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:
Medical Tourism Market Report Coverage
|Market||Medical Tourism Market|
|Medical Tourism Market Size 2021||USD 11,395 Million|
|Medical Tourism Market Forecast 2030||USD 88,595 Million|
|Medical Tourism Market CAGR||27.4% During 2022 - 2030|
|Analysis Period||2018 - 2030|
|Forecast Data||2022 - 2030|
|Segments Covered||By Medical Treatment, And By Region
|Regional Scope||North America, Europe, Asia Pacific, Latin America, and Middle East & Africa|
|Key Companies Profiled||Bumrungrad International Hospital, Min-Sheng General Hospital, Raffles Medical Group, Bangkok Hospital Medical Center, Samitivej Hospitals, Apollo Hospitals Enterprise Ltd., Fortis Hospitals, Aditya Birla Memorial Hospital, Asian Heart Institute, eoul National University Hospital, and Wooridul Spine Hospital|
||Market Trends, Drivers, Restraints, Competitive Analysis, Player Profiling, Regulation Analysis|
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
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
Middle East & Africa
Affordable prices of surgeries in Asian countries fuels the Asia-Pacific medical tourism market
In 2021, Asia-Pacific is dominating the market for medical tourism and is likely to maintain its foothold for upcoming years. Increase in market share in the forecast period due to increasing preference of the medical tourism across the developing nations of the region. Furthermore, China holds the largest market share in the Asia-Pacific region; this is due to better the healthcare services and the lower cost of the treatment in China. Finally, growing trend of cosmetic surgeries in countries such as Thailand, and India is also supporting the Asia-Pacific medical tourism market. Additionally, according to the Australian Society of Plastic Surgeons it is a boom time for aesthetic enhancement in Australia.
Medical Tourism Market Players
The global market is high highly competitive due to presence of large number of players and innovative Medical Treatment offerings. In addition, business expansion activities through partnerships and agreements are factors expected to further increase the competition.
Some of the key medical tourism companies include Aditya Birla Memorial Hospital, Asian Heart Institute, Apollo Hospitals Enterprise Ltd., Bangkok Hospital Medical Center, Bumrungrad International Hospital, Fortis Hospitals, Min-Sheng General Hospital, Raffles Medical Group, Seoul National University Hospital, Samitivej Hospitals, and Wooridul Spine Hospital.
The global medical tourism market size in 2021 was accounted to be USD 11,395 Million.
The projected CAGR medical tourism market during the analysis period of 2022 to 2030 is 27.4%.
The prominent players of the global medical tourism market are Aditya Birla Memorial Hospital, Apollo Hospitals Enterprise Ltd., Asian Heart Institute, Bangkok Hospital Medical Center, Bumrungrad International Hospital, Fortis Hospitals, Min-Sheng General Hospital, Raffles Medical Group, Samitivej Hospitals, Seoul National University Hospital, and Wooridul Spine Hospital.
Asia-Pacific held the dominating medical tourism during the analysis period of 2022 to 2030.
Europe region exhibited fastest growing CAGR for medical tourism during the analysis period of 2022 to 2030.
Low cost of medical treatment, availability of high-quality care, rising healthcare cost in developed countries, and limited insurance coverage in some countries drives the growth of global medical tourism market.
Based on medical treatment, cancer treatment segment held the maximum share medical tourism market in 2021.