Medical Tourism Market - Global Size, Share, Trends, Growth and Forecast Year ( 2022 – 2032 )

Market Size and Overview:

With a compound annual growth rate (CAGR) of 11.6% between 2023 and 2032, the medical tourism market is likely to experience steady growth, reaching a market value of USD 346.4 billion by 2032, as reported by KD Market Insights. This growth can be attributed to the increasing prevalence of low-cost treatments, the aging population, and an increasing number of chronic diseases. The availability of finances through health and medical insurance is one of the key factors driving the market growth. The market is divided into various segments, such as treatment type, service providers, type, healthcare services, and geographical regions.

Medical Tourism Market by Treatment Type (Dental Treatment, Cardiovascular Treatment, Cancer Treatment, Cosmetic Treatment, Orthopedic Treatment, Fertility Treatment, Neurological Treatment, Other), Service Providers (Public, Private), Type (Domestic, International), Healthcare Service (Medical Treatment, Wellness, Alternative Treatment), and Geographic Regions (North America, Europe, Asia Pacific, Latin America, Middle East and Africa): Industry Trends and Global Forecasts, 2023-2032.

Market Segmentation:

The medical tourism market is segmented by:

Treatment Type:

• Dental Treatment
• Cardiovascular Treatment
  • Coronary Artery Bypass Surgery (CABG)
  • Angioplasty
  • Others
• Cancer Treatment
• Cosmetic Treatment
  • Breast Surgery
  • Face Surgery
  • Liposuction
  • Others
• Orthopedic Treatment
  • Knee Replacement
  • Hip Replacement
  • Others
• Fertility Treatment
• Neurological Treatment
• Other

Service Providers:

• Public
• Private

Type:

• Domestic
• International

Healthcare Service:

• Medical Treatment
• Wellness
• Alternative Treatment

Geographic Regions:

• North America
• Europe
• Asia Pacific
• Latin America
• Middle East and Africa

Cancer Treatment: Based on treatment type, the cancer treatment segment accounts for the largest share of the medical tourism market due to the growing number of patients suffering from cancer. People are adopting medical tourism as cancer treatment is expensive to find cheaper treatment.

Regional Analysis:

The regional analysis of the medical tourism market reveals diverse trends and dynamics across different parts of the world. The Asia-Pacific is considered the fastest-growing region due to the low-cost treatments available in the region. India is a significant market in the region because of cheaper treatment costs as compared to the United States. The North American region dominates the market share, which is attributed to the growing number of tourists in the U.S. for the treatment of orthopedic and cardiological disorders. Europe is also a leading market for medical tourism. The rising development of medical facilities and infrastructure in the region is driving the market growth. The significant markets are the United Kingdom, France, and Spain.

Growth Drivers:

People usually travel from one place to another in search of low-cost treatments for diseases like cancer, cardiovascular diseases, dental diseases, neurological and orthopedic diseases. The availability of finances is the main growth driver for the medical tourism market. People get their medical insurance easily from insurance companies and opt for the best treatment for their diseases. The developing healthcare infrastructure in countries like the United Kingdom, the United States, and China is boosting the market demand. These countries are also having cutting-edge and cutting-edge technologies, which are used in the healthcare sector, contributing to the medical tourism market growth.

Challenges:

The COVID-19 pandemic was a major challenge for the medical tourism market because people were not able to commute from one country to another in search of cheaper treatments. Due to this, there is a huge loss to the market and the key players. In addition, the lack of follow-up care also impacts the market negatively. Follow-up is not possible for some patients because it may not get available in their native country.

Key Companies:

• Aditya Birla Memorial Hospital
• Apollo Hospitals Enterprise
• Asian Heart Institute
• Barbados Fertility Center
• Fortis Healthcare Limited
• KPJ Healthcare Berhad
• NTT Medical Center Tokyo
• Prince Court Medical Centre
• Samitivej PCL
• Seoul National University Hospital
• Wooridul Spine Hospital
• Others

The report profiles leading companies in the Medical Tourism Market, such as Aditya Birla Memorial Hospital, Apollo Hospitals Enterprise, Asian Heart Institute, and others. Various development strategies are adopted by the companies, like acquisitions, mergers, collaborations, partnerships, and government policies, driving the market for medical tourism and offering growth opportunities to the key players.

On April 10, 2023, Temasek Holdings acquired Manipal Health Enterprises to expand its medical tourism facilities in India.

On May 17, 2023, Max Healthcare Institute announced that the government is taking the initiative to expand the medical tourism industry in the country to benefit healthcare professionals, patients, and the overall economy.

On March 19, 2023, the Ayush Ministry signed an MOU with the India Tourism Development Corporation (ITDC) to work together for the medical value travel (MVT) in Ayurveda and other traditional systems of medicine.