Medical Tourism Market Trends

Global Medical Tourism Market Overview

The Medical tourism market Size was valued at USD 39.57 billion in 2023 and is projected to grow from USD 48.26 Billion in 2024 to USD 243.74 billion by 2032, exhibiting a compound annual growth rate (CAGR) of 22.44% during the forecast period (2024 - 2032). The availability of the newest medical technologies and the cheaper cost of treatment in emerging nations are the key market drivers enhancing market growth.

In Jan 2024

CHRISTUS MUGUERZA has expanded its medical tourism offering by forming fresh partnerships with global health organisations.These investments are part of a broader strategy to establish CHRISTUS MUGUERZA as a premier choice for medical tourists in Latin America.

In Dec 2023

The medical tourism market is driven by factors like increasing disposable incomes, growing middle class populations, and the popularity of experience-driven travel. Hotels, resorts, and cruise lines offering medical tourism packages are expected to see significant demand.

Medical Tourism Market Trends

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  Growing Prevalence of spine degeneration to boost market growth

  
  

Over the forecast period, market growth is anticipated to be fueled by advertising and marketing for medical tourism. For instance, the MoHFW of the Indian Government launched new initiatives in September 2022 to promote medical tourism in the nation. For example, the establishment of a feedback mechanism to gather testimonies from medical tourists, the 'Heal in India' initiative to position India as a global hub for medical tourism, and the special provision of medical visas for tourists traveling to India for healthcare purposes from 165 countries. Additionally, the Hainan Boao Lecheng International Medical Tourism Pilot Zone reportedly made efforts to advance research on stem cells, immune cells, gene therapy, and other novel biomedical techniques, according to a report published by the government of Boao Lecheng, China, in December 2021. The medical pilot zone enticed people to join the RCEP and travel to receive treatment from 15 different nations, including Australia, Brunei, Cambodia, China, Indonesia, Japan, Laos, Malaysia, Myanmar, New Zealand, Philippines, Singapore, South Korea, Thailand, and Vietnam. Growth is anticipated as a result of this program in medical tourism.

The market expansion in developing countries is also anticipated to be significantly fueled by the high cost of healthcare in rich nations. For instance, the World Population Review 2022 states that most wealthy nations support healthcare through taxes, private insurance, or private group subsidies. All of these payment options are only used by the American healthcare system. Other emerging nations participate in a single-payer healthcare system, where necessary medical expenses are covered by taxes raised through government initiatives. Additionally, according to the AMA data from November 2022, pharmaceutical spending per person in the United States was $1,443, compared to other countries, which ranges from USD 466 to USD 939. The lower cost of healthcare in emerging nations as opposed to industrialized countries leads to increased market growth. The market of medical tourism is therefore anticipated to expand throughout the forecast period due to the factors above. However, problems with patient follow-up, post-procedure complications, and medical record transfer challenges are anticipated to impede market expansion during the projection period. Therefore, such conditions have enhanced the market CAGR of medical tourism across the globe in recent years.

However, Affordable treatment choices and top-notch medical care in travel destinations are other factors driving the growth of the Medical Tourism market revenue.

Jan 2024

Malaysia's KPJ Healthcare introduces AI-powered medical tourism platform: KPJ Healthcare, a Malaysian healthcare group, has launched an AI-powered platform to connect medical tourists with specialists and treatment options. This platform aims to streamline the medical tourism experience and provide patients with personalized recommendations.

Oct 2023

Successes of Dominican Republic's Health & Wellness Tourism Showcases effectiveness of government partnerships and strategic branding.Ponderas Academic Hospital Leading force in REGINA MARIA Group, showcasing transformative innovations in medical tourism.Australian Healthcare: Industry calls for increased international marketing to attract medical tourists.

Medical Tourism Market Segment Insights

Medical Tourism Treatment Type Insights

The medical tourism market segmentation, based on treatment type, includes orthopedic/spine treatments, oncology/cancer treatments, cosmetic surgery and treatments, cardiovascular treatments, dental treatments, fertility/ivf treatments and others. The oncology/cancer treatments segment held the majority share in 2021, contributing to around ~40% of the medical tourism market revenue. This is easily explained by the fact that cancer is becoming more common worldwide. The International Agency for Research on Cancer estimates that there will be around 19.3 million new cancer cases and 10 million cancer-related deaths worldwide in 2020. In 2020, colorectal cancer will account for 10.0% of all new cancer cases, followed by lung cancer with 11.4% of cases and breast cancer with 11.7% of cases in the female population. The global medical tourism industry is expanding quickly due to the rapid development of many effective cancer treatments, including targeted medicines, chemotherapy, and radiation therapy. Due to the high cost of cancer treatment, more people are choosing to travel for medical care in other nations to avoid paying as much at home. This is anticipated to further this segment's growth over the projection year.

