USD 17.35 billion
Medical Tourism Market Size, Share, Growth Analysis, By Treatment Type (Cardiovascular, Orthopedic), By Service Provider (Private, Public), By Destination (Domestic, International), By Region - Industry Forecast 2024-2031
Report ID:
SQMIG35E2018 |
Region:
Global |
Published Date: August, 2024
Pages:
157
|Tables:
41
|Figures:
74
Medical Tourism Market Insights
Global 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% in the forecast period (2024-2031).
In the past few years, the medical tourism market has been experiencing substantial growth owing to the advancements in medical care technologies, rising affordability, and increasing demand for specialized treatments. The high expense of healthcare services in many developing economies is also propelling the growth of the market. Furthermore, the market is boosted by the increasing demand for procedures that are not insured, like gender reassignment surgeries, reproductive therapies, and aesthetic surgeries. Medical tourists travel all over the international boundaries to preserve and enhance people’s health by using affordable medical amenities. Rapid developments in medical technologies and telemedicine have allowed globalization of the medical services. Patients can now research and connect with medical facilities and providers globally. This has made it easier for them to gain information about treatment options, expenses, and quality of care in different medical tourism destinations, boosting the market growth. Medical tourism is also known as health tourism is a set up where people travel across international borders for gaining medical, surgical, or other healthcare services. It consists of a wide range of treatments, like elective and cosmetic procedures, specialized medical interventions, and complex surgeries. It also expands beyond the medical procedures and involves pre-operative and post-operative care, consultations, diagnostics, and recovery. These factors are boosting the progression of the medical tourism market.
Market Snapshot - 2024-2031
Global Market Size
Largest Segment
Oncology Treatment
Fastest Growth
Cosmetic Treatment
Growth Rate
23.5% CAGR
Global Medical Tourism Market ($ Bn)
Country Share for Asia Pacific Region (%)
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Medical Tourism Market Segmental Analysis
The Global Tourism Market is segmented into Treatment Type, Service Provider, Destination, and Region. Based on treatment type, the market is divided into cosmetic tourism, cardiovascular treatment, and orthopedic. Based on service provider, the market is segmented into private and public. Based on destination, the market is divided 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 Treatment
Based on treatment type, cosmetic tourism is dominating the medical tourism market. This is mainly due to lower expense, confidentiality, and accessibility of procedures promptly. Furthermore, the availability of several procedures at an affordable price, personal recommendations, advertisements, and social media influencers are boosting the growth of the segment. The increasing popularity of elective surgeries, body contouring, breast augmentation, and gender reassignment are propelling the development of cosmetic medical tourism. Cosmetic surgeries consist of breast, face, liposuction, and other procedures like tummy tuck, hair transplantation, and skin rejuvenation. People are traveling to different countries to get these surgeries at low cost and with better medical equipment. Many people have traveled from the US to Mexico for dental and cosmetic procedures.
By treatment the cardiovascular segment is the fastest growing in the medical tourism market due to the growing incidences of cardiovascular conditions. The popular cardiac treatment in medical tourism consists of angioplasty, bypass surgery, artificial heart valve surgery, atherectomy, and others. The increasing demand for cardiovascular surgeries in the medical tourism market is mainly because of the healthcare expense in countries like the US. Furthermore, people are travelling to foreign lands for cardiac procedures due to the availability of better facilities, latest and advanced technologies, and renowned medical providers. Cost savings is the most popular reason due to which patients from Western countries are visiting the developing economies for cardiovascular procedures.
Analysis by Service Provider
Based on service provider, the market is divided into private and public. The private segment is dominating the market because of the adoption of innovative medical technologies. Furthermore, the accessibility of internationally renowned and accredited private care providers is contributing to the market's increasing growth. Today, people also get faster services and better privacy compared to the government sector in the private segment, boosting its demand. Many insurance organizations in the developed countries are integrating health tourism strategies in their medical plans to encourage people to avail care services in foreign areas. Furthermore, the increase in healthcare expenses along with many uninsured or underinsured people is also boosting the medical tourism market with affordable medical services and treatments. Private service providers are also emphasizing on patient-centric approach of care. This includes personalized services, reduced appointment wait-times, and more attention to individual patient requirement, improving the overall patient experience. Several private medical facilities in medical tourism destinations also provide luxurious accommodations and amenities. This focus on comfort and a positive ambience is also contributing to a more pleasant experience for medical tourists going through treatments.
The public healthcare segment is witnessing the fastest growth because many nations are popular for offering cost-efficient medical services. These types of medical offerings are attractive to people who are looking for cost-efficient healthcare options. Furthermore, many government bodies have also recently started encouraging medical tourism to expand their healthcare sector and economy. They are offering incentives to the public hospitals for accommodating international patients. These initiatives are boosting the growth of the public segment in the medical tourism market. Moreover, many public hospitals in several countries have gained recognition for providing high-quality medical care. This is especially true in specialized areas like organ transplantation and cancer treatment, appealing patients globally and increasing market growth.
