Medical Tourism Market - Global Market Share, Trends, Analysis and Forecast, 2023-2032
The global medical tourism market was estimated to be US$ 29.1 Billion in 2022 and is expected to grow at a CAGR of 9.6% between 2023 to 2032.
Medical tourism refers to the practice of traveling to another country for medical treatment. This includes a wide range of medical procedures, from elective cosmetic surgeries to complex medical treatments such as organ transplants and cancer treatments.
Medical tourism has become increasingly popular in recent years, driven by the high cost of medical treatments in developed countries, lack of availability of certain medical procedures in some countries, long waiting times for medical procedures in some countries, and the availability of affordable medical treatments in developing countries.
Medical Tourism Market Drivers
Increasing demand for cosmetic and dental procedures is boosting the market growth
The global medical tourism market is driven by various factors such as the high cost of medical treatment in developed countries, increasing demand for cosmetic and dental procedures, and the availability of skilled healthcare professionals in developing countries.
Patients often travel abroad to receive medical treatments that are not available or are too expensive in their home countries. Countries like India, Thailand, and Malaysia have a large pool of highly skilled medical professionals who offer quality medical services at a fraction of the cost of developed countries. For instance, heart bypass surgery can cost upwards of $100,000 in the US, whereas the same procedure in India can cost as low as $10,000.
Moreover, cosmetic surgeries such as liposuction, breast augmentation, and facelifts are up to 70% cheaper in countries like Thailand and Mexico. This has made these countries popular destinations for cosmetic tourism. In addition, the increasing prevalence of chronic diseases, technological advancements in medical procedures, and lack of insurance coverage for certain medical treatments in developed countries also contribute to the growth of medical tourism.
Overall, the global medical tourism market is expected to continue to grow in the coming years, driven by a variety of factors and an increasing number of patients seeking affordable and quality medical treatments abroad.
Type Segmentation of Global Medical Tourism Market
Outbound medical tourism is the largest segment in the market
Based on type, outbound medical tourism is the largest segment. Outbound medical tourism refers to patients traveling from their home country to another country to receive medical treatment. This is the largest segment as it is more common for patients to travel abroad for medical treatment rather than for foreign patients to travel to their country for medical treatment.
Patients often travel to other countries for medical treatments due to the high cost of healthcare in their home country, lack of availability or expertise for certain procedures, long waiting times, or the desire for a combination of medical treatment and vacation. Additionally, patients from developed countries often travel to developing countries where medical treatments are cheaper and of high quality.
For example, patients from the United States often travel to Mexico for dental treatment or to Thailand for cosmetic surgery due to the cost savings. Overall, outbound medical tourism is the largest segment as it is driven by a variety of factors such as cost savings, access to quality medical treatment, and the desire for a combination of medical treatment and vacation.
Regional Trends of the Global Medical Tourism Market
Asia-Pacific is the largest and fastest-growing market for medical tourism
Geographically, the global medical tourism market is segmented into North America, Europe, Asia-Pacific, Middle East and Africa, and South America.
Following are some of the major trends in these regions –
North America: The region has a developed healthcare system, which reduces the demand for medical tourism. However, patients from the US travel to neighboring countries such as Mexico and Costa Rica for affordable medical treatments. In addition, medical tourism in North America is growing due to a rising number of uninsured and underinsured patients seeking low-cost treatments in countries like Mexico.
Europe: The region has a large number of medical tourists traveling to countries such as Hungary, Poland, and the Czech Republic for dental and cosmetic treatments. The region's high-quality healthcare system and advanced medical technologies also attract medical tourists from other countries. However, the recent Brexit decision and its impact on the UK's medical tourism industry remain to be seen.
Asia-Pacific: The region is the largest and fastest-growing market for medical tourism, with countries such as India, Thailand, and Malaysia leading the market. The region offers high-quality medical treatments at a fraction of the cost of developed countries, attracting patients from around the world. In addition, the region's warm climate, beautiful landscapes, and cultural diversity provide an attractive setting for medical tourism.
Middle East and Africa: The region has a growing medical tourism industry, with countries such as Dubai, Saudi Arabia, and South Africa offering high-quality medical treatments at competitive prices. The region is also known for its wellness tourism, with patients traveling for health and relaxation treatments.
South America: The region has a growing medical tourism industry, with countries such as Brazil, Mexico, and Costa Rica offering affordable medical treatments to patients from North America and Europe.
In addition, the region's warm climate, beautiful landscapes, and cultural diversity make it an attractive destination for medical tourism. However, the region also faces challenges such as language barriers and safety concerns in some countries.
Key players and market strategies:
Companies operating in the global medical tourism market adopt various growth strategies to expand their market share and improve their competitive position. Some of the major growth strategies adopted by these companies include:
Expansion of services and facilities: Medical tourism companies are expanding their services and facilities to cater to the diverse needs of medical tourists. This includes the addition of new treatments and procedures, specialized care units, and advanced medical technologies.
