Enjoy complimentary customisation on priority with our Enterprise License!
The medical tourism market size is forecast to increase by USD 85.9 billion, at a CAGR of 32.11% between 2023 and 2028. The market is experiencing robust growth due to several key drivers and dynamic shifts. Increasing healthcare costs in developed countries are prompting patients to seek more affordable treatments abroad, leading to a surge in international medical travel as well as wellness tourism. Additionally, advancements in medical technology and improved healthcare standards in destination countries are enhancing the appeal of medical tourism. The rising prevalence of chronic diseases and a growing focus on elective procedures, including non-surgical cosmetic procedures, are also contributing to the market’s expansion. Enhanced accessibility through global travel and growing awareness about high-quality, cost-effective healthcare options are dynamic factors driving this evolving sector. The market growth and trends is fueled by the presence of affordable treatment options.
To learn more about this report, Download Report Sample
Medical tourism refers to the practice of travelling to different countries for cheaper and better healthcare services, including cosmetic treatments, surgical procedures, and non-surgical procedures. Treatment costs are a significant factor driving medical tourism, as healthcare services in some countries offer significant savings compared to those in developed nations. Foreign patients seek out healthcare tourism destinations for various procedures, such as oncology treatments, knee replacement, dental procedures, and cosmetic surgeries like body fat reduction, acne treatment, liposuction, breast augmentation, abdominoplasty, gluteal augmentation, heart bypass surgery, orthopedic procedures, and spinal procedures. Robotic surgery and advanced care are also popular choices. The geriatric population and those seeking affordable care contribute to the growth of inbound health tourism and outbound medical tourism. Long waiting times in home countries and the availability of medical devices and apps further emphasize the appeal of medical tourism. Some of the prominent healthcare destinations for medical tourism include countries like India, Thailand, and Mexico.
The availability of low-cost treatment options is a key factor driving the market growth. Many emerging nations, including India, Thailand, Turkey, and Malaysia, provide high-quality healthcare at affordable rates, drawing patients from the US seeking cost-effective treatment. These countries adhere to healthcare standards akin to those in the US and Canada, making them attractive to global patients. For example, while the US charges approximately USD 75,000 for hip replacement surgery, India's average cost is around USD 9,000. Turkey offers these services at 30%-40% less than Europe, the US, or Israel, with appealing service packages and competitive prices for bone replacements. South Korea's hip replacement costs are nearly 30% lower than the US at USD 25,000 versus USD 40,364. Such factors entice low-income individuals from developed nations to choose economic treatment options. Moreover, favourable government policies, like exempting treatment from value-added tax (VAT), further attract patients and contribute to the growth of the global market.
The cardiovascular treatment segment holds the largest market share. The global rise in structural heart disease and coronary artery disease (CAD) cases has driven an increase in cardiovascular treatments. These treatments play a vital role in reducing the occurrence of heart failure, myocardial infarction, and strokes. Factors such as the aging population, diabetes, and obesity have amplified the demand for cardiovascular care, prompting providers to adopt advanced techniques.
For more details on other segments, Download Sample Report
The cardiovascular treatment segment was valued at USD 3.90 billion in 2018. In the APAC region, the high number of patients increases the risk of CAD, and healthcare facilities are enhancing their infrastructure, making countries like India attractive to medical tourists. Furthermore, government and non-governmental efforts to promote the use of angio suites, including angioplasty balloons, for CAD treatment are raising awareness. The growth in cardiovascular treatment will consequently fuel the market's expansion during the forecast period.
North America Holds a Prominent Position. North America is estimated to contribute 33% to the growth of the global market during the forecast period. The market in North America is gradually growing, driven by the availability of high-quality healthcare facilities in the US and Canada. These facilities offer a range of services, from cosmetic and oral care to cardiovascular surgeries and orthopedic procedures, attracting international patients with top-notch care and modern amenities. To stay competitive, US states are enhancing their facilities and healthcare legislation to attract a larger number of domestic medical tourists. The region benefits from the presence of medical tourism agencies seeking to draw overseas patients to top US hospitals. The US's advanced healthcare infrastructure ensures timely access to goods and services. In addition, Mexico's market is on the rise, offering healthcare services that are approximately 75% less expensive than those in the US. This growing trend is set to drive the regional market during the forecast period.
To understand geographic trends Download Report Sample
The market is fragmented in nature. Some significant players include Apollo International Ltd., Asian Heart Institute, Asian institute of medical sciences, Asklepios Kliniken GmbH and Co. KGaA, Athina Global Health.
Anadolu Medical Center: The company offers international medical facilities and care with 18 different medical representatives to assist the patients.
