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

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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.


 Medical Tourism Market Report Scope

Base Year

Market Size

2022

USD 115.6 billion

 

Forecast Year

Market Size

 

2032

USD 346.4 billion

CAGR Value

 

11.6% from 2023 to 2032

Segmentation

 

•By treatment type

•By service providers

•By type

•By healthcare services

•By geography

 

Challenges

 

•High cost of treatment

•COVID-19 impact on travel

•Lack of follow-up care

Growth Drivers

 

•Search for low-cost treatment

•Availability of finances

•Developing healthcare infrastructure

•Technological advancements


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.


Medical Tourism Market


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.


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Booklet
  • Publication date: 19th September 2023
  • Base year: 2022
  • Forecast year: 2023-2033
  • Format: PDF, PPT,Word,Excel

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FAQ

The market is primarily driven by the increased demand for the cheap treatment for various chronic diseases available in the developing countries and availability of finances through insurance.

The cancer treatment segment accounts for the largest share in medical tourism market due to the growing number of patients suffering from cancer.

The Asia Pacific region showcases immense growth potential, attributed to rapid technological advancements, healthcare infrastructure development, and low cost treatments.

Some key players operating in this market include Apollo Hospitals Enterprise, Asian Heart Institute, Barbados Fertility Center, Fortis Healthcare Limited, Aditya Birla Memorial Hospital, KPJ Healthcare Berhad, NTT Medical Center Tokyo, and others.

The total market worth of the Medical Tourism Market is estimated to be around USD 115.6 billion in 2022 and is projected to reach USD 346.4 billion by 2032, growing at a CAGR of 11.6% over the analysis period 2023-2032.

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