Medical Tourism Market Size Worth USD 254.54 Billion in 2032 | Emergen Research

Rising prevalence of various chronic diseases, limited insurance coverage in some countries draws patients to medical tourism, extended waiting periods are some of the key factors driving medical tourism market revenue growth.

Vancouver, Jan. 04, 2024 (GLOBE NEWSWIRE) — The global medical tourism market size was USD 93.27 Billion in 2022 and is expected to register a revenue CAGR of 10.7% during the forecast period. The increasing costs of medical treatments in developed countries, coupled with rising chronic diseases, limited insurance coverage, and extended waiting periods, are key drivers for the growth in medical tourism. The Organization for Economic Co-operation and Development (OECD) defines medical tourism as individuals traveling internationally for medical treatment, with dental care, cosmetic surgery, elective surgery, and fertility treatment being the most common.

A notable development in the sector is the implementation of a new visa program in Thailand effective from January 1, 2023, aimed at attracting medical tourists. India’s ‘Heal in India’ campaign, focusing on superior service quality, has been pivotal in fostering trust among medical travelers. The initiative includes a streamlined portal navigation system to enhance the overall experience for medical tourists.

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Governments are actively involved in Research & Development (R&D) initiatives, such as the introduction of the Ayush (AY) visa in India for foreign nationals seeking traditional medical treatments. The global trend also includes the adoption of advanced technology for easy access, scheduling, and follow-up for medical tourism services.

However, the market faces challenges such as variability in the quality of care, lack of standardization, and issues related to reimbursement, travel, language barriers, and documentation.

Procedure Type Insights:

The global medical tourism market is segmented into cardiovascular, orthopedic, cosmetic, dental, cancer, fertility, neurological, and others. The cosmetic procedure segment led in 2022, driven by India’s emergence as a sought-after destination for various cosmetic procedures due to cost-effectiveness, modern healthcare infrastructure, skilled surgeons, and shorter waiting times. The dental treatment segment is expected to register the fastest revenue CAGR, driven by the rising prevalence of dental abnormalities and global demand for cosmetic dentistry.

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Service Providers Insights:

The market is segmented into public and private service providers, with the private segment dominating in 2022. The private sector’s accessibility, cutting-edge technologies, and international recognition contribute to its leading position. The public segment is expected to register steady growth, with regulatory authorities ensuring healthcare quality control.

Regional Insights:

Medical tourism market in North America accounted for significant revenue share in the mammography market in 2022 due to the prevalence of chronic diseases. Revenue growth of the market in this region is due to widespread adoption of advanced technology and the presence of prominent industry leaders in the region.

Market in Europe is expected to register a steady revenue growth rate over the forecast period due to presence of leading companies, adoption of latest technology and investments in startup. For instance, in October 2021, BC Platforms (BCP), a reputable company headquartered in Zurich that specializes in healthcare data management and analytics, enhanced its partnership with Bumrungrad International Hospital in Thailand. The objective of this collaboration is to accelerate the implementation of precision medicine in the Southeast Asia.

Scope of Research

Report Details Outcome
Market size in 2022 USD 93.27 Billion
CAGR (2023–2032) 10.7%
Revenue forecast to 2032 USD 254.54 Billion
Base year for estimation 2022
Historical data 2019–2021
Forecast period 2023–2032
Quantitative units Revenue in USD Billion and CAGR in % from 2023 to 2032
Report coverage Revenue forecast, company ranking, competitive landscape, growth factors, and trends
Segments covered Procedure type, service providers, service type, tourist type, tour type, customer orientation, age group, booking channel and region
Regional scope North America, Europe, Asia Pacific, Latin America, Middle East & Africa
Country scope U.S., Canada, Mexico, Germany, France, U.K., Italy, Spain, Benelux, Russia, Rest of Europe, China, India, Japan, South Korea, ASEAN Countries, Oceania, Rest of APAC, Brazil, Rest of LATAM, Saudi Arabia, UAE, South Africa, Turkey, Rest of MEA
Key companies profiled Prince Court Medical Centre, Aditya Birla Health Services Ltd., Fortis Healthcare, Apollo Hospitals Group,Klinikum Medical Link, Ltd,KPJ Healthcare Berhad., NTT Medical Center Tokyo ,Shouldice,Bangkok Hospital and Bumrungrad International Hospital 
Customization scope 10 hours of free customization and expert consultation

