Market Overview
The Global Medical Tourism Market is expected to reach a value of
USD 136.5 billion in 2023, and it is further anticipated to reach a market value of
USD 379.6 billion by 2032 at a
CAGR of 12.0%. The market has seen significant growth over the past few years and is predicted to grow significantly during the forecasted period as well.
Medical or Health tourism, a part of the healthcare industry, looks into patients looking for complex surgeries & medical treatments abroad. It's favored by people across the world because it offers more affordable medical care in developing countries in comparison to the high costs in developed nations, which is driven by support from tourism departments & local governments, which work to provide affordable services & treatments to international patients, which play a significant role in the expansion of the global medical tourism market.
Market Dynamic
Globalization has played a major role in the growth of medical tourism, making it possible for people to access high-end healthcare treatments at a fraction of the cost, especially for individuals from developed countries, including Americans, as this global trend has led to substantial enhancement in healthcare, minimizing expenses by 25% to 75%, & has been a driving force behind the growth of the global medical tourism market.
However, a major challenge in the healthcare system is the handing over of medical records, which can interrupt patient care & even result in tragic outcomes. When patients need emergency treatment, there isn't a smooth & efficient free-market system for them to benefit from, which has the potential to limit the growth of the health tourism market, as it poses obstacles to seamless & timely healthcare delivery across borders.
Research Scope and Analysis
By Treatment Type
The cancer treatment category is the leading revenue generator for the global market in 2023 & is expected to maintain its lead in the coming future, mainly as cancer is becoming more common across the world. According to a report by the International Agency for Research on
Cancer, in the recent past, there were about 19.3 million new cancer cases & approx. 10 million cancer-related deaths globally, of which, breast cancer accounted for about 11.7% of new cases, followed by lung cancer at 11.4% & colorectal cancer at 10.0%. The availability of enhanced cancer treatments, like chemotherapy, targeted therapies, & radiation therapy, is driving the growth of medical tourism.
Since cancer treatment can be expensive, many people are turning to medical tourism to get more affordable care in other countries, which is expected to boost this segment further in the coming years.
Further, cardiovascular treatment is projected to be the most promising segment in the future, as the increase in the number of cardiovascular cases & deaths is driving the growth. Cardiovascular diseases account for approx. 32% or 17.9 million of total global deaths every year, as per the W.H.O. In addition, unhealthy lifestyles, tobacco use, poor dietary habits, & lack of physical activity are major contributors to these diseases. With urbanization, more jobs, & high consumption of fast food, cardiovascular cases are expected to rise, making this segment the fastest-growing in the forecast period.
By Service Providers
The medical tourism market is divided into two categories in terms of service providers, public & private. As of 2023, the private sector is the dominant force in the growth of the market & is expected to continue growing in the future. Private providers are favored due to their use of high-end
healthcare technologies & their reputation for high-quality care. They offer quick services & high privacy in comparison to the public sector. Health facilities in developing countries focus on international recognition to attain global healthcare insurance & purchaser networks. In developed nations, insurance companies are containing health tourism options in their plans, promoting healthcare services abroad. Increasing healthcare costs & a high number of underinsured individuals encourage medical tourists to look for affordable treatment in developing countries.
In addition, the public segment is also anticipated to see substantial growth. The globalization of healthcare & increased patient mobility across borders are driving this trend. Integration of technologies such as telemedicine & e-health is improving access to care in foreign nations. Moreover, easy transportation, quality accommodation, & better communication channels are further promoting medical tourism.
The Medical Tourism Market Report is segmented on the basis of the following
By Treatment Type
- Cancer Treatment
- Cardiovascular Treatment
- Dental Treatment
- Fertility Treatment
- Cosmetic Treatment
- Orthopedic Treatment
- Others
By Service Providers
Regional Analysis
North America leads the global medical tourism market,
holding a dominant 40.3% market share in 2023, which is largely due to the rise in number of people traveling to the US for orthopedic &cardiac treatments. Also, as per the World Travel and Tourism Council, the US invested over USD 3.9 billion in medical tourism back in 2019. This financial commitment is further driving the growth of the medical tourism market in North America.
Further, Europe is also a strong region, with countries like France, the UK, & Spain increasing their medical facilities & infrastructure, attracting medical tourists.
Moreover, the Asia-Pacific region is experiencing fast growth in the global medical tourism market. Asian countries are known for offering affordable medical treatments. Like, India ranks as the tenth most popular destination for medical tourism, with procedures like bypass surgery costing significantly less than in the US, which acts as a key driver of the market's growth in the Asia-Pacific region, making it a top choice for medical tourists.
