Medical Tourism Market

Global Medical Tourism Market Size (2024 to 2032)

As per our recent report, the global medical tourism market size is forecasted to be worth USD 188 billion by 2032 from USD 47 billion in 2024, growing at a CAGR of 18.8% between 2024 and 2032. In 2023, the North American region accounted for the leading global medical tourism market share

Current Scenario of the Global Medical Tourism Market

Traveling to another country to get medical care is known as medical tourism. Various reports state that millions of U.S. residents travel to another country each year for medical care. Medical tourists from the United States most commonly travel to Mexico and Canada and to various other countries in Central America, South America, and the Caribbean. The primary reason people seek medical tourism is cost, as most countries offer medical services at cheaper costs than developed countries. Another major reason for medical tourism is the unavailability of unapproved procedures, which can be found in other countries and will fuel the adoption of medical tourism. The global medical tourism market has witnessed moderate growth in the past few years and is anticipated to grow considerably during the forecast period. The most common procedures that people undergo on medical tourism include dental care, cosmetic surgery, fertility treatments, organ and tissue transplantation, and cancer treatment. The availability of high-quality treatment at lower costs in developing countries compared to developed countries is majorly boosting the medical tourism market revenue. Medical tourism involves a wide range of medical services, including preventive and health-conducive treatments such as wellness retreats and health check-ups, elective surgical procedures like cosmetic surgeries and weight loss surgeries, telerehabilitation for post-surgery recovery, and complex surgeries for critical conditions. These beneficial medical tourism facilities will augment the market growth opportunities. The escalated chronic diseases across the world population with the aging population propel the market growth. According to Chronic Disease Directors, in 2022, nearly 60% of adults in the U.S. have at least one chronic disease, indicating a substantial burden of chronic diseases in the country.

MARKET DRIVERS

The availability of superior quality healthcare and technological developments are majorly promoting the growth of the global medical tourism market.

Medical tourism is one of the fastest-growing markets in the world. People travel abroad using treatments and are being treated for health problems. Also, increased awareness of advanced medical facilities is promoting the growth of the medical tourism market. Developing countries are increasingly paying attention to technological advances and quality services in the medical and healthcare fields. The rapid adoption of technological advancements, quicker access to medically necessary procedures, low-cost care for associated treatment, lower-cost care for discretionary procedures, and better-quality care for medically necessary procedures are further fuelling the growth rate of the medical tourism market. Improvement and growth in medical tourism depend on the extent of travel by people for treatment, which should be affordable and accessible. For instance, cancer treatment is expensive, and the duration of treatment is prolonged. Hence, people migrate to foreign countries for better accessibility in the price range, which contributes to the growth of the medical tourism market. According to the World Health Organization (WHO) report, the total fare for heart bypass surgery is 10,000 USD in India, 113,000 USD in America, 9,000 USD in Malaysia, and 7,410 USD in Poland. Likewise, angioplasty is 47,000 USD in America, 11,000 USD in India, 13,000 USD in Singapore, and 7,300 USD in Poland. Many hospitals have more extensive networks to engage with pay reimbursement activities through medical claims and insurance, supporting the medical tourism market in further growth.

According to the data provided by the Medical Tourism Association, Korea is known to be the hub of cutting-edge medical treatment procedures owing to its high cancer survival rate and innovations in cancer treatment. Additionally, it also mentioned the survival rate of stomach cancer patients has been around 77% in Korea in the last five years, and this is estimated to be three times higher than the United States and the United Kingdom, which have 32.4% and 21.6% survival rates. These increased survival rates in the country are escalating the adoption among people seeking effective treatment, accelerating the global medical tourism market revenue.

The medical tourism market is one in which the affordability and accessibility of high-quality medical services and the support of the tourism sector and local governments are factors driving the growth of the global medical tourism market. Also, the latest medical technologies in medical tourism centers worldwide are expected to drive market growth. The government's support to maintain the host country's general reputation and political stability is a crucial factor driving the Medical Tourism Market. Besides, there is a growing demand for non-insurable procedures such as gender reassignment surgery, fertility treatment, dental reconstruction, and cosmetic surgery.

Patients who can wait for treatment in other states or countries seek medical advice from doctors virtually. Patients with severe chronic diseases who need immediate care are still flying with even more care on domestic airlines. Providing patient communication options through texting or patient portals is solely to help the market during the pandemic. In various countries, government authorities are supporting medical tourism in new and different ways. Government investments in medical tourism companies will accelerate the market's growth rate to an extent.