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Major Companies and Competitive Landscape

The global medical tourism market is fairly fragmented with many large and medium-sized players accounting for majority of market revenue. Major players are deploying various strategies, entering into mergers & acquisitions, strategic agreements & contracts, developing, testing, and introducing more effective medical tourism services. Some major players included in the global medical tourism market report are:

  • Prince Court Medical Centre
  • Aditya Birla Health Services Ltd.
  • Fortis Healthcare
  •  Apollo Hospitals Group
  • Klinikum Medical Link, Ltd
  • KPJ Healthcare Berhad. 
  • NTT Medical Center Tokyo
  • Shouldice
  • Bangkok Hospital
  • Bumrungrad International Hospital 

Strategic Development

  • On 20 June 2022, the Apollo Hospitals has established a collaborative alliance with Imperial Hospital in Bangladesh, with the aim of enhancing its foothold within the nation.In addition, a Brand licensing, Operations, and Management (BOMA) agreement has been established between Imperial Hospital and Apollo Hospitals. This agreement aims to make healthcare services of international standards accessible to all individuals.
  • On 18 May 2023, The Malaysia Healthcare Travel Council (MHTC) has entered into two Memorandum of Understandings (MoUs) with Passage Asia and Ezy Healthcare, both medical tourism and healthcare facilitators. The objective of these agreements is to enhance the marketing efforts of Malaysia’s medical tourism industry specifically in the markets of Australia and New Zealand.

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Segments Covered in Report

For the purpose of this report, Emergen Research has segmented global medical tourism market on the basis of procedure type, service providers, service type, tourist type, tour type, customer orientation, age group, booking channel, and region:

  • Procedure Type Outlook (Revenue, USD Billion; 2019-2032)
    • Cardiovascular
    • Orthopedic
    • Cosmetic 
    • Dental
    • Cancer
    • Fertility
    • Neurological
    • Others
  • Service Providers Outlook (Revenue, USD Billion; 2019-2032)
    • Public
    • Private
  • Service Type Outlook (Revenue, USD Billion; 2019-2032)
    • Wellness services
    • Therapeutic services
    • Alternative Treatment
  • Tourist Type Outlook (Revenue, USD Billion; 2019-2032)
    • Domestic
    • International
  • Tour Type Outlook (Revenue, USD Billion; 2019-2032)
    • Independent Traveller
    • Tour Group
    • Package Traveller
  • Customer Orientation Outlook (Revenue, USD Billion; 2019-2032)
    • Men
    • Women
    • Children
  • Age Group Outlook (Revenue, USD Billion; 2019-2032)
    • 15-25 Years
    • 26-35 Years
    • 36-45 Years
    • 46-55 Years
    • 66-75 Years
  • Booking Channel Outlook (Revenue, USD Billion; 2019-2032)
    • Phone Booking
    • Online Booking
    • In Person Booking
  • Regional Outlook (Revenue, USD Billion; 2019–2032)
    • North America
      1. U.S.
      2. Canada
    • Europe
      1. Germany
      2. France
      3. U.K.
      4. Italy
      5. Spain
      6. Benelux
      7. Russia
      8. Rest of Europe
    • Asia Pacific
      1. China
      2. Japan
      3. South Korea
      4. India
      5. ASEAN Countries
      6. Oceania
      7. Rest of APAC
    • Latin America
      1. Brazil
      2. Mexico
      3. Rest of LATAM
    • Middle East & Africa
      1. GCC Countries
      2. Israel
      3. Turkey
      4. South Africa
      5. Rest of MEA

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