Medical Tourism Market Size
| Study Period | 2021 - 2029 |
| Market Size (2024) | USD 79.15 Billion |
| Market Size (2029) | USD 184.23 Billion |
| CAGR (2024 - 2029) | 18.41 % |
| Fastest Growing Market | Asia Pacific |
| Largest Market | North America |
| Market Concentration | Medium |
Major Players
*Disclaimer: Major Players sorted in no particular order |
Medical Tourism Market Analysis
The Medical Tourism Market size is estimated at USD 79.15 billion in 2024, and is expected to reach USD 184.23 billion by 2029, at a CAGR of 18.41% during the forecast period (2024-2029).
The key factors propelling the market's growth include the high treatment costs in developed countries, technological advancements in medical devices and healthcare services offered in developing countries, and growing compliance with international quality standards.
The significantly lower medical treatment costs are expected to drive market growth in developing countries compared to the high treatment costs in developed countries. This is due to lower medical treatment costs in developing countries than in developed countries. Moreover, healthcare costs in countries like Germany and France are lower than in the United States. For instance, according to a report published by the World Economic Forum in February 2023, in Germany, healthcare costs were 40% lower than in the United States in 2022. Moreover, healthcare costs are slightly lower, around USD 5,000 per capita, in France, Canada, the United Kingdom, Australia, and Japan. Additionally, in developed nations, per-capita healthcare costs were the lowest in Eastern Europe.
According to the data published by the Peterson-Kff Health System Tracker Organization in January 2024, US healthcare expenses are higher than in other countries, resulting in fewer angioplasty surgeries and more knee replacements than in different countries, leading to shorter hospital stays. Due to the high healthcare costs associated with such procedures, patients are likely to adopt other countries and contribute to market growth. Moreover, the United States spends more than USD 4,000 per person on administrative costs, four times the average for other wealthy countries and about the same amount as it spends on preventive and long-term care.
The increasing focus on research and development to foster innovation in healthcare is projected to support market growth during the study period. Developing countries are expected to attract foreign patients looking for advanced treatments like robotic surgery and oncology treatments that are not readily available in their home countries. In March 2023, the Medical Tourism Association, in collaboration with Global Healthcare Resources and the International Healthcare Research Center, launched the first Medical Tourism Moonshot to break down the significant barriers preventing access and growth in medical tourism. Such efforts to foster the development of advanced medical devices are projected to augment the attraction of foreign patients to seek advanced medical care in the country, thereby supporting market growth.
Hence, the high treatment and healthcare costs in developed countries increase the demand for medical tourism, which are expected to propel market growth during the forecast period. However, issues with patient follow-up, post-procedure complications, and medical record transfer are expected to restrain the development of the gait trainer market during the forecast period.
Medical Tourism Market Trends
Cosmetic Treatment Segment is Expected to Witness Significant Growth During the Forecast Period
- Cosmetic treatments refer to a range of medical procedures and interventions performed to enhance a person's appearance, improve their self-esteem, or address aesthetic concerns. These treatments are often elective and non-essential from a medical perspective, focusing on areas such as skin care, body contouring, facial rejuvenation, and more. Medical tourism plays a significant role in the world of cosmetic treatments due to several key factors. First and foremost, it offers individuals the opportunity to access high-quality cosmetic procedures at a fraction of the cost they might incur in their home countries. Many countries, particularly in Southeast Asia and Latin America, have developed a reputation for providing high-quality cosmetic services at competitive prices. Thus, this cost advantage often attracts individuals from more expensive healthcare systems in North America, Western Europe, and other developed regions.
- The growing self-awareness about aesthetic appearance and rising demand for cosmetic procedures are the key factors driving the cosmetic medical tourism market, as people are opting more for these procedures in some other countries primarily due to the high cost of cosmetic procedures in their residing country. For instance, according to the data published by the International Society of Aesthetic Plastic Surgery (ISAPS) in September 2023, about 14.98 million surgical and 18.86 million non-surgical cosmetic procedures were performed globally in 2022, of which the highest number of procedures were reported in the age group of 35 to 50 years (about 4.4 million procedures), followed by the 18 to 34 years (about 2.2 million procedures).
- As per the above-mentioned source, the top five countries with the highest number of cosmetic surgical procedures in 2022 were the United States, Brazil, Mexico, Turkey, and Colombia. The United States reported the highest number of procedures owing to the presence of a sophisticated healthcare system and the presence of a large number of plastic surgeons.
- Moreover, governments and companies are investing heavily to develop the medical tourism industry and boost cosmetic medical tourism in their home countries, which is also projected to play a significant role in the growth of cosmetic medical tourism as with the new investments and launches, there will be more improvement in the infrastructure, leading to increase in the influx of medical tourists seeking cosmetic treatment. For instance, in March 2023, in Indonesia, GC Bio group launched its medical aesthetic clinic NULOOK on Bali Island, which will provide comprehensive K-beauty aesthetic procedures based on bio-medical technology and establish the region as a major cosmetic medical tourism hub. Similarly, in July 2023, India-based SPARSH Group of Hospitals launched its latest state-of-the-art medical department - The Institute of Cosmetic Surgery and Cosmetology, to provide world-class comprehensive aesthetic medicine solutions and can be an option for medical tourists seeking cosmetic procedures in India.
