Medical Tourism Market

Global Industry Analysis, Size, Share, Growth, Trends, and Forecast 2023-2030 - By Product, Technology, Grade, Application, End-user, Region: (North America, Europe, Asia Pacific, Latin America and Middle East and Africa)

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Industry: Medical Devices


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Massive Cost Benefits to Healthcare Promotes Medical Tourism Market

The global medical tourism market has remained bullish through the years as it continues to facilitate medical solutions at an affordable rate. Cost benefits to healthcare have triggered a shift in way emerging economies are being perceived. The global rise in the number of patients and growing cost of healthcare at a simultaneous pace have fuelled the demand for medical tourism in recent years.

According to Patients Beyond Borders, medical tourism industry is projected to grow by 25% per year over the next decade. In 2018, 14 million medical tourists travelled countries around the world in pursuit of affordable healthcare.

COVID-19 Outbreak Anticipated to be Blessing in Disguise for Long-term Growth of Medical Tourism

The novel Coronavirus has put enormous strain on the healthcare systems world over, completely altering the shape and size of the medical tourism market in erratic ways. Many countries have announced temporary international travel restrictions, which shall completely hamper the growth momentum of health-related tourism and travel.

Many experts feel that once this initial wave of Coronavirus subsides and travel bans are lifted, medical tourism will continue its upward trajectory as a rapidly growing sector. This might come as blessing in disguise for depressed economies by pushing more travellers out the door in search of affordable and accessible healthcare options. Countries that handled the Coronavirus pandemic better will emerge as more desirable medical travel destinations over those that failed to have a timely response.

Globalization to Play a Key Role in Transforming Medical Tourism Industry into a Viable Alternative

All aspects of globalisation viz. economic, social, cultural, and technological have contributed to the growth of medical tourism market. The emergence of patient’s choice and changing forms of consumerism, even in countries that traditionally have public-funded services, have given the medical tourism industry a sizeable impetus. Open access to information and growth of diverse providers competing on quality and price have led to development of solutions for all kinds of medical demands. Also, the lack of availability of treatment in home countries, better quality of treatment overseas, provision of services by specialty medical professionals, faster treatment, and affordability of care are among the key drivers that motivate citizens to seek treatment outside.

There are many “market pull” factors instrumental in shaping patient’s decision to choose health tourism destination. Primary variables are abundance of good doctors and absence of political instability that drives such decision in combination with factors like tourist popularity, medical facility quality, hospital accreditation, healthcare costs, economic stability, and the overall environment of the destination.

Favourable Government Policies Supporting Medical Tourism Destinations

Worldwide, increasing number of governments are recognising the benefits that medical tourism can bring to their economies. They are devising favourable travel and tourism policies to integrate medical tourism as a vital sub-sector.

The Mexican state, of Baja California has implemented a public policy on Health and Wellness, aiming to promote health tourism in a responsible manner, protect patients’ rights and to ensure that all providers of health services are certified. India’s Ministry of Tourism has developed a policy focusing on medical tourism and has introduced a new category of ‘medical visa’. In the United Kingdom, the Medical Tourism Association (MTA) and Online Travel Training (OTT) have signed a partnership agreement with a goal to educate and engage the country’s travel agents in medical tourism.

Medical Tourism Brings Wealth to Developed As Well As Developing Economies Across Continents

The United States is the largest destination market for inbound medical tourism spending in 2019. The U.S. accounts for 36% of global medical tourism spending. France stood second with tourists spending US$800 Mn for medical purposes in 2019.  Turkey, Thailand, Jordan, and Costa Rica are also among the largest countries in terms of total inbound medical tourism spending.

Turkey’s strong performance has been supported by sustained government investment into the healthcare sector, low-cost services, well-educated personnel, and focussed marketing campaigns. Similarly, the government in Thailand is boosting medical tourism through investment initiatives including tax exemptions for investment into new health facilities.

The aforementioned six countries, along with Belgium and the United Kingdom, contributed nearly 3/4th of total global medical tourism spending in 2019, indicating the highly concentrated nature of the market dominated by a small number of destination markets.

