Medical Tourism Market Size (USD 35.9 Bn by 2032 at 12.2% CAGR) Globally, Analysis by Market.us

The medical tourism market is projected to surpass USD 35.9 billion by 2032, and it is poised to reach a CAGR of 12.2% from 2023 to 2032, Owing to Low-Cost Surgeries and Technological Advancements

Pune, Feb. 28, 2023 (GLOBE NEWSWIRE) -- According to Market.us, the global medical tourism market accounted for USD 11.7 billion in 2022 and is projected to reach USD 35.9 billion by 2032, exhibiting a CAGR of 12.2% in the forecast period (2023-2032). Medical tourism can be defined as organized travels crosswise international borders to obtain medical treatment for certain forms that may not be available in one's country.

Medical tourists travel internationally to improve their health and access low-cost healthcare services unavailable in their home country. Tourists can receive various medical services, including dental, neurological, or cardiovascular treatments. Medical tourism offers many benefits, including improved hospitality, personalized care, cutting-edge technology, and novel medicines. It also provides better healthcare.

Medical Tourism Market

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Key Takeaway:

• By service type, the medical treatment section dominated the market in 2022 because of the increase in the demand for medical processes dental, orthopedic, cardiology, and spine.
• By service provider type, the private segment dominated the market in 2022 because the number of providers giving world-class facilities is increasing.
• In 2022, North America dominated the market with the highest revenue share of 35%.
• Asia-Pacific is expected to grow at a high CAGR during the forecast period due to the increasing preference for medical tourism in the region.

Insufficient insurance profits and lack of local healthcare insurance are two factors that will encourage market expansion. The industry's growth is also supported by the increasing demand for services that are not covered, such as dental reconstruction, common removal surgery, aesthetic surgery, and reproductive therapy.

Factors affecting the growth of the medical tourism industry?

Several factors can affect the growth of the medical tourism industry. Some of these factors include:

• Low-cost surgeries: Countries like India and Thailand are providing fast and low-cost surgeries, positively affecting the market growth.
• Increasing quality of surgeries: The increase in the accessibility of high medical-quality surgeries, like cardiovascular and dental surgeries, is one of the major driving factors for the market growth.
• Technological advancements: The use of advanced technologies in healthcare industries, especially in medical devices, surgical processes, etc., is affecting the market positively.
• Declining COVID-19 cases: As the COVID-19 cases began to decrease, the travel restrictions also have been lifted, which is helping the market grow further.

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Top Trends in Global Medical Tourism Market

The most important trend driving the growth of the global medical tourism market is active consumer preference for cosmetic procedures. As COVID-19 cases began to decline, travel restrictions have been removed, and the demand for postponed or delayed functions has grown. As people have become more aware of their appearance and personal care, cosmetic procedures such as body fat removal and treatment for acne have seen an increase in demand.

American Academy of Facial and Reconstructive surgery (AAFPRS) reported increased appointments and treatments for facelifts, eyelifts, and other procedures, despite the COVID-19 pandemic. People are more inclined to choose these procedures in countries with skilled specialists and high-quality care. This will positively impact the market's growth over the forecast period.

Market Growth

The world is becoming more open to utilizing advanced medical technology in surgery, medical devices, and related healthcare. Patients can now access information and communication technology, telemedicine, and telehealth worldwide. As a result, they can consult, book appointments with specialists, and receive high-quality care without hesitation. This has resulted in an increase in inbound tourism to developing countries like India and Thailand. In addition, the availability of quality medical structures and lower costs have led to a greater demand for affordable treatment, helping the market grow.

Regional Analysis

The global market can be divided into North America and Europe, APAC, South America, South America, and the Middle East & Africa. The forecast period saw North America account for 35% of the total share revenue. This market is characterized by a higher number of tourists visiting the US to receive medical treatment such as cardiology, orthopedics, and other procedures. This leads to an increase in revenue generation for the providers. The country is also well-known for its outbound tourism. It is also preferred due to its improved infrastructure and highly qualified specialists.

Europe was the market leader due to its growing medical infrastructure and medical tourism facilities in countries such as the UK and France. Due to the preference for medical tourism in developing countries, Asia-Pacific will hold a large market share. South America is expected to grow at the fastest CAGR. This market is also expanding due to significant government investments in healthcare infrastructure.

Competitive Landscape

The market is highly fragmented. The major players are constantly implementing different growth strategies to stay on top of the market. These market leaders use various growth strategies to stay afloat in a highly competitive market. There are many market players, such as Bumrungrad International Hospitals, Apollo Hospitals, Fortis Healthcare, Asian Healthcare Institute, Bangkok Chain Hospitals, BB Healthcare Solutions, KPJ Healthcare Berhad, Berkalp CO, Limited, and Fortis Healthcare.

Bumrungrad International Hospitals is one of the most prominent providers of international medical services. These initiatives will likely improve the health of medical tourism in other countries. The forecast period will see a significant increase in the value of service providers due to the emphasis placed on international tourists obtaining cosmetic treatments at a lower price.