The presence of highly professional, experienced, and trustworthy specialists in other countries attracts people, creating growth opportunities for the medical tourism market. The rising adoption of digital solutions in the healthcare industry in most of the developed countries and the emerging economies of the developing countries is enhancing the output of surgical and diagnostics services, which is gaining traction among the people, which provides market growth opportunities to the medical tourism market in the coming years. The rising shift in consumer preferences towards cosmetic procedures is another primary factor providing the medical tourism market with growth opportunities. Various cosmetic procedures such as body fat removal, acne treatment, and others are in high demand among the people owing to their increased awareness regarding physical appearance and personal care, which is enhancing the people to seek medical tourism. According to the data provided by the American Society of Plastic Surgeons, most cosmetic surgery patients are women 40 to 50 years old. The most common procedures in demand from cosmetic tourists include abdominoplasty, breast augmentation, eyelid surgery, liposuction, and rhinoplasty; the increased demand will augment the market growth in the coming years.  

MARKET RESTRAINTS

The rigorous documentation process, visa approval issues, and inadequate insurance coverage are primarily hampering the growth of the medical tourism market.

Conditions that include deep vein thrombosis, tuberculosis, amoebic dysentery, and paratyphoid fever caused by poor postoperative care and insufficient rest are other significant factors limiting the global medical tourism market growth. Extended duration for assisting medical treatment, post-surgery complications incorporated with the restricted chance of follow-up, and high costs to undergo preventive surgery in developed countries further restrict the global medical tourism market growth.

Additionally, the medical tourism market growth needs to be improved by long waiting times for medical treatments, patient follow-up problems, and post-surgery complications. The high cost of traveling, where average citizens cannot afford it, is steadily degrading the medical tourism market's demand. Although the credentialing and sophistication of (some) destination country facilities can mitigate individual patient risks, the lack of benefits to poorer people in developed countries offering medical tourism remains a generic equity problem that would hinder market growth over the forecast period. Because of the COVID-19 pandemic globally, the medical tourism market is one of the industries most affected by it.

The requirement of follow-up appointments for most surgeries will make it difficult for most people to stay for extended periods in periods in foreign countries. This acts as a significant challenge in expanding the market revenue. The common challenges the tourists face are cultural and language barriers, increased time consumption, and legal and financial issues, which may limit the adoption of medical tourism among the people. The medical standards vary according to the region, which may raise concerns regarding the qualifications and experience of the medical professionals, which may restrict the market growth opportunities. The complexity of the vis procedures and lack of community participation and awareness are primary challenges experienced by the patients in medical tourism.

REPORT COVERAGE

SEGMENTAL ANALYSIS

Global Medical Tourism Market Analysis By Treatment Type

The Cancer treatment segment held the most prominent share in the medical tourism market and is expected to account for the highest CAGR during the forecast period. The growing prevalence of cancer worldwide and the requirement for top-notch medical treatment with effective cost drive the segment growth. According to the World Health Organization estimates, there will be a 77% increase; over 35 million new cases are predicted to be diagnosed in 2050. The rapid growth rate of cancer and the accessibility to various innovative and effective treatment options in developed countries is escalating the segment revenue growth.

The cosmetic treatment segment is estimated to have notable growth during the forecast period. Countries such as South Korea, Brazil, Mexico, and others have gained massive recognition for their expertise and proficiency in cosmetic procedures, making them the perfect destination for people seeking aesthetic advancements. The rising awareness of physical appearance and the growing demand for aesthetic enhancements, especially among women, augment the segment's growth opportunities.

Global Medical Tourism Market Analysis By Service Provider

The private segment dominated the medical tourism market, with a significant share owing to the availability of advanced medical facilities provided by private healthcare organizations. Most private organizations provide advanced treatment, and the increased incorporation of digital solutions and the rising number of global private organizations promote growth opportunities. The growing government support initiatives, enlarging medical infrastructure, and evolving technological advancements are boosting the segment growth opportunities.

While currently smaller, the public segment is estimated to have considerable growth potential during the forecast period. This growth is driven by increasing government practices to expand the healthcare system and grow funding to public organizations. These initiatives are expected to significantly boost the segment's growth rate, offering promising opportunities in the future.

REGIONAL ANALYSIS

Regionally, the North American region captured a considerable share of the worldwide market in 2023. Factors such as advanced medical technologies and services are propelling the medical tourism market in North America. The U.S. led the North American region in 2023 due to the availability of advanced cancer, neurological, and cardio treatments in this country. As a result, the Canadian medical tourism market will grow healthy during the forecast period. According to the data collected from a few sources, international patients account for almost 3.5% of all inpatient treatment procedures in the United States. Mexico is the most common destination for American medical tourism, accounting for approximately all tourism trips.