Key Players in the Global Medical Tourism Market are:

Aditya Birla Health Services Limited, Apollo Hospitals Enterprise Limited, Asian Heart Institute & Research Centre Pvt. Ltd., Barbados Fertility Center, BB Healthcare Solutions Ltd., Fortis Healthcare Limited, Healthbase, KPJ Healthcare Berhad, Prince Court Medical Centre Sdn Bhd, Samitivej Hospital Group, Seoul National University Hospital, UZ Leuven, Gleneagles Hospital, and Hospital Universitario de Madrid.

Key Elements Included In The Study: Global Medical Tourism Market 

  • Medical Tourism Market by Product/Technology/Grade, Application/End-user, and Region
  • Executive Summary (Opportunity Analysis and Key Trends)
  • Historical Market Size and Estimates, Value, 2019 - 2022
  • Market Value at Regional and Country Level, 2023 - 2030
  • Market Dynamics and Economic Overview
  • Market Size in Value, Growth Rates, and Forecast Figures, 2023 - 2030
  • Competitive Intelligence with Financials, Key Developments, and Portfolio of Leading Companies 
  • Regional and Product/Grade/Application/End-user Price Trends Analysis
  • Value Chain and Five Force’s Analysis
  • Regional/Sub-region/Country Market Size and Trend Analysis
  • Company Market Share Analysis and Key Player Profiles

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1. Executive Summary
     1.1. Global Medical Tourism Market Outlook, 2019 - 2030 (US$ Million and Number of Patients in Thousand)
     1.2. Global Medical Tourism Market Incremental Opportunity, 2019 - 2030 (US$ Million)
     1.3. Key Industry Trends

2. Market Overview
     2.1. Market Definitions and Segmentations
     2.2. Market Dynamics
            2.2.1. Drivers
                    2.2.1.1. Driver 1
                    2.2.1.2. Driver 2
            2.2.2. Restraints
                    2.2.2.1. Restraint 1
                    2.2.2.2. Restraint 2
            2.2.3. Market Opportunities Matrix
     2.3. Regulatory Guidelines
     2.4. Reimbursement Scenario
     2.5. Covid-19 Impact Analysis

3. Medical Tourism Prices in Selected Countries, 2022


4. Global Medical Tourism Market Outlook, 2019 - 2030

     4.1. Global Medical Tourism Market Outlook, by Treatment, Value (US$ Mn) and Volume (No. of Patients in Thousand), 2019 - 2030
            4.1.1. Key Highlights
                    4.1.1.1. Cosmetic surgery
                    4.1.1.2. Dentistry
                    4.1.1.3. Cardiac Surgery
                    4.1.1.4. Orthopedic Surgery
                    4.1.1.5. Neurology
                    4.1.1.6. Oncology
                    4.1.1.7. Fertility
                    4.1.1.8. Eye Surgery
                    4.1.1.9. Others
            4.1.2. BPS Analysis/Market Attractiveness Analysis

5. Global Medical Tourism Market Outlook, 2019 - 2030

     5.1. Global Medical Tourism Market Outlook, by Service Type, Value (US$ Mn) and Volume (No. of Patients in Thousand), 2019 - 2030
            5.1.1. Key Highlights
                    5.1.1.1. Wellness Treatment
                    5.1.1.2. Medical Treatment
                    5.1.1.3. Alternative Medicine
                    5.1.1.4. Others
            5.1.2. BPS Analysis/Market Attractiveness Analysis
     5.2. Global Medical Tourism Market Outlook, by Service Provider, Value (US$ Mn) and Volume (No. of Patients in Thousand), 2019 - 2030
            5.2.1. Key Highlights
                    5.2.1.1. Private
                    5.2.1.2. Public
            5.2.2. BPS Analysis/Market Attractiveness Analysis
     5.3. Global Medical Tourism Market Outlook, by Region, Value (US$ Mn) and Volume (No. of Patients in Thousand), 2019 - 2030
            5.3.1. Key Highlights
                    5.3.1.1. North America
                    5.3.1.2. Europe
                    5.3.1.3. Asia Pacific
                    5.3.1.4. Latin America
                    5.3.1.5. Middle East & Africa
            5.3.2. BPS Analysis/Market Attractiveness Analysis