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Medical Tourism Market Regional Insights
The Asia Pacific region is witnessing the maximum growth in the medical tourism market. This is mainly because recently this region has become an appealing destination for medical services. One of the major reasons for this is the cost-efficiency of medical treatments in countries such as Thailand, Malaysia, and India. Nowadays, medical treatment is extremely affordable in these areas compared to Western countries without compromising on quality. Furthermore, the region is also proud of their immensely talented medical professionals and outstanding medical facilities acknowledged by international bodies. Advanced medical technologies and treatments along with less waiting times for procedures, boosts the growth of medical tourism market in the region. Moreover, government bodies are also taking initiatives and implementing policies for enhancing medical tourism market revenue with smooth visa processes and promotional activities.
European medical tourism is the fastest growing market as it is already popular for being a distinguished medical tourism spot. The medical tourism market in this region is flourishing because of the high-level of medical standards, competitive prices for treatments, stable governments, and cheap flights. The medical facilities in this region have an outstanding and comprehensive portfolio offering immense opportunities to the market at competitive prices. Moreover, Europe is also considered at the top position of the market owing to its increasing healthcare infrastructure for medical tourists in countries like UK and France. Most of the time, the region is also leading medical innovations and clinical trials, providing access to numerous unique treatments and technologies that might not be available in any other place.
Global Medical Tourism Market By Geography
- Largest
- Fastest
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Medical Tourism Market Dynamics
Drivers
Increasing Globalization
- One of the primary factors driving the medical tourism market is globalization, enabling many people to get better quality and cost-efficient treatments. Therefore, globalization not only enhances medical care but also minimizes expenses of treatments especially for Americans and people in the developing economies. The trend of globalization enables people to get affordable and advanced treatments across international borders, boosting the health tourism market.
Better Quality of Care
- One of the key motivators for medical tourists is getting access to better quality medical services along with advanced medical technologies and treatments. Therefore, nowadays many people have started traveling to countries that are popular for their skilled medical professionals and outstanding modern equipment used for operations or diagnosis.
Restraints
Absence of Continuity of Care
- When the patients return to their countries after completing the medical procedures abroad, there can be a problem of follow-up care and treatment continuity. This is massively restraining the growth of the market. Therefore, it has become vital to coordinate post-treatment care and interactions between international medical providers and local medical systems.
Language and Cultural Barriers
- The difference in language and cultural barriers can restrict interaction between the patient and medical professionals. This factor can create misunderstanding, misinterpretation of medical information, and difficulties in obtaining informed consent. This problem is one of the major problems the market is facing that is hindering its growth.
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Medical Tourism Market Competitive Landscape
The major players of the market are continuously applying different growth strategies so that they can increase their presence. To become successful in this highly competitive market, the market leaders are using tactics like mergers & acquisitions, collaborations, extensive R&D, and product launches. To offer the market the most affordable and efficient treatment solutions for various diseases the companies are continuously focusing on research and development. These types of initiatives will enhance the medical tourism market in various countries. Furthermore, better focus on international tourists getting cosmetic treatments at an affordable price in countries like Malaysia and South Korea is also driving the progression of medical tourism market.
Top Player’s Company Profile
- 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)
Recent Developments
-
In February 2024, The Ministry of Tourism in Egypt launched a unified platform for health tourism that has both healing and medical services. The goal was to outline a unified health tourism strategy to get investments in the market.
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Sunway Healthcare Group collaborated with PT JCB International Indonesia in January 2024. This will help them in promoting medical tourism in Malaysia.
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In May 2023, Fortis Healthcare was acknowledged by Advantage Health Care India. This made the hospital one of the preferred healthcare tourism destinations.
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In April 2023, the Rattinan Medical Center partnered with FICO Group. This collaboration helped them to introduce a new clinic for increasing wrinkle-free medical tourism.
Medical Tourism Key Market Trends
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Implementation of Advanced Technologies: Incorporation of innovative technologies like telemedicine, virtual consultation, and digital health records are improving the experience of medical tourism. These advanced technologies will also enable pre-travel consultations and post-treatment follow-ups, improving care coordination among patients and international medical professionals.
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Increasing Collaborations and Partnerships: Today it has become possible to create better medical tourism packages for patients with the constant collaborations and partnerships among medical professionals, travel agencies, and insurance companies. These collaborations have immensely helped in streamlining the patient process, providing packages that consist of healthcare, accommodation, and travel plans.
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 Analyses the Data collected by means of Primary Exploratory Research backed by robust Secondary Desk research.
As per SkyQuest analysis, the global medical tourism market is experiencing substantial growth owing to the growing number of people trying health tourism and medical travel opportunities across borders. Nowadays, patients are more attracted to places that provide a vast range of elective and cosmetic processes along with specialized interventions. Regions offering complex surgeries at an affordable price along with pre-operative and post-operative care are also appealing to more people. Cost-conscious people are also encouraged by the cost-efficient medical options and possibility to save money, particularly when high-quality medical services are available. These factors are mainly driving the medical tourism market towards progression.
| Report Metric | Details |
|---|---|
| Market size value in 2022 | USD 17.35 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 |
|
| 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 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 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 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.
Medical Tourism Market Report Snapshots
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