Medical Tourism Market Size
| Study Period | 2019-2028 |
| Base Year For Estimation | 2022 |
| CAGR | > 15.00 % |
| Fastest Growing Market | Asia-Pacific |
| Largest Market | North America |
| Market Concentration | Medium |
Major Players
*Disclaimer: Major Players sorted in no particular order |
Need a report that reflects how COVID-19 has impacted this market and its growth?
Medical Tourism Market Analysis
The Medical Tourism Market is valued at USD 22.6 Billion in the current year and is expected to register a CAGR greater than 15% during the forecasted period.
The Covid-19 pandemic outbreak became a major challenge to the global medical tourism market growth. This market suffered huge losses due to the lockdown and travel restrictions. No one was allowed to travel from one country to another. China includes a million outbound medical and wellness tourists, followed by the US, South Korea, and Japan. South Korea attracts nearly 350,000 medical visitors annually, with one in three arriving from China. Iran also receives 350,000 medical tourists outside SE Asia, with 90% originating from local countries and the Gulf. Italy includes a limited inbound number of medical tourists, about 600,000. Moreover, due to the global pandemic, significant travel restrictions, including the suspension of cross-border travel, brought cross-country travel to a standstill, adversely impacting the medical tourism market growth. The increasing awareness regarding medical tourism and the rising affordability of advanced medical treatments are the major factors behind the burgeoning demand for medical tourism.
People seek medical tourism owing to the expensive treatment in their home country or the non-availability of any treatment. Therefore, people opt for medical tourism for immediate medical attention and affordable medical treatment. Medical tourism witnessed huge traction owing to the healthcare market globalization. The rising disease burden among the global population and the availability of advanced medical technologies to treat various chronic health disorders is leading to global medical tourism growth. The easy flow of patients, health professionals, medical technologies, and capital across borders fueled the growth of the medical tourism market all over the globe. Also, the rising awareness regarding medical tourism and the affordability of advanced medical treatments are the major factors behind the high medical tourism demand.
Medical Tourism Market Trends
Low Cost of Medical Treatments in the Developing Countries is Driving the Market
The rise in healthcare costs in developed countries such as US and UK is resulting in a burden on the healthcare providers as well as the patients. In comparison, the overall medical treatment expenditure in developing countries is much lesser due to low labor costs, availability of affordable pharmaceuticals, and inclusive low travel and accommodation expenses. Affordability and accessibility of high-quality healthcare services and assistance from tourism departments and local governments are the key factors that drive the growth of the global medical tourism market. Despite all these advantages, the treatment quality is not compromised and is very similar to the medical procedures in developed countries. Also, Countries including India, Singapore, and Thailand reduced their customs duties and taxes on hospital services to minimize the overall cost of medical treatments. It is expected to grow the global medical tourism market during the forecasted period.
Asia-Pacific is the Fastest Growing Market for Medical Tourism
The Asia-Pacific region is growing at a rapid growth rate in the global medical tourism market. Asian countries are considered the top nations for medical tourism and travel due to the low cost of treatments. According to the Medical Tourism Index, India is the world’s tenth most popular tourist place for medical tourism. The top location for medical tourism in 2021 was Thailand. Increased private clinics, a healthy healthcare sector, and decreased healthcare expenses drive Thailand's medical tourism industry. The UAE is actively pursuing the development of its healthcare system and becoming one of the top destinations for medical travel. Furthermore, bypass surgery in India costs roughly USD 10,000 against USD 113,000 in the United States, which is quite low in price. As a result, this factor is boosting the market's growth in the Asia-Pacific region.
Medical Tourism Industry Overview
The Global Medical Tourism market is moderately fragmented, with several local companies. These market players are striving to gain higher market share by adopting strategies such as investments, partnerships, and acquisitions & mergers. Companies are also spending on the development of improved products. Moreover, they are also focusing on maintaining competitive pricing. Some of the major players in the market are Apollo Hospitals Enterprise Limited, Asian Heart Institute & Research Centre Pvt. Ltd., Barbados Fertility Center, BB Healthcare Solutions Ltd., and Fortis Healthcare Limited.
Medical Tourism Market Leaders
Apollo Hospitals Enterprise Limited
Asian Heart Institute & Research Centre Pvt. Ltd.
Barbados Fertility Center
BB Healthcare Solutions Ltd.
Fortis Healthcare Limited
*Disclaimer: Major Players sorted in no particular order
Medical Tourism Market News
- August 2023: To boost India's medical value travel, the Ministry of Home Affairs introduced a new category for Ayush (AY) visas for foreign nationals seeking treatment under the Ayush system of Indian traditional medicine. This special visa scheme for foreigners would include therapeutic care, wellness, and yoga.
- June 2023: India generated an income of USD 7,400 million through medical tourism over the last decade, and the figure is expected to rise to USD 43,500 million in the next 10 years. The health sector in India saw many private investments in the past five years.