6. North America Medical Tourism Market Outlook, 2019 - 2030

     6.1. North America Medical Tourism Market Outlook, by Treatment, Value (US$ Mn) and Volume (No. of Patients in Thousand), 2019 - 2030
            6.1.1. Key Highlights
                    6.1.1.1. Cosmetic surgery
                    6.1.1.2. Dentistry
                    6.1.1.3. Cardiac Surgery
                    6.1.1.4. Orthopedic Surgery
                    6.1.1.5. Neurology
                    6.1.1.6. Oncology
                    6.1.1.7. Fertility
                    6.1.1.8. Eye Surgery
                    6.1.1.9. Others
            6.1.2. BPS Analysis/Market Attractiveness Analysis
     6.2. North America Medical Tourism Market Outlook, by Service Type, Value (US$ Mn) and Volume (No. of Patients in Thousand), 2019 - 2030
            6.2.1. Key Highlights
                    6.2.1.1. Wellness Treatment
                    6.2.1.2. Medical Treatment
                    6.2.1.3. Alternative Medicine
            6.2.2. BPS Analysis/Market Attractiveness Analysis
     6.3. North America Medical Tourism Market Outlook, by Service Provider, Value (US$ Mn) and Volume (No. of Patients in Thousand), 2019 - 2030
            6.3.1. Key Highlights
                    6.3.1.1. Private
                    6.3.1.2. Public
            6.3.2. BPS Analysis/Market Attractiveness Analysis
     6.4. North America Medical Tourism Market Outlook, by Country, Value (US$ Mn) and Volume (No. of Patients in Thousand), 2019 - 2030
            6.4.1. Key Highlights
                    6.4.1.1. U.S.
                    6.4.1.2. Canada
            6.4.2. BPS Analysis/Market Attractiveness Analysis

7. Europe Medical Tourism Market Outlook, 2019 - 2030
     7.1. Europe Medical Tourism Market Outlook, by Treatment, Value (US$ Mn) and Volume (No. of Patients in Thousand), 2019 - 2030
            7.1.1. Key Highlights
                    7.1.1.1. Cosmetic surgery
                    7.1.1.2. Dentistry
                    7.1.1.3. Cardiac Surgery
                    7.1.1.4. Orthopedic Surgery
                    7.1.1.5. Neurology
                    7.1.1.6. Oncology
                    7.1.1.7. Fertility
                    7.1.1.8. Eye Surgery
                    7.1.1.9. Others
            7.1.2. BPS Analysis/Market Attractiveness Analysis
     7.2. Europe Medical Tourism Market Outlook, by Service Type, Value (US$ Mn) and Volume (No. of Patients in Thousand), 2019 - 2030
            7.2.1. Key Highlights
                    7.2.1.1. Wellness Treatment
                    7.2.1.2. Medical Treatment
                    7.2.1.3. Alternative Medicine
            7.2.2. BPS Analysis/Market Attractiveness Analysis
     7.3. Europe Medical Tourism Market Outlook, by Service Provider, Value (US$ Mn) and Volume (No. of Patients in Thousand), 2019 - 2030
            7.3.1. Key Highlights
                    7.3.1.1. Private
                    7.3.1.2. Public
            7.3.2. BPS Analysis/Market Attractiveness Analysis
     7.4. Europe Medical Tourism Market Outlook, by Country, Value (US$ Mn) and Volume (No. of Patients in Thousand), 2019 - 2030
            7.4.1. Key Highlights
                    7.4.1.1. Germany
                    7.4.1.2. France
                    7.4.1.3. U.K.
                    7.4.1.4. Italy
                    7.4.1.5. Spain
                    7.4.1.6. Rest of Europe
            7.4.2. BPS Analysis/Market Attractiveness Analysis

