Global Medical Tourism Market By Service Type Medical Treatments (Cardiac Procedures, Oncology Procedures), Wellness Treatment (Cosmetic Procedures, Rejuvenation Procedures & Others), and Alternative Treatments, By Service Providers (Public and Private), By Region and Companies - Industry Segment Outlook, Market Assessment, Competition Scenario, Trends and Forecast 2023-2032

Report Overview

The global medical tourism market size is expected to be worth around USD 35.9 Bn by 2032 from USD 11.7 Bn in 2022, growing at a CAGR of 12.2% during the forecast period from 2022 to 2032.

Medical Tourism can be defined as organized travels crosswise international borders to determine medical treatments of some forms which may or may not be available in the traveler’s home country. Medical tourists travel through international boundaries in request to preserve, improve, or enhance their health by using low-cost healthcare amenities and treatments that are not available in their own country.

Dental, neurological, and cardiovascular therapies are just a few medical procedures offered to tourists. Medical tourism affords several essential profits, containing improved hospitality, individualized care, cutting-edge technology, novel medicines, sophisticated devices, and better healthcare. Two factors likely to encourage market expansion are insufficient insurance profits and a lack of healthcare insurance in the local market.

The increasing demand for non-covered processes such as common removal surgery, reproductive therapy, dental reconstruction, and aesthetic surgery also aids the industry’s development. The reports divide the global medical tourism market into treatment types and services.

Key Takeaways

• Market Growth: The global medical tourism market is growing with a CAGR of 12.20%.
• Definition: Medical tourism involves organized travel across international borders for medical treatments not readily available in the traveler’s home country, often driven by lower costs and advanced healthcare amenities.
• Service Types: The market is segmented into medical, wellness, and alternative treatments, with medical treatment dominating the global market due to increased demand for procedures like orthopedic, dental, spine, and cardiology.
• Service Providers: Private service providers hold a major revenue share, offering advanced medical facilities at a lower cost. Public providers face limitations in funding.
• Drivers:
  • Lower-cost surgeries abroad attract patients seeking affordable healthcare.
  • Technological advancements and telehealth promote inbound medical travel.
• Restraints:
  • The COVID-19 pandemic disrupted international travel, affecting the medical tourism industry.
  • Travel restrictions and healthcare uncertainties hindered growth.
• Opportunities: Digitalization of health services enhances cooperation with foreign organizations and improves surgical and diagnostic processes, driving market expansion.
• Trends:
  • Increasing preference for cosmetic procedures, even amid the pandemic, contributes to market growth.
  • High-quality care and skilled specialists in other countries attract patients.
• Regional Dominance:
  • North America leads with 35% revenue share, driven by orthopedics and cardiology procedures. Europe follows due to growing medical infrastructure.
  • Asia-Pacific is poised for significant growth, particularly in developing countries.
• Key Players: The market is fragmented with key players like Bumrungrad International Hospitals, Apollo Hospitals, Fortis Healthcare, and others implementing various growth strategies including mergers, acquisitions, and partnerships.

Service Type Analysis

The medical tourism market has been segmented based on service type the global market is segmented based on service type into medical, wellness, and alternative treatments cosmetic, medical, and alternative treatment. The medical treatment section dominated the global market share during the forecast period. An increase in demand for medical processes such as orthopedic, dental, spine, and cardiology applies to the growth of the section.

Moreover, the accessibility of advanced services and facilities in developing nations, for instance, India, Singapore, Thailand, and others, etc., at a lower cost, supports tourists from high-income countries to enhance medical documents. The cardiovascular section of the market is anticipated to hold profitable shares during the forecast period. The segmental growth of the market is recognized as the increased dominance of several diseases across the globe. The proliferation dominance of chronic conditions will likely boost the demand for more progressive diagnoses and treatments at profitable costs.

Moreover, cancer treatment is an expensive and long-lasting procedure. Lower treatment costs in several countries drive market growth. Therefore, this will boost the segmental development of the market throughout the forecast period. Medical Tourists travel to receive medical treatments like neurological treatments, dental treatments, and cardiovascular treatments.

