active consumer preference toward cosmetic procedures. As the number of COVID-19 cases has begun to drop in some countries and travel restrictions have been removed, demand for procedures that were delayed or postponed during the epidemic has increased. Individuals' increased awareness of personal care and appearance has resulted in increased demand for cosmetic procedures such as body fat removal, acne treatment, and so on. Despite the COVID-19 pandemic in July 2021, according to the American Academy of Facial and Reconstructive Surgery (AAFPRS) surgeons, there has been an increase in the number of appointments and treatments for a facelift, eyelift, and other procedures. Individuals' preference for these operations in other countries is also influenced by the availability of skilled specialists as well as high-quality care. This thus is expected to positively influence the growth of the market during the forecast period.

The Global Medical Tourism Market is segmented into North America, Europe, Asia-Pacific, Latin America, and Middle East & Africa. In 2021, the Asia-Pacific region is projected to hold the most substantial share of the market. This is attributed to the availability of advanced treatment options in the emerging economies of the region such as Thailand, India, Costa Rica, Mexico, Malaysia, and Singapore. Some other key aspects that contribute to the regional growth of the market include the increasing number of private hospitals, enhanced healthcare infrastructure, and availability of cost-effective treatment options in these countries.

Request Free Customization

Want to customize this report? This report can be personalized according to your needs. Our analysts and industry experts will work directly with you to understand your requirements and provide you with customized data in a short amount of time. We offer $1000 worth of FREE customization at the time of purchase.

logo-images

Feedback From Our Clients

Report ID: SQMIG35E2018

$5,300
BUY NOW GET FREE SAMPLE