The medical tourism market size was USD 3.4 Bn in 2022 and is expected to reach USD 33.6 Bn expanding at a CAGR of 29.8% by the end of 2031. The growth of the market is attributed to the availability and affordability of high-quality healthcare treatments, as well as aid from tourist government agencies and local governments.
Medical tourism, often known as healthcare tourism, is described as traveling across nations to receive medical treatment that is not available in the tourists' own country. Medical tourism refers to cross-border travel for medical treatment that is not available in one's own country.
IVF fertility treatment, neuro surgeries, cancer treatment, orthopedic operations, and other treatments are among them. This treatment can include a wide range of therapeutic services. Dental care, fertility therapy, elective surgery, and aesthetic surgery are the most typically profited treatments. Developed countries provide the latest treatments and are among the top destinations for medical tourism. As a result, when quality care is unavailable locally, people travel to certain places.
Medical tourism is frequently thought to be costly, although the quality of treatment is guaranteed. As a result, the costs of major health items are similarly high. Healthcare workers must be aware of direct and indirect costs, as well as methods to save money over the long term by introducing preventive initiatives. Developed countries cannot afford to spend a lot of money on healthcare. The insurance company that brought the patient overseas did not cover all of the hospital charges.
Medical Tourism Market Dynamics
What drives Medical Tourism Market?
Low-Cost Care for Surgeries in the Emerging Economies
Healthcare costs in emerging economies are cheaper compared to the developed countries which make people travel abroad for medical care such as surgeries and personal care which is likely to drive market growth. Emerging economies such as India and Thailand are among others for quick and lower-cost medical care is driving the global market.
Increasing adherence to Quality Standards
Increasing adherence to international quality standards, good quality of services, flexibility in health insurance, and medical tourism marketing and advertising are projected to fuel the market growth in the coming years.
What Restraints Medical Tourism Market?
Language Barrier and Difficulties regarding Traveling
Medical Tourism is gaining rapid traction in emerging economies but the difficulties associated with travel, language barriers, and availability of documentation can hamper the global market. The market is rapidly growing in developing countries but the traveling difficulties for customers can hinder the market growth.
What are the Opportunities for Medical Tourism Market?
Growing Accessibility of Advanced Medical Technology
The rapid growth in technological advancements in the healthcare industry regarding medical devices, wearables, connected healthcare, surgical procedure, and others can create new opportunities for the global market during the forecast period.
Scope of Medical Tourism Market Report
The report on the global medical tourism market includes an assessment of the market, trends, segments, and regional markets. Overview and dynamics have also been included in the report.
|
Attributes
|
Details
|
|
Report Title
|
Medical Tourism Market - Global Industry Analysis, Growth, Share, Size, Trends, and Forecast
|
|
Base Year
|
2022
|
|
Historic Data
|
2019-2020
|
|
Forecast Period
|
2023–2031
|
|
Segmentation
|
Treatment Type (Orthopedics Treatments, Ophthalmic Treatments, Dental Treatments, Cosmetic Treatments [Breast Augmentation and Hair Transplants], Cardiovascular Treatments, Fertility Treatments, Bariatric Treatments, Cancer Treatments, and Others)
|
|
Regional Scope
|
Asia Pacific, North America, Latin America, Europe, and Middle East & Africa
|
|
Report Coverage
|
Company Share, Market Analysis and Size, Competitive Landscape, Growth Factors, and Trends, and Revenue Forecast
|
|
Key Players Covered in the Report
|
Cosmedic Travel AU; BB Health Solutions; Euromedical Tours; Klinikum Medical Link, Ltd.; KPJ Healthcare Berhad; Apollo Hospitals Enterprise Ltd.; Healthbase; MedRetreat.; Mount Elizabeth Hospital; Fortis Healthcare Limited; Asklepios Kliniken GmbH; Rashid Hospital; Asian Heart Institute; and Others
|
Medical Tourism Market Segment Insights
What Key Factors Contribute to the Significant Expansion of the Treatment type Segment?
The cosmetic treatments segment is projected to constitute a key market share
Based on treatment type, the global medical tourism market is divided into orthopedics treatments, ophthalmic treatments, dental treatments, cosmetic treatments [breast augmentation and hair transplants], cardiovascular treatments, fertility treatments, bariatric treatments, cancer treatments, and others. Cosmetic treatments are further segmented into breast augmentation and hair transplants.
The cosmetic treatments segment is expected to hold a key share of the market in the coming years due to Hair regrowth, breast enlargement, facial operations, rhinoplasty, and other cosmetic surgery being the most popular. The demand for cosmetic operations is rising worldwide as people's awareness of aesthetics grows. As a result, the accessibility of technologically improved and noninvasive cosmetic surgical procedures can fuel market expansion.
However, the fertility treatments segment is anticipated to register a considerable CAGR during the forecast period owing to the most frequent therapies for which medical tourists choose to fly across foreign borders for fertility treatment. Fertility tourism also known as reproductive tourism is among the fastest-growing segments of the tourism industry.
Why is Asia Pacific dominating Medical Tourism Market?
Asia Pacific is anticipated to dominate the market
On the basis of regions, the global medical tourism market is categorized as Asia Pacific, North America, Latin America, Europe, and Middle East & Africa. Asia Pacific is anticipated to dominate the market at an impressive CAGR during the forecast period. The regional market growth can be attributed to the growing demand for medical tourism in this region's emerging countries.
In the Asia-Pacific region, China controls the majority of the market. This is owing to the lower price of therapy and superior healthcare facilities available in China. Increased advertising and online customer information regarding the accessibility of medical services, as well as the accessibility of low-cost flights. Furthermore, the government's great efforts in improving healthcare infrastructure help the market's expansion.
The market in North America is anticipated to register a considerable CAGR during the forecast period owing to the increasing medical tourism at a cheaper price. In North America, especially in the US, the healthcare sector is one of the largest, and the government is focusing on spending more on providing new and advanced facilities in the healthcare sector which includes medical tourism that can drive the global market in the coming years.
Segments
The global medical tourism market has been segmented based on
Treatment Type
- Orthopedics Treatments
- Ophthalmic Treatments
- Dental Treatments
- Cosmetic Treatments
- Breast Augmentation
- Hair Transplants
- Cardiovascular Treatments
- Fertility Treatments
- Bariatric Treatments
- Cancer Treatments
- Others
Region
- Asia Pacific
- North America
- Latin America
- Europe
- Middle East & Africa
Key Players
Competitive Landscape
Key players competing in the global medical tourism market are Cosmedic Travel AU; BB Health Solutions; Euromedical Tours; Klinikum Medical Link, Ltd.; KPJ Healthcare Berhad; Apollo Hospitals Enterprise Ltd.; Healthbase; MedRetreat.; Mount Elizabeth Hospital; Fortis Healthcare Limited; Asklepios Kliniken GmbH; Rashid Hospital; Asian Heart Institute; and Others. Some of these players are adopting several market strategies such as acquisitions, mergers, collaborations, partnerships, capacity expansion, and product launches to increase their market shares.
Request For Customization
Enquiry Before Buying
Speak With Analyst