Service Provider Analysis

Based on service providers, the global market is divided into public and private. Among them, the private. The remote segment held the dominating major revenue share in the target market holds the dominating share market during the forecast period. The increasing number of private providers globally provides world-class medical facilities that attract tourists.

Accessibility of advanced medical organizations, digital systems, and value-based care at a lower cost is attributable to the authority of private providers in the market. Moreover, public providers are expected to observe slower progress owing to the absence of funding acknowledged for medical treatments in some countries. For example, Canadians choose private providers as the popular medical treatments are also unavailable in public hospitals.

Key Market Segments

Based on the Service Type

• Medical Treatments
  • Cardiac Procedures
  • Oncology Procedures
  • Orthopedics and Spines
  • Dental Procedures
  • Others
• Wellness Treatments
  • Cosmetic Procedures
  • Rejuvenation Procedures
  • Others
• Alternative Treatments

Based on Service Providers

• Public
• Privates

Drivers

Lower Cost Surgeries MayAccelerate Market Growth

The increased cost in developed countries is a major problem concern for healthcare providers and patients.  AlsoIn addition, regulations enforced on healthcare systems by the government in various countries lead to interruptions of the procedures. This has advised people to travel abroad for medical care. According to the Medical and Health Tourism Congress, medical treatment is more inexpensive in Asian countries than in private hospitals in the US.  Therefore, a greater rate of incoming health tourism in countries such as India, Thailand, and others for quick and lower-cost medical care is donated to the increasing number of surgeries. In addition, the low cost for advance surgery is the primary reason for market growth.

The increase in the cost of treatment in developed countries is a major significant factor in the migration of patients to other destinations. The increase in the availability of high medical medical-quality cardiovascular surgery, and dental surgery is one of the key factors which drive the growth of the medical tourism market. Therefore, the improvement of healthcare infrastructure and access to high high-quality healthcare services at reasonable prices are likely to drive a reasonable price and will likely drive the global medical tourism market in the near global market near in future.

Expansion of Inbound Medical Travel to Raised Boost Market Potential

Increasing technological advancement in healthcare industries in surgical processes, medical devices, and associated healthcare has brought the world closer to accepting enhanced medical facilities for value-based care. Information and Communication Technology, telehealth, and telemedicine have open access for patients globally to consult, book appointments with specialists, and receive quality care without hesitancy. This has led to an increase in the growth rate of inbound tourism in developing countries such as India and Thailand; hence the urge to receive less costly treatment and the availability of progressive medical structure is attributable to the extent of the global market.

Restraints

Pandemic Outlook Subsequent in Travel Restraint to Obstruct Market Growth

Medical tourism is exclusively dependent on the travel facilities of one country to another. Furthermore, the pandemic incidence or strict regulation enforced by the country’s government to accept medical care away obstruct the market growth. This ultimately impacted the industry, thus limiting the market growth owing to the decline in the rate of medical technologies for international travelers. Such factors are, therefore, attributable to obstructing the market value during the forecast period.

Opportunity

Developed strategies Boost the Digitalization of Health Services in the Medical Tourism Industry

The majority of nations have developed strategies to boost the digitalization of healthcare services, which has resulted in a demand for the maximum highly regarded and effective treatment across all regions; As a result, cooperation with foreign organizations has increased, and the demand for medical tourism rises if surgical and diagnostic processes improve. The approval of connectivity technologies, digital platforms, and telemedicine is anticipated to determine market expansion.

Trends

Active Consumer’s Preference Towards Cosmetic Process to Increase Market Potential

Active consumer preference for cosmetic processes is the most important trend contributing to expanding the global medical tourism market. Demand for delayed or postponed functions during the widespread has increased as the number of COVID-19 cases has begun to decrease and travel restrictions have been lifted. Cosmetic procedures like body fat removal and acne treatment have increased the claim as people’s awareness of personal care and appearance has grown.

