What is the global market size of Medical Tourism Market?

Medical Tourism Market size was valued at USD 17.35 billion in 2021 and is poised to grow from USD 21.42 billion in 2022 to USD 93.9 billion by 2030, growing at a CAGR of 23.5% in the forecast period (2023-2030).

Global Medical Tourism Market Size, Share, Growth Analysis, By Treatment Type(Cosmetic Treatment, Oncology Treatment) - Industry Forecast 2024-2031

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

Global Medical Tourism Market Dynamics

Medical Tourism Market 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.

Medical Tourism Market 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.

Global Medical Tourism Market Report Snapshots

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Medical Tourism Market size was valued at USD 17.35 billion in 2019 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.

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Global Medical Tourism Market Size, Share, Growth Analysis, By Treatment Type(Cosmetic Treatment, Oncology Treatment) - Industry Forecast 2024-2031

Global Medical Tourism Market Dynamics

Global Medical Tourism Market Report Snapshots

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