Medical Tourism Market Size - Global Industry Share, Analysis, Trends and Forecast 2022 - 2030

The Global Medical Tourism Market Size is valued at USD 11,395 million in 2021 and is estimated to achieve a market size of USD 88,595 million by 2030; growing at a CAGR of 27.4%.

Medical tourism belongs to those people, who are travelling to a country other than their own to obtain medical treatment and facilities. In the earlier period, this was referred to those who traveled from less-developed countries to highly developed countries where major medical centers where available for treatment. However, in recent year’s people from developed countries travel to developing countries for low priced medical treatments. This may drive medical services unavailable or illegal in the home country. Mainly medical tourism is for surgeries such as cosmetic or others or similar treatments, though people also travel for fertility tourism and dental tourism. Also, people rarely travel to other countries where the treatment is better understood. Therefore, in medical tourism almost all types of health care are available including convalescent care, psychiatry, alternative medicine, and even burial services.

Global Medical Tourism Market DRO’s:

Market Drivers:

• Low cost of medical treatment
• Availability of high-quality care
• Rising healthcare cost in developed countries
• Limited insurance coverage in some countries

Market Restraints:

• Complications in the transfer of medical records
• Issue with patient follow-up and post-surgery complications

Market Opportunities:

• Numerous government policies to ease medical travel
• Increasing awareness about medical tourism

Medical Tourism Market Report Coverage

The factors thriving the market growth include availability, accessibility, and affordability of good quality healthcare services with good support and assistance from tourism departments & local governments. Furthermore, the increasing the prevalence of cancer and other serious ailments are expected to drive the demand for healthcare services, which in turn is likely to impel the medical tourism market. The factors that are projected to hinder market growth includes lengthy partial reimbursement and limited coverage offered by insurance companies along with difficulties related with cross border travel such as connectivity, VISA approval issues, and language barriers.

Growing medical tourism awareness is one of the factors driving up medical tourism market revenue. Furthermore, patients are drawn to medical tourism destinations due to limited insurance coverage in many countries. This factor is also expected to fuel the growth of the medical tourism industry. Furthermore, numerous government policies aimed at easing medical travel will drive the market even further in the coming years. Finally, one of the medical tourism market trends that is creating lucrative growth opportunities for the market from 2022 to 2030 is the ease and affordability of international travel.

Medical Tourism Market Segmentation

The global medical tourism market is segmented based on medical treatment, and regions.

Medical Tourism Market By Medical Treatment

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

In this market cancer treatment is projected to grow with the highest rate in the coming years due to the rising incidence of cancer cases all over the world. As cancer treatment are costly and the procedures continue for a long time; hence the availability of good quality treatment at affordable prices motivates several patients to prefer medical tourism. India, Turkey, and South Korea are amongst the top countries where cancer treatments are conducted at affordable expense. Every year, more than 18 million cancer cases and 9 million deaths occur worldwide, according to the International Agency for Research on Cancer. Lung, breast, colon, prostate, and stomach cancer are the top five most common pathologies. Low- and middle-income countries account for roughly 70% of all deaths.

In terms of growth, cosmetic treatment sub-segment is likely to witness the fastest growth rate during the projected timeframe 2022 to 2030. Cosmetic plastic surgery procedures are not covered by insurance, so they account for a significant portion of the burgeoning medical tourism industry. Cosmetic surgery costs much less in these countries than it does in the United States. For example, a breast augmentation operation that would cost USD 6,000 in the United States can be done in India for USD 2,200.

Medical Tourism Market Regional Outlook

North America

• U.S.
• Canada

Europe

• U.K.
• Germany
• France
• Spain
• Rest of Europe

Asia-Pacific

• China
• Japan
• India
• Australia
• South Korea
• Rest of Asia-Pacific

Latin America

• Brazil
• Mexico
• Rest of Latin America

Middle East & Africa

• GCC
• South Africa
• Rest of Middle East & Africa