This market analysis and report also includes detailed analyses of the competitive landscape of the market and information about 15 market companies, including Bangkok Chain Hospital Public Co. Ltd., Bangkok Dusit Medical Services Public Co. Ltd., BNH Medical Centre Co. Ltd., Bumrungrad Hospital Public Co. Ltd., Clalit Research Institute, Clemenceau Medical Center, Dr. B. L. Kapur Memorial Hospital, Global Health Ltd., IHH Healthcare Berhad, Min Sheng General Hospital, Raffles Medical Group Ltd., Spire Healthcare Group Plc, The Cleveland Clinic Foundation, and The Johns Hopkins Health System Corp.
The market research report provide comprehensive data (region-wise segment analysis), with forecasts and estimates in "USD Billion" for the period 2024 to 2028, as well as historical data from 2018 to 2022 for the following segments.
Further, cosmetic medical tourism is a growing segment of medical tourism, with advanced healthcare treatments and clinical research driving innovation in the field. Medical treatment and cosmetic treatment options are available for a wide range of conditions, from knee replacement and dental care to alternative treatments for various health issues. Global Healthcare Resources and Medical aesthetic clinics offer a range of services to cater to the diverse needs of medical tourists. In conclusion, medical tourism provides affordable and high-quality healthcare services to individuals seeking treatment for various medical and cosmetic conditions. The market is influenced by factors such as treatment costs, quality care, and the availability of advanced healthcare treatments. Patients can explore various options for surgical procedures, non-surgical procedures, cosmetic treatments, and oncology treatments, ensuring they receive the best possible care for their specific needs.
|
Market Scope |
|
|
Report Coverage |
Details |
|
Page number |
172 |
|
Base year |
2023 |
|
Historic period |
2018 - 2022 |
|
Forecast period |
2024-2028 |
|
Growth momentum & CAGR |
Accelerate at a CAGR of 32.11% |
|
Market growth 2024-2028 |
USD 85.9 billion |
|
Market structure |
Fragmented |
|
YoY growth 2023-2024(%) |
24.3 |
|
Regional analysis |
North America, APAC, Europe, Middle East and Africa, and South America |
|
Performing market contribution |
North America at 33% |
|
Key countries |
US, Thailand, India, UK, and France |
|
Competitive landscape |
Leading Companies, Market Positioning of Companies, Competitive Strategies, and Industry Risks |
|
Key companies profiled |
Anadolu Medical Center, Apollo International Ltd., Asian Heart Institute, Asian institute of medical sciences, Asklepios Kliniken GmbH and Co. KGaA, Athina Global Health, Bangkok Chain Hospital Public Co. Ltd, Bangkok Dusit Medical Services Public Co. Ltd., BNH Medical Centre Co. Ltd., Bumrungrad Hospital Public Co. Ltd, Clalit Research Institute, Clemenceau Medical Center, Dr. B. L. Kapur Memorial Hospital, Global Health Ltd., IHH Healthcare Berhad., Min Sheng General Hospital, Raffles Medical Group Ltd, Spire Healthcare Group Plc, The Cleveland Clinic Foundation, and The Johns Hopkins Health System Corp. |
|
Market dynamics |
Parent market analysis, Market trends and analysis, Market growth inducers and obstacles, Fast-growing and slow-growing segment analysis, Market growth and Forecasting, COVID-19 impact and recovery analysis and future consumer dynamics, Market condition analysis for market forecast period. |
|
Customization purview |
If our market report has not included the data that you are looking for, you can reach out to our analysts and get segments customized. |
We can help! Our analysts can customize this market research report to meet your requirements.
1 Executive Summary
2 Market Landscape
3 Market Sizing
4 Historic Market Size
5 Five Forces Analysis
6 Market Segmentation by Type
7 Market Segmentation by Service Type
8 Customer Landscape
9 Geographic Landscape
10 Drivers, Challenges, and Opportunity/Restraints
11 Competitive Landscape
12 Competitive Analysis
13 Appendix
Get the report (PDF) sent to your email within minutes.
Get lifetime access to our
Technavio Insights
Quick Report Overview:
Cookie Policy
The Site uses cookies to record users' preferences in relation to the functionality of accessibility. We, our Affiliates, and our Vendors may store and access cookies on a device, and process personal data including unique identifiers sent by a device, to personalise content, tailor, and report on advertising and to analyse our traffic. By clicking “I’m fine with this”, you are allowing the use of these cookies. Please refer to the help guide of your browser for further information on cookies, including how to disable them. Review our Privacy & Cookie Notice.