Strategic partnerships and collaborations: Companies are forming strategic partnerships and collaborations with healthcare providers, tourism agencies, and local governments to expand their reach and provide a seamless experience to medical tourists.
Marketing and promotional activities: Medical tourism companies are investing in marketing and promotional activities to create awareness about their services and attract more patients. This includes digital marketing, social media, and collaborations with influencers.
Geographic expansion: Companies are expanding their operations to new geographies, especially emerging markets with a high potential for medical tourism. This includes setting up new facilities or acquiring local players.
Focus on quality and accreditation: Medical tourism companies are focusing on quality and accreditation to gain the trust of medical tourists. This includes obtaining certifications and accreditations from recognized organizations such as Joint Commission International (JCI).
Anavara Limited, Apollo Hospitals Enterprise Ltd., Asian Heart Institute, Bumrungrad International Hospital, Fortis Healthcare Ltd., Gleneagles Hospital, KPJ Healthcare Berhad, Prince Court Medical Centre, Raffles Medical Group, Samitivej Hospital, Seoul National University Hospital, Singapore General Hospital, Thai Medical Vacation Co., Ltd., Wooridul Spine Hospital, Yanhee International Hospital and many more.
Global Medical Tourism Market Segmentation:
By Type:
- Inbound Medical Tourism
- Outbound Medical Tourism
By Treatment:
- Cosmetic Surgery
- Dental Treatment
- Cardiovascular Treatment
- Orthopedic Treatment
- Cancer Treatment
- Fertility Treatment
- Neurological Treatment
- Others
By Region
- North America
- United States
- Canada
- Rest of North America
- Europe
- Germany
- United Kingdom
- Italy
- France
- Spain
- Rest of Europe
- Asia Pacific
- Japan
- India
- China
- Australia
- South Korea
- Rest of Asia Pacific
- Middle East & Africa
- UAE
- Saudi Arabia
- South Africa
- Rest of the Middle East & Africa
- South America
- Brazil
- Rest of South America
- Introduction
- Research Objectives
- Report Assumptions
- Research Methodology
- Abbreviations
- Preface
- Market Definition
- Report Scope and Market Segmentation
- Research Highlights
- Market Synopsis: Global Medical Tourism Market
- Global Medical Tourism Market Qualitative Analysis
- Trends
- Market trends
- Technology Trends
- PESTLE Analysis (For 3 prominent countries)
- Market Influencers
- Driving Forces
- Hindering Forces
- Opportunities
- COVID-19 impact
- Porter’s Five Forces Analysis
- Value Chain Analysis
- Trends
- Global Medical Tourism Market Analysis and Forecast, by Type
- Overview and definitions
- Key segment analysis
- Global Medical Tourism Market Estimates (US$ Mn), by Type, 2019 – 2032
- Inbound Medical Tourism
- Outbound Medical Tourism
- Global Medical Tourism Market Analysis and Forecast, by Treatment
- Overview and definitions
- Key segment analysis
- Global Medical Tourism Market Estimates (US$ Mn), by Treatment, 2019 – 2032
- Cosmetic Surgery
- Dental Treatment
- Cardiovascular Treatment
- Orthopedic Treatment
- Cancer Treatment
- Fertility Treatment
- Neurological Treatment
- Others
- Global Medical Tourism Market Analysis and Forecast, by Region
- Overview and definitions
- Key segment analysis
- Global Medical Tourism Market Estimates (US$ Mn), by Region, 2019 – 2032
- North America
- Europe
- Asia Pacific
- Middle East & Africa
- South America
- North America Medical Tourism Market Analysis and Forecast
- Overview and definitions
- Key segment analysis
- North America Medical Tourism Market Estimates (US$ Mn), by Type, 2019 – 2032
- Inbound Medical Tourism
- Outbound Medical Tourism
- North America Medical Tourism Market Estimates (US$ Mn), by Treatment, 2019 – 2032
- Cosmetic Surgery
- Dental Treatment
- Cardiovascular Treatment
- Orthopedic Treatment
- Cancer Treatment
- Fertility Treatment
- Neurological Treatment
- Others
- North America Medical Tourism Market Estimates (US$ Mn), by Country, 2019 – 2032
- United States
- Canada
- Rest of North America
- Europe Medical Tourism Market Analysis and Forecast
- Overview and definitions
- Key segment analysis
- Europe Medical Tourism Market Estimates (US$ Mn), by Type, 2019 – 2032
- Inbound Medical Tourism
- Outbound Medical Tourism
- Europe Medical Tourism Market Estimates (US$ Mn), by Treatment, 2019 – 2032
- Cosmetic Surgery
- Dental Treatment
- Cardiovascular Treatment
- Orthopedic Treatment
- Cancer Treatment
- Fertility Treatment
- Neurological Treatment
- Others
- Europe Medical Tourism Market Estimates (US$ Mn), by Country, 2019 – 2032
- Germany
- United Kingdom
- Italy
- France
- Spain
- Rest of Europe