Table of Contents
1. INTRODUCTION
1.1 Study Assumptions and Market Definition
1.2 Scope of the Study
2. RESEARCH METHODOLOGY
3. EXECUTIVE SUMMARY
4. MARKET DYNAMICS AND INSIGHTS
4.1 Market Overview
4.2 Market Drivers
4.2.1 Low Cost of Medical Treatments in the Developing Countries is Driving the Market
4.2.2 Increasing Cardiovascular Diseases is Fueling the Market
4.3 Market Restraints
4.3.1 No Legitimate Accreditation and Guideline Framework for Emergency Clinics
4.3.2 Absence of Coordination Among Different Parts in the Business: Aircraft Administrators, Lodging Providers and Emergency Clinics.
4.4 Industry Value Chain Analysis
4.5 Industry Attractiveness - Porter's Five Forces Analysis
4.5.1 Bargaining Power of Suppliers
4.5.2 Bargaining Power of Buyers
4.5.3 Threat of New Entrants
4.5.4 Threat of Substitutes
4.5.5 Intensity of Competitive Rivalry
4.6 Insights on Key Trends and Recent Developments in the Market
4.7 Impact of COVID-19 on the Market
5. MARKET SEGMENTATION
5.1 By Treatment Type
5.1.1 Dental Treatment
5.1.2 Cosmetic Treatment
5.1.3 Cardiovascular Treatment
5.1.4 Orthopedic Treatment
5.1.5 Neurological Treatment
5.1.6 Cancer Treatment
5.1.7 Fertility Treatment
5.1.8 Other Treatments
5.2 By Service Provider
5.2.1 Public
5.2.2 Private
5.3 By Geography
5.3.1 North America
5.3.2 Europe
5.3.3 Asia-Pacific
5.3.4 Middle East and Africa
5.3.5 Latin America
6. COMPETITIVE LANDSCAPE
6.1 Market Concentration Overview
6.2 Company Profiles
6.2.1 Apollo Hospitals Enterprise Limited
6.2.2 Asian Heart Institute & Research Centre Pvt. Ltd.
6.2.3 Barbados Fertility Center
6.2.4 BB Healthcare Solutions Ltd.
6.2.5 Fortis Healthcare Limited
6.2.6 Healthbase
6.2.7 KPJ Healthcare Berhad
6.2.8 Prince Court Medical Centre Sdn Bhd
6.2.9 Samitivej Hospital Group
6.2.10 Seoul National University Hospital
6.2.11 UZ Leuven*
- *List Not Exhaustive
7. MARKET OPPORTUNITIES AND FUTURE TRENDS
8. DISCLAIMER AND ABOUT US
Medical Tourism Industry Segmentation
Medical tourism can be defined as organized travel across international borders to avail the medical treatment of some form, which may or may not be available in the travelers’ home country. Medical tourists travel across international borders for the maintenance, enhancement, or restoration of their health through affordable healthcare facilities & treatments available in other countries, which are comparatively expensive in their own country. Medical tourists travel to receive medical treatments such as dental, neurological, and cardiovascular treatments.
Medical Tourism Market is segmented by treatment type (dental treatment, cosmetic treatment, cardiovascular treatment, orthopedic treatment, neurological treatment, cancer treatment, fertility treatment, and other treatments), service provider (public and private), and geography (North America, Europe, Asia-Pacific, Latin America and the Middle East and Africa). The report offers Market size and forecasts for Global Medical Tourism Market in Value (USD million) for all the above segments.
| By Treatment Type | |
| Dental Treatment | |
| Cosmetic Treatment | |
| Cardiovascular Treatment | |
| Orthopedic Treatment | |
| Neurological Treatment | |
| Cancer Treatment | |
| Fertility Treatment | |
| Other Treatments |
| By Service Provider | |
| Public | |
| Private |
| By Geography | |
| North America | |
| Europe | |
| Asia-Pacific | |
| Middle East and Africa | |
| Latin America |
Frequently Asked Questions
What is the study period of this market?
The Medical Tourism Market is studied from 2019 - 2028.
What is the growth rate of Medical Tourism Market?
The Medical Tourism Market is growing at a CAGR of >15% over the next 5 years.
Which region has highest growth rate in Medical Tourism Market?
Asia-Pacific is growing at the highest CAGR over 2019-2028.
Which region has largest share in Medical Tourism Market?
North America holds highest share in 2022.
Who are the key players in Medical Tourism Market?
Apollo Hospitals Enterprise Limited, Asian Heart Institute & Research Centre Pvt. Ltd., Barbados Fertility Center, BB Healthcare Solutions Ltd., Fortis Healthcare Limited are the major companies operating in Medical Tourism Market.
Medical Tourism Industry Report
Statistics for the 2023 Medical Tourism market share, size and revenue growth rate, created by Mordor Intelligence™ Industry Reports. Medical Tourism analysis includes a market forecast outlook to for 2023 to 2028 and historical overview. Get a sample of this industry analysis as a free report PDF download.