By Region
North America
Europe
- Germany
- The U.K.
- France
- Italy
- Russia
- Spain
- Benelux
- Nordic
- Rest of Europe
Asia-Pacific
- China
- Japan
- South Korea
- India
- ANZ
- ASEAN
- Rest of Asia-Pacific
Latin America
- Brazil
- Mexico
- Argentina
- Colombia
- Rest of Latin America
Middle East & Africa
- Saudi Arabia
- UAE
- South Africa
- Israel
- Egypt
- Rest of MEA
Competitive Landscape
The medical tourism market is not dominated by a single company but by many local players. These companies are working hard to grow their market share through tactics like investing in their businesses, building partnerships, & acquiring others. They're also putting effort into creating enhanced products & keeping their prices competitive.
In January 2023, Apollo Hospitals unveiled its plans to establish a new medical facility for international patients in the US, specifically in Houston, Texas, which will provide numerous medical services, like heart care, cancer treatment, & orthopedic services, and will also offer a variety of healthcare options for patients coming from different parts of the world.
Some of the prominent players in the global Medical Tourism Market are:
- Apollo Hospitals Group
- IHH Healthcare
- Specialty Hospital
- KPJ Healthcare Berhad
- Fortis Healthcare
- UZ Leuven
- Medic Abroad
- NTT Medical Center Tokyo
- Samitivej PCL
- Aditya Birla Memorial Hospital
- Other Key Players
COVID-19 Pandemic & Recession: Impact on the Global Medical Tourism Market:
The COVID-19 pandemic & the subsequent economic recession had a high impact on the global medical tourism market. The pandemic led to travel restrictions, fear of infection, & overwhelmed healthcare systems, creating a sharp reduction in international patients looking for medical treatments abroad. Numerous potential medical tourists halted or canceled their plans due to uncertainty & safety concerns.
In addition, the economic downturn resulted in financial constraints, making expensive medical procedures & travel less accessible. These factors altogether led to a substantial decline in the medical tourism industry, impacting not only hospitals & clinics that cater to international patients but also related businesses like hotels & travel agencies. The industry is slowly recovering as vaccination efforts progress, but a complete rebound may take time as confidence in international travel & healthcare services gradually rebuilds.
| Report Characteristics |
| Market Size (2023) |
USD 136.5 Bn |
| Forecast Value (2032) |
USD 379.6 Bn |
| CAGR (2023-2032) |
40.3% |
| Historical Data |
2017 - 2022 |
| Forecast Data |
2023 - 2032 |
| Base Year |
2022 |
| Estimate Year |
2023 |
| Report Coverage |
Market Revenue Estimation, Market Dynamics, Competitive Landscape, Growth Factors and etc. |
| Segments Covered |
By Treatment Type (Cancer Treatment,
Cardiovascular Treatment, Dental Treatment, Fertility
Treatment, Cosmetic Treatment, Orthopedic
Treatment, and Others), By Service Providers (Private
and Public) |
| Regional Coverage |
North America – The US and Canada; Europe – Germany, The UK, France, Russia, Spain, Italy, Benelux, Nordic, & Rest of Europe; Asia- Pacific– China, Japan, South Korea, India, ANZ, ASEAN, Rest of APAC; Latin America – Brazil, Mexico, Argentina, Colombia, Rest of Latin America; Middle East & Africa – Saudi Arabia, UAE, South Africa, Turkey, Egypt, Israel, & Rest of MEA
|
| Prominent Players |
Apollo Hospitals Group, IHH Healthcare, Specialty
Hospital, KPJ Healthcare Berhad, Fortis Healthcare,
UZ Leuven, Medic Abroad, NTT Medical Center
Tokyo, Samitivej PCL, Aditya Birla Memorial Hospital,
and Other Key Players |
| Purchase Options |
We have three licenses to opt for: Single User License (Limited to 1 user), Multi-User License (Up to 5 Users), and Corporate Use License (Unlimited User) along with free report customization equivalent to 0 analyst working days, 3 analysts working days and 5 analysts working days respectively. |
Frequently Asked Questions
The Global Medical Tourism Market size is estimated to have a value of USD 136.5 billion in 2023 and is
expected to reach USD 379.6 billion by the end of 2032.
North America dominates the Global Medical Tourism Market with a share of 40.3% in 2023.
Some of the key players in the Global Medical Tourism Market are Apollo Hospitals Group, IHH
Healthcare, Fortis Healthcare, and many others.
The market is growing at a CAGR of 12.0 percent over the forecasted period.