USD 5.18 Billion
Global Medical Tourism Market Size, Share, Growth Analysis, By Treatment Type(Cosmetic Treatment, Oncology Treatment) - Industry Forecast 2022-2028
Report ID: SQMG35D2009 | Region: Global | Published Date: June, 2022 | Pages: 157
Global Medical Tourism Market Insights
The Global Medical Tourism Market was valued at USD 5.18 Billion in 2021, and it is expected to reach a value of USD 34.68 Billion by 2028, at a CAGR of 31.20 % over the forecast period (2022-2028).
Medical tourism is defined as organized travel across international borders to avail of advanced medical treatment options. Medical tourists travel across international borders to maintain, improve, or restore their health by using low-cost healthcare facilities and treatments accessible in other nations that are costly in their home country. Medical tourists travel to receive treatments such as dental care, neurological care, and cardiovascular care among many other treatment options.
Better healthcare, cutting-edge technology, breakthrough medicines, sophisticated devices, improved hospitality, and individualized care are some key features offered by medical tourism. Inadequate insurance benefits and a lack of healthcare insurance in the local market are two factors that are likely to encourage market growth. In addition, the rising demand for non-covered procedures such as gender reassignment surgery, reproductive therapy, dental reconstruction, and aesthetic surgery also encourages industry growth.
Market snapshot
Global Market Size
Largest Segment
Oncology Treatment
Fastest Growth
Cosmetic Treatment
Growth Rate
31.20% CAGR
Global Medical Tourism Market, 2021-2028 ($ Bn)
Country Share for Asia Pacific Region- 2021 (%)
Global Medical Tourism Market Size By Treatment Type , 2021-2028 ($ Bn)
Global Medical Tourism Market Size By Treatment Type, 2021-2028 (%)
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Global Medical Tourism Market Segmental Analysis
The Global Medical Tourism Market is segmented on the basis of treatment types such as cosmetic treatment, oncology treatment, cardiovascular treatment, orthopedics treatment, bariatric treatment, fertility treatment, ophthalmic treatment, and other treatments. Based on region it is categorized into: North America, Europe, Asia-Pacific, South America, and MEA.
Analysis by Treatment Type
In 2021, the cardiovascular and oncology segments of the market are projected to hold lucrative shares in the market during the forecast period. The segmental growth of the market is attributed to the increased prevalence of various diseases across the globe. Increased prevalence of such chronic diseases is likely to demand more advanced diagnosis and treatment measures in economical costs; which is likely to encourage the segmental growth of the market during the forecast period. Furthermore, as cancer treatment is an expensive and lengthy process, the market's growth is fueled by lower treatment costs in various countries. Patients also prefer to travel to other nations that offer modern healthcare facilities as advanced treatment is not available in some countries. Hence, this will encourage the segmental growth of the market during the forecast period.
Global Medical Tourism Market By Treatment Type , 2021(%)
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Global Medical Tourism Market Regional Insights
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.
Further, among these countries in the Asia-Pacific region, Thailand holds a specific share in the market. The country’s growth in the market is attributed to the presence of major hospitals along with the availability of more than 450 advanced care hospitals in the country. Thailand’s medical tourism industry is mostly preferred for cosmetic and bariatric treatment which includes procedures such as liposuction, laser tattoo removal, breast augmentation, and Botox among others.
Global Medical Tourism Market By Geography, 2021-2028
- Largest
- Fastest
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Global Medical Tourism Market Dynamics
Driver
- 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.
- Another driving factor for the market growth is the expansion of inbound medical travel. Medical equipment, surgical procedures, wearables, linked healthcare, and other technological advancements in the healthcare industry have pushed the world closer to adopting better medical facilities for value-based care. Patients all across the world can now consult doctors, arrange appointments, and receive high-quality treatment due to advances in information and communication technology, telemedicine, and telehealth. As a result, the rate of inbound tourism in developing nations like Thailand and India has increased. Thailand, for example, is placed fifth in terms of inbound medical tourism after the United States, France, Turkey, and Belgium, according to the World Travel and Tourism Council. As a result, the need for low-cost treatment and the availability of improved medical infrastructure can be credited to the global market's growth.
Restraint
- Retaining excellent physicians and nurses in nations with a large pool of them, such as India, is a huge difficulty. Because such competent experts are in low supply in most nations throughout the world, they command the highest wages. Brain drain occurs as a result of a lack of opportunity in one's own nation.
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Global Medical Tourism Market Competitive Landscape
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.
Top Players Company Profiles
- Bumrungrad International Hospital (Thailand)
- Apollo Hospitals (India)
- Bangkok Chain Hospital (Thailand)
- Fortis Healthcare (India)
- Asian Heart Institute (India)
- KPJ Healthcare Berhad (Malaysia)
- Livonta Global (India)
- Gleneagles Hospital (India)
Recent Developments
- In April 2022, The Tourism Authority of Thailand (TAT) and Thai Air Asia partnered to attract up to 1,000 package tours of medical and wellness segments from Cambodia. This comes as both entities aim to attract 1.75 million tourists from short-haul markets in 2022, as more countries reopen, and will partner with Thai AirAsia (TAA) to bring in at least 18,000 package tours in the upcoming time.
- In March 2022, the Indian government aimed to upgrade medical tourism in Gujarat, India. Some of the top medical treatments in Gujarat include cardiology, IV fertilization, dental care, spine treatment, cancer treatment, plastic surgery, wellness, and holistic care through Indian Systems of Medicines.
- In November 2021, Egypt launched the program intending to provide advanced medical and therapeutic services to foreign patients.
Global Medical Tourism Key Market Trends
- 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.
Global Medical Tourism Market SkyQuest Analysis
SkyQuest’s ABIRAW (Advanced Business Intelligence, Research & Analysis Wing) is our Business Information Services team that Collects, Collates, Co-relates, and Analyses the Data collected by means of Primary Exploratory Research backed by robust Secondary Desk research.
According to our analysis, among the treatment type, the fertility treatment segment is projected to hold a significant share during the period. The segmental growth of the market is attributed to fertility treatment being one of the most common treatments among people. For fertility treatment medical tourists elect to travel across international borders; which contributes to the segmental growth of the market during the forecast period.
| Report Metric | Details |
|---|---|
| Market size value in 2021 | USD 5.18 Billion |
| Market size value in 2028 | USD 34.68 Billion |
| Growth Rate | 31.20% |
| Base year | 2021 |
| Forecast period | 2022-2028 |
| Forecast Unit (Value) | USD Billion |
| Segments covered |
|
| 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 |
|
| Customization scope | Free report customization with purchase. Customization includes:-
|
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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 Global 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
- Exhibit: Impact analysis of DROC, 2021
- 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 Global 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
- Exhibit: Impact analysis of DROC, 2021
- 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
- Competitive rivalry
- 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(%)
- Total number of companies covered
Methodology
For the Global 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 Global 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 Global Medical Tourism Market:
Product Analysis: Product matrix, which offers a detailed comparison of the product portfolio of companies.
Regional Analysis: Further analysis of the Global 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.
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