- In conclusion, the growing demand and number of cosmetic procedures and the launch of new cosmetic or aesthetic clinics or departments in countries that offer cosmetic procedures at a very reasonable cost are expected to drive the segment’s growth during the forecast period.
North America is Expected to Hold a Significant Share in the Market During the Forecast Period
- The North American market for medical tourism is expected to grow during the forecast period owing to factors such as an increased healthcare infrastructure, well-developed research, and improved overall medical science with its clinical research.
- Additionally, increasing technological advancements have led to access to top-notch medical procedures such as cardiovascular surgeries and transplants, cosmetic surgeries, and cancer treatments, leading to proven results with quality care that are further likely to drive market growth in the region.
- Although the medical tourism healthcare cost in the developed nations such as the United States and Canada is expensive compared to many countries, the quality of care for the patients undergoing complicated surgical procedures is worth the cost of medical tourism, driving the market growth. However, the price of medical tourism in the region is lower compared to some European countries overseas. For instance, according to the Go Digit General Insurance Limited company in August 2023, the United States provided quality healthcare through its varied medical facilities and infrastructure, such as ambulatory surgical centers, blood banks, imaging and radiology centers, urgent care facilities, and innovative medical devices and equipment.
- Furthermore, the huge number of well-developed healthcare institutions in North America is anticipated to drive market growth in the region. For instance, according to the American Hospital Association 2024, there were 6,120 hospitals in the United States in 2022. Similarly, according to the government of Canada, in May 2023, the number of medical and surgical hospitals in the country was 779 in the year 2022. This substantial hospital network led to a surge in medical tourism, with patients seeking advanced healthcare treatments being drawn to the country, thereby driving market growth.
- The rising initiatives and investments from the key market players and the governments are anticipated to propel the market’s growth during the forecast period. Government funding to support healthcare infrastructure in the region is also expected to drive market growth during the forecast period. For instance, in February 2023, the government of Canada invested CAD 198.6 billion (USD 144.4 billion) over the past 10 years, including CAD 46.2 billion (USD 33.60 billion), in new funding, to improve health care services in the region.
- In conclusion, the North American medical tourism market is poised for substantial growth driven by advanced healthcare infrastructure, technological advancements, and government investments aimed at enhancing healthcare service.
Medical Tourism Industry Overview
The global medical tourism market is moderately competitive and has several major players. In terms of market share, few of the major players currently dominate the market. The competitive landscape includes an analysis of a few international and local companies that hold market shares and are well-known, including Healthbase, Apollo Hospitals, KPJ Healthcare, and Prince Court Medical Centre.
Medical Tourism Market Leaders
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Healthbase
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Apollo Hospitals
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KPJ Healthcare
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Klinikum Medical Link
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Medretreat
*Disclaimer: Major Players sorted in no particular order
Medical Tourism Market News
- February 2024: The governments of Thailand and Saudi Arabia entered a memorandum of understanding (MoU) to develop the medical tourism industry in both countries. As Thailand is a popular destination for seeking medical treatments for international patients, including Saudi Arabia, the developments in medical tourism in Thailand are expected to promote medical tourism in the country.
- January 2024: Parexel and the Japanese Foundation for Cancer Research (JFCR) strategically collaborated to accelerate the accessibility of oncology clinical trials in Japan and open wide opportunities for patients to participate in cancer research in Japan.