Figure 2: Medical tourism market, by Treatment Type, 2023 & 2030 (USD Million)

Source: Secondary Research, Primary Research, MRFR Database and Analyst Review

The fastest segment is anticipated to be cardiovascular treatment during the projection period. An increase in cardiovascular disease occurrences and deaths is driving the expansion of this market. The World Health Organization estimates that 17.9 million of all fatalities worldwide each year, or about 32% of all deaths, are caused by cardiovascular diseases. Poor eating patterns and people's sedentary lifestyles. Cardiovascular illnesses are primarily caused by rising cigarette use and physical inactivity. With expanding urbanization, rising employment, and rising fast food consumption worldwide, there is anticipated to be an increase in cardiovascular cases in the upcoming years. Therefore, this segment is anticipated to develop quickly during the projected period.

Medical Tourism Regional Insights

By Region, the study provides market insights into North America, Europe, Asia-Pacific and the Rest of the World. The Asia-Pacific market of Medical Tourism accounted for USD 0.88 billion in 2021 and is expected to exhibit a significant CAGR growth during the study period. Due to government programs, the low cost of medical care in this region, and the preference for medical tourism throughout the developing nations of this region. India offers healthcare at a huge discount to Western and Middle Eastern nations. IJIRA estimates that compared to Europe, the cost of medical care and treatment in India was around 50% lower in December 2021. In addition, healthcare costs here are reduced by 65% to 90% compared to those in America. These figures show how Asia-Pacific nations dominate international medical travel. Moreover, China Medical Tourism held the largest market share, and the India market of Medical Tourism was the fastest-growing market in the Asia-Pacific region.

Further, the major countries studied in the market report are The U.S., Canada, Germany, France, the UK, Italy, Spain, China, Japan, India, Australia, South Korea, and Brazil.

Figure 3: MEDICAL TOURISM MARKET SHARE BY REGION 2023 (%)

Source: Secondary Research, Primary Research, MRFR Database and Analyst Review

North America Medical Tourism market accounts for the second-largest market share. The market in the area is defined by the greater than the average number of tourists that travel to the United States for medical care, such as orthopedic and cardiac operations, increasing the revenue generated by the providers. For instance, the United States reported spending USD 3,930 million on inbound medical tourism, according to the World Travel & Tourism Council (WTTC) 2019 report. Further, the US market of Medical Tourism held the largest market share, and the Canada market of Medical Tourism was the fastest-growing market in the North America region

The Europe market of Medical Tourism is expected to grow at the fastest CAGR from 2024 to 2032. This is due to increased rates of osteoarthritis and degenerative disc disease, the rapidly growing medical tourism industry, and rising healthcare costs. Moreover, UK market of Medical Tourism held the largest market share, and the Germany Medical Tourism market was the fastest-growing market in the Europe region.

Medical Tourism Key Market Players & Competitive Insights

Major market players are investing a lot of money in R&D to broaden their product offerings, which will spur further expansion of the medical tourism business. With significant market developments like new product releases, contractual agreements, mergers and acquisitions, increased investments, and collaboration with other organizations, market participants are also undertaking a variety of strategic activities to expand their global presence. In order to grow and thrive in an atmosphere where competition is fierce and the market is growing, businesses in the medical tourism industry must provide products that are affordable.

One of the primary business strategies adopted by manufacturers in the global Medical Tourism industry to benefit clients and expand the market sector is to manufacture locally to reduce operating costs. In recent years, Medical Tourism industry has provided medicine with some of the most significant benefits. The market of Medical Tourism major player such as Medical Tourism Association, BC Platforms, and others are working to expand the market demand by investing in research and development activities.

A global non-profit, The Medical Tourism Association, promotes the medical tourism and international patient industries by educating the public and acting as an advocate. In its medical tourism, foreign patient, and healthcare efforts, the MTA collaborates with healthcare providers, governments, insurance companies, employers, and other healthcare consumers. In July 2019, Due to the increased complexity of the medical services offered by South Korea to foreign patients, the Medical Tourism Association (MTA) and Korea Tourism Organization (KTO) have formed a partnership.

