Key Market Overview:
Medical Tourism Market size was worth USD 63.89 Billion in 2021, accounting for a CAGR of 17.9% during the forecast period (2022-2030), and the market is projected to be worth USD 207.00 Billion by 2030.
Medical tourism refers to the practice of traveling to another country for medical treatment or procedures. This can include a variety of medical services such as dental work, cosmetic surgery, and organ transplantation, as well as diagnostic procedures such as mammography, and angiography, among others. The Ministry of Tourism (India) defines medical tourism as the growing trend of individuals traveling across international borders to access healthcare services. These services can range from elective procedures to complex surgeries and are sought by individuals looking to receive medical treatment outside of their home country. Additionally, many countries with developed healthcare systems, such as Thailand, Singapore, and India, offer high-quality medical services at a fraction of the cost of similar treatments in developed countries, making them attractive destinations for medical tourists.
For instance, in the first quarter of 2021 alone, over 642,000 individuals traveled to Turkey for health tourism, demonstrating a high level of preference for the country’s medical services. Furthermore, despite the restrictions imposed due to the COVID-19 pandemic, India still received over 200,000 international patients in 2020. Although the numbers were lower compared to previous years, many of those in need of medical treatment still traveled to India once the travel ban was lifted in 2021.
Market Dynamics
Driver
The primary factor fueling the growth of medical tourism is the significant cost savings that patients can realize by seeking medical treatment abroad. Many countries with advanced healthcare systems offer top-quality medical services at a fraction of the cost compared to developed nations, making them appealing destinations for medical tourists. Additionally, in some countries, individuals do not have access to specialized medical treatments or procedures, which makes medical tourism a viable option for seeking medical care overseas, thereby propelling the market growth.
Restraint
Difficulty in getting follow-up care is one of the major restraints. After receiving medical treatment abroad, patients may face difficulties in accessing the same level of care and support for their ongoing medical needs, especially if they have returned to their home country. Moreover, complications in the transfer of medical records is one of the main concern with medical tourism which hampers the growth of the market. Furthermore, patients may encounter difficulties in obtaining compensation or seeking legal recourse if there are complications or negative outcomes during medical treatment abroad. The above-mentioned factors hamper the market growth of the medical tourism market.
Opportunities:
The expansion of inbound medical travel and increasing consumer awareness of medical tourism offers significant business opportunities for the medical tourism market. As medical tourism continues to grow, there is a need for convenient and reliable solutions to support patients while they are abroad. The emerging mHealth technology, such as telemedicine and remote patient monitoring, will meet this need and provide a competitive advantage for medical tourism providers.
Medical Tourism Report Coverage:
| Report Attributes | Report Details |
| Study Timeline | 2016-2030 |
| Market Size in 2030 (USD Billion) | 207.00 Billion |
| CAGR (2022-2030) | 17.9% |
| By Service Type | Medical Treatment (Dental Treatment, Cardiovascular Treatment, Orthopedic Treatment, Cancer Treatment, Ophthalmic Treatment, Neurological Treatment, and Others), Wellness Treatment (Cosmetic Treatment, Rejuvenation Procedures, Hair Transplant Treatment, and Others), and Others (Alternative Treatment) |
| By Provider Type | Private and Public |
| By Age group | Senior Citizens, Minors, and Adults |
| By Region | North America, Europe, Asia Pacific, Latin America, and the Middle East & Africa |
| Key Players | Apollo Hospitals Enterprise Limited, Aditya Birla Health Services Ltd, Asian Heart Institute, Fortis Healthcare Limited, KPJ Healthcare Berhad, Prince Court Medical Centre, Wooridul Spine Hospital, Samitivej PCL, Bumrungrad International Hospital, and Livonta Global Pvt.Ltd |
Market Segmentation:
By Service Type
Based on service type, the market is categorized into medical treatment, wellness treatment, and others (alternative treatment). Medical treatment holds the largest market share in 2021. Further, the segment is categorized into dental treatment, cardiovascular treatment, orthopedic treatment, cancer treatment, ophthalmic treatment, neurological treatment, and others. The highest share of the segment is attributed to the increasing prevalence of cancer, cardiovascular issues, and other medical conditions in the population globally. As the treatment required for these conditions are expensive, people are increasingly adopting medical tourism to get treatment in other nations for reducing the costs of the treatment. Furthermore, the wellness treatment segment is anticipated to grow at the fastest CAGR over the forecast period. This is due to the increase in awareness among the population about the benefits of holistic health and wellness practices.