Medical Tourism Market Report - Table of Contents
1. INTRODUCTION
1.1 Study Assumption and Market Definition
1.2 Scope of the Study
2. RESEARCH METHODOLOGY
3. EXECUTIVE SUMMARY
4. MARKET DYNAMICS
4.1 Market Overview
4.2 Market Drivers
4.2.1 High Treatment Cost in Developed Countries
4.2.2 Availability of Latest Medical Technologies and High Quality of Service
4.2.3 Growing Compliance of International Quality Standards
4.3 Market Restraints
4.3.1 Issues with Patient Follow Up and Post-procedure Complications
4.3.2 Medical Record Transfer Issues
4.4 Porter's Five Forces Analysis
4.4.1 Threat of New Entrants
4.4.2 Bargaining Power of Buyers/Consumers
4.4.3 Bargaining Power of Suppliers
4.4.4 Threat of Substitute Products
4.4.5 Intensity of Competitive Rivalry
5. MARKET SEGMENTATION (Market Size by Value - USD)
5.1 By Treatment Type
5.1.1 Cosmetic Treatment
5.1.2 Dental Treatment
5.1.3 Cardiovascular Treatment
5.1.4 Orthopedics Treatment
5.1.5 Bariatric Surgery
5.1.6 Fertility Treatment
5.1.7 Ophthalmic Treatment
5.1.8 Other Treatment Types
5.2 By Geography
5.2.1 North America
5.2.1.1 United States
5.2.1.2 Canada
5.2.1.3 Mexico
5.2.2 Europe
5.2.2.1 Germany
5.2.2.2 United Kingdom
5.2.2.3 France
5.2.2.4 Italy
5.2.2.5 Spain
5.2.2.6 Rest of Europe
5.2.3 Asia-Pacific
5.2.3.1 China
5.2.3.2 Japan
5.2.3.3 India
5.2.3.4 Australia
5.2.3.5 South Korea
5.2.3.6 Rest of Asia-Pacific
5.2.4 Middle East and Africa
5.2.4.1 GCC
5.2.4.2 South Africa
5.2.4.3 Rest of Middle East and Africa
5.2.5 South America
5.2.5.1 Brazil
5.2.5.2 Argentina
5.2.5.3 Rest of South America
6. COMPETITIVE LANDSCAPE
6.1 Company Profiles
6.1.1 MedRetreat
6.1.2 Healthbase
6.1.3 Apollo Hospitals
6.1.4 KPJ Healthcare Behard
6.1.5 Klinikum Medical Link
6.1.6 BB Health Solutions
6.1.7 Aditya Birla Memorial Hospital
6.1.8 Fortis Healthcare Limited
6.1.9 NTT Medical Center Tokyo
6.1.10 Prince Court Medical Centre
- *List Not Exhaustive
7. MARKET OPPORTUNITIES AND FUTURE TRENDS
Medical Tourism Industry Segmentation
As per the scope of the report, medical tourism (also called medical travel, health tourism, or global healthcare) is a term used to describe the rapidly growing practice of traveling across international borders to seek healthcare services. The medical tourism market is segmented by treatment type and geography. The treatment type is further segmented into cosmetic treatment, dental treatment, cardiovascular treatment, orthopedics treatment, bariatric surgery, fertility treatment, ophthalmic treatment, and other treatment types. The geography segment is further segmented into North America, Europe, Asia-Pacific, Middle East and Africa, And South America. The report offers the value (USD) for the above segments.
| By Treatment Type | |
| Cosmetic Treatment | |
| Dental Treatment | |
| Cardiovascular Treatment | |
| Orthopedics Treatment | |
| Bariatric Surgery | |
| Fertility Treatment | |
| Ophthalmic Treatment | |
| Other Treatment Types |
| By Geography | ||||||||
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Medical Tourism Market Research FAQs
How big is the Medical Tourism Market?
The Medical Tourism Market size is expected to reach USD 79.15 billion in 2024 and grow at a CAGR of 18.41% to reach USD 184.23 billion by 2029.
What is the current Medical Tourism Market size?
In 2024, the Medical Tourism Market size is expected to reach USD 79.15 billion.
Who are the key players in Medical Tourism Market?
Healthbase, Apollo Hospitals, KPJ Healthcare, Klinikum Medical Link and Medretreat are the major companies operating in the Medical Tourism Market.
Which is the fastest growing region in Medical Tourism Market?
Asia Pacific is estimated to grow at the highest CAGR over the forecast period (2024-2029).
Which region has the biggest share in Medical Tourism Market?
In 2024, the North America accounts for the largest market share in Medical Tourism Market.
What years does this Medical Tourism Market cover, and what was the market size in 2023?
In 2023, the Medical Tourism Market size was estimated at USD 64.58 billion. The report covers the Medical Tourism Market historical market size for years: 2021, 2022 and 2023. The report also forecasts the Medical Tourism Market size for years: 2024, 2025, 2026, 2027, 2028 and 2029.
What is the dominant segment contributing to the largest market share in Medical Tourism?
Cosmetic Treatment is the dominant segment that holds the major share of the Medical Tourism Market.
What is the dominant segment contributing to the largest market share in Medical Tourism?
Cosmetic Treatment is the dominant segment that holds the major share of the Medical Tourism Market.
Medical Tourism Industry Report
The Global Medical Tourism Market Report provides a comprehensive industry analysis of the medical tourism market, segmented by treatment type and geography. The market overview highlights the various treatment types including cosmetic, dental, cardiovascular, orthopedics, bariatric, fertility, ophthalmic, and other treatments. The industry statistics indicate significant market growth driven by the increasing demand for affordable and high-quality medical care.
In terms of market segmentation, the report covers North America, Europe, Asia-Pacific, the Middle East and Africa, and South America, providing a detailed market forecast for each region. The industry size and market value are presented in terms of USD, reflecting the market's economic impact. The market trends and growth rate are analyzed to provide insights into future market predictions.
The report also includes an industry outlook, focusing on key market leaders and their strategies. The market review highlights the competitive landscape and the role of both private and public healthcare service providers. Additionally, the report examines alternative treatment options and their market share.
For those seeking more detailed information, the report example and report pdf are available for further industry research. The market data and industry reports offer valuable insights for companies looking to understand the market dynamics and make informed decisions. The industry trends and market outlook provide a clear picture of the market's future direction.
Overall, the Global Medical Tourism Market Report is an essential resource for understanding the market's growth forecast and industry worth. It provides a thorough market analysis and industry information, making it a valuable tool for research companies and stakeholders in the medical tourism industry.