As a leader in the development of data networks for the life sciences sector, BC Platforms also offers adaptable technological platforms for personalised medicine, hastening the integration of breakthroughs into clinical practise. In October 2021, Bumrungrad International Hospital (Bangkok, Thailand), one of the largest private hospitals in Southeast Asia and a global leader in healthcare delivery and groundbreaking clinical research, has announced an expanded partnership with BC Platforms (BCP), a global leader in healthcare data management and analytics.

Jan 24, 2024

Cigna International Expands Global Network with Acquisition of Indian Healthcare Provider: Cigna announced the acquisition of a leading healthcare provider in India, aiming to tap into the growing medical tourism market there. The move expands Cigna's network and allows them to offer patients access to affordable, high-quality care.

Jan 19, 2024

Thailand-based Bumrungrad Hospital Partners with US Telehealth Company: Bumrungrad, a top medical tourism destination in Thailand, partnered with a US telehealth company to offer virtual consultations and remote patient monitoring services. This collaboration caters to international patients seeking pre- and post-operative care remotely. (Jan 19, 2024)

Key Companies in the Medical Tourism market includes

• Bumrungrad International Hospital (Thailand)


• CHRISTUS MUGUERZA (Mexico)


• Samitivej PCL (Thailand)


• Schön-Kliniken (Germany)


• Gleneagles Global Hospitals Group (India)


• Prince Court Medical Centre (Malaysia)


• Anadolu Medical Center (Turkey)


• Shouldice Hospital (Canada)


• Bangkok Hospital (Thailand)


• Fortis Healthcare (India)


• Clemenceau Medical Center (Lebanon)


• Asklepios Kliniken Verwaltungsgesellschaft mbH (Germany) among others

Medical Tourism Industry Developments

May 2023:

According to healthcare professionals, the medical tourism sector has seen a revival following the pandemic, both globally and in the UAE, which has increased economic potential in the sector. According to the senior leadership of UAE-based healthcare firms, the UAE, with its well-connected infrastructure and reputation for high-quality healthcare services, is ranked sixth globally for medical tourism. In spite of the ongoing global epidemic, 630,000 international health tourists visited Dubai alone in 2021, according to a report by the Dubai Health Authority.

May 2023:

According to a report released on Sunday by the Korea Health Industry Development Institute, the appeal of Korean culture affected nearly half of the foreign patients who sought medical care in South Korea last year. 49.7% of the 1,200 foreign patients surveyed who said Korean culture had an impact on their decision to visit to Korea for medical treatment agreed. The majority of the patients who responded to the survey were from Southeast Asia, Japan, China, and Russia.

October 2022:

The health ministry's pan-Indian effort offers services to people all around the world. The Heal in India program seeks to establish India as a worldwide health leader and to increase medical travel to the nation. According to persons with direct knowledge of the situation, plans are well under way to promote medical tourism as part of the ambitious Heal in India campaign of the central government. The authorities intend to create a special emblem to support the campaign internationally. An online resource called Medical Value Travel will offer a window into integrated Indian healthcare for the rest of the globe as part of the effort. This portal is intended to help foreign patients with their entire medical journey in India, as well as give Indian medical centers and professionals a global presence and make them more discoverable while promoting sector transparency.

Medical Tourism Market Segmentation

Medical Tourism Type Outlook

• Orthopedic/Spine Treatments


• Oncology/Cancer Treatments


• Cosmetic Treatments


• Cardiovascular Treatments


• Dental Treatments


• Fertility/IVF Treatments


• Others

Medical Tourism Regional Outlook

• North America
  
  
  
  • US
  
  
  • Canada
  
  
  
  


• Europe
  
  
  
  • Germany
  
  
  • France
  
  
  • UK
  
  
  • Italy
  
  
  • Spain
  
  
  • Rest of Europe
  
  
  
  


• Asia-Pacific
  
  
  
  • China
  
  
  • Japan
  
  
  • India
  
  
  • Australia
  
  
  • South Korea
  
  
  • Australia
  
  
  • Rest of Asia-Pacific
  
  
  
  


• Rest of the World
  
  
  
  • Middle East
  
  
  • Africa
  
  
  • Latin America