By Provider Type
Based on provider type, the market is bifurcated into private and public. The private segment holds the largest market share. This is due to the individuals who are willing to pay more for private service providers to attain high-quality care with expertise and modern technology. Additionally, private service providers typically offer an extensive range of services and treatments, a major factor that drives the growth of this segment. Furthermore, the public segment is expected to grow with the fastest CAGR in the forecast period, due to the increasing investment by the governments of the nations to attract international patients and grow medical tourism in their countries.
By Age Group
Based on age group, the market is categorized into senior citizens, minors, and adults. The senior citizen’s age group holds the highest market share in 2021. This age group is more likely to have health-related problems that need proper medical treatment, such as cardiovascular treatments, joint replacement surgeries, and others. Also, these treatments are not always accessible or affordable in all countries, which leads senior citizens to opt for medical tourism options. Furthermore, the adult age group is anticipated to grow with the fastest CAGR over the forecast period. This is due to affordable medical treatment through medical tourism. Additionally, this age group people are more conscious and tend to have more health concerns. Thereby, medical tourism provides an option for inexpensive medical treatment that is not available in their home country.
By Region
Based on region, the market is categorized into North America, Europe, Asia Pacific, Latin America, and the Middle East & Africa. The Asia-Pacific region is the largest market for medical tourism. Many countries in the Asia-Pacific region, such as India, Thailand, and Malaysia, offer high-quality medical treatments at significantly lower prices compared to developed countries, making them popular destinations for medical tourists. The increase in middle-class population in the region, combined with the availability of well-established healthcare systems and highly skilled medical professionals, propels the demand for medical tourism in the Asia-Pacific. Governments in many countries in the region are availing support to the sector through investment in medical facilities and infrastructure. Furthermore, North America is the fastest-growing market over the forecast period. This is due to the large pool of medical tourists traveling to Canada and Mexico for dental and cardiovascular treatments.
Medical Tourism Market Competitive Landscape:
The market is highly competitive, with a large number of players operating at the global and regional levels. The players compete on various parameters such as price, quality, innovation, and customer service. They are constantly investing in research and development to improve their products and expand their market share. Mergers, acquisitions, and partnerships are also common strategies employed by companies to enhance their market position and expand their product portfolio. Key players in the market include-
- Apollo Hospitals Enterprise Limited
- Aditya Birla Health Services Ltd
- Asian Heart Institute
- Fortis Healthcare Limited
- KPJ Healthcare Berhad
- Prince Court Medical Centre
- Wooridul Spine Hospital
- Samitivej PCL
- Bumrungrad International Hospital
- Livonta Global Pvt.Ltd
Recent developments
- In September 2022, Apollo Hospitals Enterprise Limited wins The Best Medical Tourism Facility Award from The Ministry of Tourism. This is for its incredible efforts and commitment to providing medical services.
- In September 2022, Turkish Airlines initiated a program to provide weekly medical tours from the United States at USD 5,000 per tour.
Table of Content
To check our Table of Contents, please mail us at: [email protected]
Research Methodology
The Market Research Community offers numerous solutions and its full addition in the research methods to be skilled at each step. We use wide-ranging resources to produce the best outcome for our customers. The achievement of a research development is completely reliant on the research methods implemented by the company. We always faithful to our clients to find opportunities by examining the global market and offering economic insights.Market Research Community are proud of our widespread coverage that encompasses the understanding of numerous major industry domains. Company offers consistency in our research report, we also offers on the part of the analysis of forecast across a range of coverage geographies and coverage. The research teams carry out primary and secondary research to carry out and design the data collection methods.