Europe is anticipated to have a healthy growth rate in the coming years. Advancements in technology and quality management in the healthcare and medical sectors majorly drive the medical tourism market in Europe. Germany is predicted to be the fastest-growing region in Europe due to its international quality standards, high-quality service, and medical insurance mobility. European health tourism is estimated to contribute around 0.3% to the European Union economy. The increased international tourism, accounting for approximately 60% across the world, is augmenting the regional market growth.

APAC is estimated to hold a notable share of the worldwide market during the forecast period. Increasing medical tourism priority for developing countries like Singapore, Thailand, India, and Malaysia is attributed to the availability of advanced medical treatments at substantially lower costs than developed countries. Besides, various government programs to promote medical travel fuel the growth rate of the medical tourism market in the Asia-Pacific region. The involvement of multi-specialty hospitals that provide advanced technological therapies will play a key role in boosting the growth of the global medical tourism market. India is renowned for advanced cardiac surgery, while Singapore is a popular destination for medical tourism due to its complicated surgery expertise. Thailand is a well-known medical tourism destination, and since 2006, millions of patients have been traveling to Thailand. It is also the world's top source for cosmetic surgery. Due to improved healthcare facilities, China is considered to have a significant market share. Therefore, the appearance of multi-specialty hospitals is influencing the growth of the medical tourism market.

Latin America is predicted to occupy a considerable global market share during the forecast period. The growth of the medical tourism market in Latin America is primarily attributed to the different steps taken by the governments of the Latin America region countries like Mexico and Colombia, which are required to make betterments in healthcare infrastructure, which outstandingly boosts the market growth over the period.

The MEA medical tourism market is estimated to grow at a sluggish CAGR during the forecast period. The growing availability of medical experts is likely to propel the market growth. UAE is expected to have the region's largest share with an increasing number of cancer patients; increasing capital income is likely to enhance the market. Saudi Arabia is ranked second for having a dominating market share. The market growth due to the launch of government schemes to assist end-users drives the period's market growth.

KEY PLAYERS IN THE GLOBAL MEDICAL TOURISM MARKET

Companies playing a leading role in the worldwide medical tourism market profiled in this report are Min-Sheng General Hospital, Apollo Hospitals Enterprise Limited, Samitivej Sukhumvit, Fortis Healthcare Ltd, Asian Heart Institute, Prince Court Medical Center, Bangkok Hospital Medical Center, KPJ Healthcare Berhad, Raffles Medical Group and Bumrungrad International Hospital.

RECENT HAPPENINGS IN THIS MARKET

• In February 2024, The Ministry of Tourism announced the launch of a unified platform for health tourism, with both healing and medical services. This significant development is expected to reshape the landscape of Egypt's healthcare tourism, attracting more investments and boosting the market. The Tourism Ministry will partner with international experts to identify Egypt's healthcare tourism destinations and outline a unified health tourism strategy to receive investments in this market.
• In January 2024, Sunway Healthcare Group entered into a collaboration agreement with PT JCB International Indonesia, JCB International Co., Ltd. (JCB) subsidiaries, to promote medical tourism in Malaysia by introducing Sunway Healthcare Group's services to more than 156.0 million JCB card members worldwide.
• In May 2023, Advantage Health Care India acknowledged Fortis Healthcare for making India a preferred healthcare tourism destination.
• In April 2023, The Rattinan Medical Centre, specializing in cosmetic surgery and laser treatments in Thailand, launched a new clinic in collaboration with FICO Group to augment wrinkle-free medical tourism.
• In January 2023, The Dubai Health Authority (DHA) launched 'Dubai in One Day', an innovative medical tourism package targeting international patients. DHA's health initiative at Arab Health 2023 aimed to allow international medical tourists to book procedures and access a wide range of tourism services within a few hours.   

DETAILED SEGMENTATION OF THE GLOBAL MEDICAL TOURISM MARKET INCLUDED IN THIS REPORT

This research report on the global medical tourism market has been segmented and sub-segmented based on the treatment type and region.

By Treatment Type

• Orthopedic Treatment
• Cardiovascular Treatment
• Dental Treatment
• Fertility Treatment
• Cosmetic Treatment
• Neurological Treatment
• Cancer Treatment

By Service Provider

• Public
• Private

By Region

• North America
• Europe
• Asia-Pacific
• Latin America
• Middle East and Africa