According to surgeons from the American Academy of Facial and Reconstructive Surgery (AAFPRS), around was an increase in the number of appointments and treatments for a facelift, eyelift, and other procedures despite the COVID-19 pandemic in July 2021. The availability of skilled specialists and high-quality care also impacts people’s preference for these procedures in other nations. As a result, it is predicted that this will positively impact the market’s expansion over the forecast period.

Regional Analysis

North America Dominates the Global Medical Tourism Market

Regarding the region, the global market can be sectioned into North America, Latin America, Eastern Europe, Western Europe, APAC, Middle South America, the Middle East & Africa. North America is accounted for the largest most significant share revenue of 35.0% during the forecast period. The market region is characterized by the greater rate of tourists visiting the US for medical treatments like such as orthopedics procedures, cardiology procedures, etc., leading to an increase in the revenue generation of the providers. Also, the country is well known for outbound tourism; it is also a preferred destination for medical treatments due to the improved hospital infrastructure attached to highly qualified experts.

Europe accounted for the top positioning in the market due to growing medical infrastructure and facilities for medical tourists in countries like the UK, and France.  Asia-Pacific regions are expected to hold a major market share due to the preference for medical tourism across developing countries During the analysis period, Asia-Pacific is anticipated to grow at the highest CAGR, followed by LAMEASouth America. In addition, this market is expanding as a result of significant government investments in healthcare infrastructure.

Key Regions

North America 

• The US
• Canada
• Mexico

Latin America 

• Brazil
• Colombia
• Chile
• Argentina
• Cost Rica
• Rest of Latin America

Eastern Europe 

• Russia
• Poland
• The Czech Republic
• Greece
• Rest of Eastern Europe

Western Europe 

• Germany
• France
• The UK
• Spain
• Italy
• Portugal
• Ireland
• Austria
• Switzerland
• Benelux
• Nordic
• Rest of Western Europe

APAC 

• China
• Japan
• South Korea
• India
• Australia & New Zealand
• Indonesia
• Malaysia
• Philippines
• Singapore
• Thailand
• Vietnam
• Rest of APAC

Middle East & Africa 

• Algeria
• Egypt
• Israel
• Kuwait
• Nigeria
• Saudi Arabia
• South Africa
• Turkey
• United Arab Emirates
• Rest of MEA

Key Players Analysis

The market is very fragmented. The leading major players constantly implement various growth strategies to stay afloat in the market. To succeed in the fiercely competitive market, these leading players employ a variety of growth strategies, including product launches, innovations, mergers and acquisitions, partnerships, and extensive R&D. In order to provide industries with the most cost-effective and efficient solutions, the major market players are also constantly concentrating on research and development.

Various market players, including Bumrungrad International Hospitals, Apollo Hospitals, Fortis Healthcare, Asian Healthcare Institute, Bangkok Chain Hospitals, BB Healthcare Solutions, KPJ Healthcare Berhad, and Berkalp CO, Limited. Bumrungrad International Hospitals is one of the leading providers of medical services for international travelers. Such initiatives are likely to improve the medical tourism industry in countries. However, a strong emphasis on international tourists getting cosmetic treatments at a lower cost is expected to drive the value of service suppliers throughout the forecast period.

Market Key Players

• Bumrungrad International Hospitals
• Apollo Hospitals
• Fortis Healthcare
• Asian Healthcare Institute
• Bangkok Chain Hospital
• KPJ Healthcare Berhad
• Livonta Global
• Gleneagles Hospitals
• BB Healthcare Solutions
• Berkalp CO. Limited
• Other Key Players

Recent Developments

• In April 2022- The Tourism Authority of Thailand and Thai Air Asia combined to attract up to 1,000 package tours of medical and wellness segments from Cambodia. This derives from both entities’ purpose to attract the tourist market during the forecast period
• In March 2022-the Indian government aimed to upgrade medical tourism in Gujrat, India. Some of the Best medical treatments in Gujrat comprise IV fertilization, cardiology, dental care, and spine, care through the Indian system of medicines.

Report Scope