- Asia Pacific Medical Tourism Market Analysis and Forecast
- Overview and definitions
- Key segment analysis
- Asia Pacific Medical Tourism Market Estimates (US$ Mn), by Type, 2019 – 2032
- Inbound Medical Tourism
- Outbound Medical Tourism
- Asia Pacific Medical Tourism Market Estimates (US$ Mn), by Treatment, 2019 – 2032
- Cosmetic Surgery
- Dental Treatment
- Cardiovascular Treatment
- Orthopedic Treatment
- Cancer Treatment
- Fertility Treatment
- Neurological Treatment
- Others
- Asia Pacific Medical Tourism Market Estimates (US$ Mn), by Country, 2019 – 2032
- China
- Japan
- South Korea
- India
- Australia
- Rest of Asia Pacific
- Middle East & Africa Medical Tourism Market Analysis and Forecast
- Overview and definitions
- Key segment analysis
- Middle East & Africa Medical Tourism Market Estimates (US$ Mn), by Type, 2019 – 2032
- Inbound Medical Tourism
- Outbound Medical Tourism
- Middle East & Africa Medical Tourism Market Estimates (US$ Mn), by Treatment, 2019 – 2032
- Cosmetic Surgery
- Dental Treatment
- Cardiovascular Treatment
- Orthopedic Treatment
- Cancer Treatment
- Fertility Treatment
- Neurological Treatment
- Others
- Middle East & Africa Medical Tourism Market Estimates (US$ Mn), by Country, 2019 – 2032
- UAE
- Saudi Arabia
- South Africa
- Israel
- Rest of MEA
- South America Medical Tourism Market Analysis and Forecast
- Overview and definitions
- Key segment analysis
- South America Medical Tourism Market Estimates (US$ Mn), by Type, 2019 – 2032
- Inbound Medical Tourism
- Outbound Medical Tourism
- South America Medical Tourism Market Estimates (US$ Mn), by Treatment, 2019 – 2032
- Cosmetic Surgery
- Dental Treatment
- Cardiovascular Treatment
- Orthopedic Treatment
- Cancer Treatment
- Fertility Treatment
- Neurological Treatment
- Others
- South America Medical Tourism Market Estimates (US$ Mn), by Country, 2019 – 2032
- Brazil
- Argentina
- Rest of South America
- Competition Analysis – Global Medical Tourism Market
- Market Composition
- Market Share Analysis (%), by Supplier (2022)
- Company Profiles
- Anavara Limited
- Business overview
- Geographic presence
- Product portfolio
- Financial facts
- Relevant news and strategic view
- Apollo Hospitals Enterprise Ltd.
- Asian Heart Institute
- Bumrungrad International Hospital
- Fortis Healthcare Ltd.
- Gleneagles Hospital
- KPJ Healthcare Berhad
- Prince Court Medical Centre
- Raffles Medical Group
- Samitivej Hospital
- Seoul National University Hospital
- Singapore General Hospital
- Thai Medical Vacation Co., Ltd.
- Wooridul Spine Hospital
- Yanhee International Hospital
- Anavara Limited
- Conclusion & Recommendations
Frequently asked questions about this report
How large is the medical tourism market?
The medical tourism market was estimated to be US$ 29.1 Billion in 2022.
What is the Compound Annual Growth Rate (CAGR) of the medical tourism market?
The medical tourism market is expected grow at a CAGR of 9.6% between 2023 to 2032.
What are the factors driving the medical tourism market?
The global medical tourism market is driven by various factors such as the high cost of medical treatment in developed countries, increasing demand for cosmetic and dental procedures, and the availability of skilled healthcare professionals in developing countries.
Which is the largest and fastest-growing market for medical tourism?
The Asia-Pacific is the largest and fastest-growing market for medical tourism, with countries such as India, Thailand, and Malaysia leading the market. The region offers high-quality medical treatments at a fraction of the cost of developed countries, attracting patients from around the world.
Which are leading players in the medical tourism market?
Anavara Limited, Apollo Hospitals Enterprise Ltd., Asian Heart Institute, Bumrungrad International Hospital, Fortis Healthcare Ltd., Gleneagles Hospital, KPJ Healthcare Berhad, Prince Court Medical Centre, Raffles Medical Group, Samitivej Hospital, Seoul National University Hospital, Singapore General Hospital, Thai Medical Vacation Co., Ltd., Wooridul Spine Hospital, Yanhee International Hospital among others, are the leading players in this market.
Which type is the largest in the medical tourism market?
The outbound medical tourism is the largest segment in the market. This is the largest segment as it is more common for patients to travel abroad for medical treatment rather than for foreign patients to travel to their country for medical treatment.
What are the different treatment types of medical tourism used?
Based on treatment, the medical tourism market is segmented into Cosmetic Surgery, Dental Treatment, Cardiovascular Treatment, Orthopedic Treatment, Cancer Treatment, Fertility Treatment, Neurological Treatment and Others.