8. Asia Pacific Medical Tourism Market Outlook, 2019 - 2030
     8.1. Asia Pacific Medical Tourism Market Outlook, by Treatment, Value (US$ Mn) and Volume (No. of Patients in Thousand), 2019 - 2030
            8.1.1. Key Highlights
                    8.1.1.1. Cosmetic surgery
                    8.1.1.2. Dentistry
                    8.1.1.3. Cardiac Surgery
                    8.1.1.4. Orthopedic Surgery
                    8.1.1.5. Neurology
                    8.1.1.6. Oncology
                    8.1.1.7. Fertility
                    8.1.1.8. Eye Surgery
                    8.1.1.9. Others
            8.1.2. BPS Analysis/Market Attractiveness Analysis
     8.2. Asia Pacific Medical Tourism Market Outlook, by Service Type, Value (US$ Mn) and Volume (No. of Patients in Thousand), 2019 - 2030
            8.2.1. Key Highlights
                    8.2.1.1. Wellness Treatment
                    8.2.1.2. Medical Treatment
                    8.2.1.3. Alternative Medicine
            8.2.2. BPS Analysis/Market Attractiveness Analysis
     8.3. Asia Pacific Medical Tourism Market Outlook, by Service Provider, Value (US$ Mn) and Volume (No. of Patients in Thousand), 2019 - 2030
            8.3.1. Key Highlights
                    8.3.1.1. Private
                    8.3.1.2. Public
            8.3.2. BPS Analysis/Market Attractiveness Analysis
     8.4. Asia Pacific Medical Tourism Market Outlook, by Country, Value (US$ Mn) and Volume (No. of Patients in Thousand), 2019 - 2030
            8.4.1. Key Highlights
                    8.4.1.1. China
                    8.4.1.2. India
                    8.4.1.3. Indonesia
                    8.4.1.4. Thailand
                    8.4.1.5. Malaysia
                    8.4.1.6. Taiwan
                    8.4.1.7. Singapore
                    8.4.1.8. South Korea
                    8.4.1.9. Rest of Asia Pacific
            8.4.2. BPS Analysis/Market Attractiveness Analysis

9. Latin America Medical Tourism Market Outlook, 2019 - 2030
     9.1. Latin America Medical Tourism Market Outlook, by Treatment, Value (US$ Mn) and Volume (No. of Patients in Thousand), 2019 - 2030
            9.1.1. Key Highlights
                    9.1.1.1. Cosmetic surgery
                    9.1.1.2. Dentistry
                    9.1.1.3. Cardiac Surgery
                    9.1.1.4. Orthopedic Surgery
                    9.1.1.5. Neurology
                    9.1.1.6. Oncology
                    9.1.1.7. Fertility
                    9.1.1.8. Eye Surgery
                    9.1.1.9. Others
            9.1.2. BPS Analysis/Market Attractiveness Analysis
     9.2. Latin America Medical Tourism Market Outlook, by Service Type, Value (US$ Mn) and Volume (No. of Patients in Thousand), 2019 - 2030
            9.2.1. Key Highlights
                    9.2.1.1. Wellness Treatment
                    9.2.1.2. Medical Treatment
                    9.2.1.3. Alternative Medicine
            9.2.2. BPS Analysis/Market Attractiveness Analysis
     9.3. Latin America Medical Tourism Market Outlook, by Service Provider, Value (US$ Mn) and Volume (No. of Patients in Thousand), 2019 - 2030
            9.3.1. Key Highlights
                    9.3.1.1. Private
                    9.3.1.2. Public
            9.3.2. BPS Analysis/Market Attractiveness Analysis
     9.4. Latin America Medical Tourism Market Outlook, by Country, Value (US$ Mn) and Volume (No. of Patients in Thousand), 2019 - 2030
            9.4.1. Key Highlights
                    9.4.1.1. Brazil
                    9.4.1.2. Mexico
                    9.4.1.3. Colombia
                    9.4.1.4. Others
            9.4.2. BPS Analysis/Market Attractiveness Analysis

