What is the global market size of Medical Tourism Market?

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).

Who are the key vendors in the Global Medical Tourism Market?

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. '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)'

What is the key driver of Global Medical Tourism Market?

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.

What is the key market trend for Global Medical Tourism Market?

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.

Which region accounted for the largest share in Global Medical Tourism Market?

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.

Medical Tourism Market Trends

Skyquest Technology's expert advisors have carried out comprehensive research on the medical tourism market to identify the major global and regional market trends and growth opportunities for leading players and new entrants in this market. The analysis is based on in-depth primary and secondary research to understand the major market drivers and restraints shaping the future development and growth of the industry.

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.

Medical Tourism Market Report Snapshots

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FAQs

Medical Tourism Market size was valued at USD 20.7 Billion in 2023 and is poised to grow from USD 24.67 Billion in 2024 to USD 100.47 Billion by 2032, growing at a CAGR of 19.2% during the forecast period (2025-2032).

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. '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) '

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.

Medical Tourism Market Trends

Medical Tourism Market Dynamics

Medical Tourism Market Report Snapshots

FAQs

What is the global market size of Medical Tourism Market?

Who are the key vendors in the Medical Tourism Market?

What is the key driver of Medical Tourism Market?

What is the key market trend for Medical Tourism Market?

Which region accounted for the largest share in Medical Tourism Market?

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