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Scope of the Report

Report Attribute

Details

Market Value (2022)

USD 11.7 Billion

Market Size (2032)

USD 35.9 Billion

CAGR (from 2023 to 2032)

12.2%

North America Revenue Share

35%

Historic Period

2016 to 2022

Base Year

2022

Forecast Year

2023 to 2032

Market Drivers

Patients and healthcare providers are concerned about the rising cost of healthcare in developed countries. Additionally, the government enforces regulations on various healthcare systems in different countries which can cause interruptions. Therefore, people are advised to travel abroad for medical treatment. According to the Medical and Health Tourism Congress (MHT), medical care in Asia is cheaper than in the US. Therefore, there is a higher rate of medical tourism to India, Thailand, and other countries for fast and affordable medical care. The low cost of advanced surgery also drives the market growth. Patients are moving to other countries because of the rising treatment costs in developed nations. One of the main factors driving the growth of medical tourism is the increase in the availability of high-quality medical-quality dental surgery and cardiovascular surgery. Improvements in healthcare infrastructure and affordable high-quality healthcare services will drive the global medical tourism market.

Market Restraints

The travel facilities in one country are the only thing that can make medical tourism work. However, strict regulations in some countries impede market growth to ensure they do not accept medical care. In addition, the industry was negatively affected by the declining rate of medical technology for international travelers. This subsequently slowed down market growth. These factors will therefore hinder the market's growth during the forecast period.

Market Opportunities

Most countries have developed strategies to increase the digitalization and efficiency of healthcare services. This has increased demand for high-quality, highly regarded treatment in all regions. In addition, the approval of connectivity technologies, digital platforms, and telemedicine will determine market expansion.

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Report Segmentation of the Medical Tourism Market

Service Type Insight

Segmentation of the market is based on service type, with medical, wellness, and other treatments being the most prominent. During the forecast period, the medical treatment segment held the largest market share. The growth of this section is due to an increase in medical procedures such as spine, orthopedic, spine, cardiology, and dental. Access to advanced services and facilities in low-cost countries, such as India, Singapore, Thailand, and others, helps high-income tourists improve their medical records. The market's cardiovascular segment is expected to have profitable shares over the forecast period. Segmental growth is due to the increasing prevalence of many diseases worldwide. Moreover, the rising prevalence of chronic conditions will increase the demand for progressive diagnosis and treatment at profitable prices.

Cancer treatment can be expensive and lasts a long time. Lower treatment costs in many countries drive market growth. This will increase the market's segmental development over the forecast period. In addition, medical tourists travel to receive dental and neurological treatments.

Service Provider Insight

The global market can be divided by service providers. The private segment held the target market's largest revenue share. Tourists are attracted to the world-class medical facilities offered by private providers. In addition, private providers have the power to provide access to advanced medical systems, digital systems, and value-based care at lower costs. Public providers will also be expected to progress slower due to the lack of funding for certain medical treatments. Canadians, for example, prefer private providers because they can access the most popular medical treatments not available in public hospitals.

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Market Segmentation

By Service Type

• Medical Treatments
• Cardiac Procedures
• Oncology Procedures
• Orthopedics and Spines
• Dental Procedures
• Others
• Wellness Treatments
• Cosmetic Procedures
• Rejuvenation Procedures
• Others
• Alternative Treatments

By Service Providers

• Public
• Private

By Geography

• North America
• The US
• Canada
• Mexico
• Western Europe
• Germany
• France
• The UK
• Spain
• Italy
• Portugal
• Ireland
• Austria
• Switzerland
• Benelux
• Nordic
• Rest of Western Europe
• Eastern Europe
• Russia
• Poland
• The Czech Republic
• Greece
• Rest of Eastern Europe
• APAC
• China
• Japan
• South Korea
• India
• Australia & New Zealand
• Indonesia
• Malaysia
• Philippines
• Singapore
• Thailand
• Vietnam
• Rest of APAC
• Latin America
• Brazil
• Colombia
• Chile
• Argentina
• Costa Rica
• Rest of Latin America
• Middle East & Africa
• Algeria
• Egypt
• Israel
• Kuwait
• Nigeria
• Saudi Arabia
• South Africa
• Turkey
• United Arab Emirates
• Rest of MEA

Key Market Players

• Bumrungrad International Hospital
• Apollo Hospitals
• Fortis Healthcare Limited
• Bangkok Chain Hospital
• KPJ Healthcare Berhad
• Livonta Global Private Limited
• Gleneagles Hospitals
• BB Healthcare Solutions
• Berkalp CO. Limited
• Other Key players

Recent Development of the Medical Tourism Market

• The Tourism Authority of Thailand combined with Thai Air Asia to attract over 1,000 wellness and medical segment packages from Cambodia in April 2022. Both entities are trying to attract tourists during the forecast period.
• The Indian government set out to improve medical tourism in Gujrat (India) in March 2022. The best medical treatments in Gujrat include IV fertilization, heart disease, spine care, and care through the Indian system.

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 Medical Tourism Market Size (USD 35.9 Bn by 2032 at 12.2% CAGR) Globally, Analysis by Market.us (yahoo.com)

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