10. Middle East & Africa Medical Tourism Market Outlook, 2019 - 2030
     10.1. Middle East & Africa Medical Tourism Market Outlook, by Treatment, Value (US$ Mn) and Volume (No. of Patients in Thousand), 2019 - 2030
            10.1.1. Key Highlights
                    10.1.1.1. Cosmetic surgery
                    10.1.1.2. Dentistry
                    10.1.1.3. Cardiac Surgery
                    10.1.1.4. Orthopedic Surgery
                    10.1.1.5. Neurology
                    10.1.1.6. Oncology
                    10.1.1.7. Fertility
                    10.1.1.8. Eye Surgery
                    10.1.1.9. Others
            10.1.2. BPS Analysis/Market Attractiveness Analysis
     10.2. Middle East & Africa Medical Tourism Market Outlook, by Service Type, Value (US$ Mn) and Volume (No. of Patients in Thousand), 2019 - 2030
            10.2.1. Key Highlights
                    10.2.1.1. Wellness Treatment
                    10.2.1.2. Medical Treatment
                    10.2.1.3. Alternative Medicine
            10.2.2. BPS Analysis/Market Attractiveness Analysis
     10.3. Middle East & Africa Medical Tourism Market Outlook, by Service Provider, Value (US$ Mn) and Volume (No. of Patients in Thousand), 2019 - 2030
            10.3.1. Key Highlights
                    10.3.1.1. Private
                    10.3.1.2. Public
            10.3.2. BPS Analysis/Market Attractiveness Analysis
     10.4. Middle East & Africa Medical Tourism Market Outlook, by Country, Value (US$ Mn) and Volume (No. of Patients in Thousand), 2019 - 2030
            10.4.1. Key Highlights
                    10.4.1.1. GCC Countries
                    10.4.1.2. South Africa
                    10.4.1.3. Rest of Middle East & Africa
            10.4.2. BPS Analysis/Market Attractiveness Analysis

11. Competitive Landscape
     11.1. Company Market Share Analysis
     11.2. Company Profiles
            11.2.1. Apollo Hospitals
                    11.2.1.1. Overview
                    11.2.1.2. Financial Overview
                    11.2.1.3. Services/Treatment Offerings
                    11.2.1.4. Recent Developments
*Above details will include, but not be limited to below list of companies based on availability
            11.2.2. Curotrip
            11.2.3. Euromedical Tours
            11.2.4. Teknon Medical Center
            11.2.5. Prince Court Medical Centre
            11.2.6. NTT Medical Center Tokyo
            11.2.7. Sourasky Medical Center (Ichilov)
            11.2.8. Samsung Medical Center
            11.2.9. KPJ Healthcare Berhad
            11.2.10. Bangkok Chain Hospitals
                    11.2.11. Asian Heart Institute
                    11.2.12. Others

12. Appendix
     12.1. Research Methodology
     12.2. Report Assumptions
     12.3. Acronyms and Abbreviations

BASE YEAR

HISTORICAL DATA

FORECAST PERIOD

UNITS

2022

 

2018 - 2022

2023 - 2030

Value: US$ Million Volume: Thousands

 

REPORT FEATURES

DETAILS

Treatment

  • Cosmetic Surgery
  • Dentistry
  • Cardiac Surgery
  • Neurology
  • Oncology
  • Fertility
  • Eye Surgery
  • Others

Service Type

  • Wellness Treatment
  • Medical Treatment
  • Alternative Medicine
  • Other

Service Provider

  • Private
  • Public

Geographic Coverage

  • North America
  • United States
  • Canada
  • Europe
  • United Kingdom
  • Germany
  • France
  • Italy
  • Spain
  • Rest of Europe
  • Asia Pacific
  • China
  • India
  • Indonesia
  • Thailand
  • Malaysia
  • Taiwan
  • Singapore
  • South Korea
  • Rest of Asia Pacific
  • Latin America
  • Brazil
  • Mexico
  • Colombia
  • Rest of Latin America
  • Middle East & Africa
  • GCC Countries
  • South Africa
  • Rest of Middle East & Africa

Leading Companies

  • Apollo Hospitals
  • Curotrip
  • Euromedical Tours
  • Teknon Medical Center
  • NTT Medical Center Tokyo
  • Sourasky Medical Center (Ichilov)
  • Samsung Medical Center
  • KPJ Healthcare Berhad
  • Bangkok Chain Hospitals
  • Asian Heart Institute
  • Others

Report Highlights 

Key Market Indicators, Market Estimates and Forecast Value, Market Dynamics, Regulatory Guidelines, COVID-19 Impact Analysis, Regional and Country Insights, Competitive Landscape, Company Profiles

Our Research Methodology

Considering the volatility of business today, traditional approaches to strategizing a game plan can be unfruitful if not detrimental. True ambiguity is no way to determine a forecast. A myriad of predetermined factors must be accounted for such as the degree of risk involved, the magnitude of circumstances, as well as conditions or consequences that are not known or unpredictable. To circumvent binary views that cast uncertainty, the application of market research intelligence to strategically posture, move, and enable actionable outcomes is necessary.

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