Medical Tourism Market Size
| Study Period | 2019 - 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 | Asia Pacific |
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, growing at a CAGR of 18.41% during the forecast period (2024-2029).
The COVID-19 pandemic outbreak became a major challenge to the medical tourism market growth. Travel restrictions in the first two years of the pandemic had an adverse impact on medical tourism, globally. With the return of international travel during the post-pandemic period, the medical tourism sector attained growth due to the increased demand for large medical travel waitlists. For instance, according to the report by Kasikorn Research Center, in 2021, there was a 90% decline in medical tourist arrivals in Thailand during the pandemic with visitors from the Middle East, the Association of Southeast Asian Nations countries, and China. Furthermore, 8.9 million foreign tourists arrived in Thailand in 2022, which was considered a high percentage compared to the pandemic year. Thus, COVID-19 restrictions for traveling and the halt of medical procedures other than COVID-19 treatments adversely impacted the medical tourism market during the pandemic. However, with the increased number of medical tourists during the post-pandemic period due to relaxed restrictions and resumed healthcare services, the market attained growth over the post-pandemic period.
People seek medical tourism owing to the expensive treatment in their home country or the non-availability of any treatment. Therefore, people opt for medical tourism for immediate medical attention and affordable medical treatment. Medical tourism witnessed huge traction owing to the healthcare market globalization. The high treatment cost in developed countries, the availability of the latest medical technologies and high quality of service, and the growing compliance with international quality standards are leading to medical tourism market growth.
The healthcare costs in countries like Germany and France are lower compared to the United States. For instance, as per the report published by the World Economic Forum in February 2023, in Germany, healthcare costs are 40% lower when compared to the United States in 2021. In addition, as per the same source, the healthcare costs are a bit lower, around USD 5,000 per capita, in France, Canada, the United Kingdom, Australia, and Japan. Additionally, among developed nations, per-capita healthcare costs were the lowest in Eastern Europe. Hence, the comparative data shows lower healthcare costs in developing countries than in developed countries like the United States, which likely boost the market growth over the forecast period.
The new strategic activities, like collaborations and agreements by the market players for improving the technologies in medical tourism, likely increase the demand for medical tourism. For instance, 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 major barriers preventing access and growth in medical tourism.
However, issues with patient follow-up post-procedure complications and medical record transfer are the major factors hindering the market growth over the forecast period.
Medical Tourism Market Trends
Cosmetic Treatment Type is Expected to Have Significant Share in the Market Over the Forecast Period
Cosmetic treatment is a group of medical procedures to improve a person's appearance, increase self-esteem, or address aesthetic concerns. They focus on areas such as skin care, body contouring, and facial rejuvenation. Medical tourism plays a significant role in the world of cosmetic treatments due to several key factors like offering individuals the opportunity to access high-quality cosmetic procedures at a fraction of the cost they might incur in their home countries.
The growing self-awareness about aesthetic appearance and rising demand for cosmetic procedures are the key factors driving the segment growth, 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 35-50 years (about 4.4 million procedures), followed by the 18-34 years (about 2.2 million procedures). This shows the signficiant demand for cosmetic procedures globally which likely to propel the market growth over the study perod.
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 segment 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 their 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. Thus, owing to 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 is expected to drive the segment's growth over the forecast period.
Asia-Pacific is Expected to have Largest Share in the Market Over the Forecast Period
The major factor attributed to the growth of the studied market in the region is the presence of world-class hospital infrastructure, advanced medical technology, expert skills, compliance with international quality standards, and reduced cost of medical treatment as compared to many other developed countries. In addition, the rising focus of the government to promote medical tourism with high-quality services is also expected to boost the market growth over the forecast period.
As per an article published by NITI Ayog in June 2023, it was observed that India scored 69.80 on the Medical Tourism Index with an offering of over 200 types of medical services ranging from fertility treatments to skincare. In addition to the above context, treatment including cardiovascular surgeries, cancer treatment, and organ transplant surgeries are 65-90% cheaper as compared to the United States, and Europe. Thus, the low cost of surgeries and treatment in India is expected to attract more foreign nationals to the country which in turn is anticipated to fuel the growth of the medical tourism market over the forecast period.
Furthermore, the establishment of new hospitals for offering medical treatments and services to medical tourists in the country is expected to attract more tourists who seek medical treatment. Hence, anticipated to contribute to market growth. For instance, in November 2021, China planned to launch a new Islands Hospital in Macau that offers services to medical travelers. The new facility is expected to launch in 2023. Therefore, owing to factors such as increasing government initiatives to promote medical tourism, the development of new medical tourism hospitals, and the growing number of medical tourists in the region the studied market is expected to grow over the forecast period.
Medical Tourism Industry Overview
The medical tourism market is largely fragmented market, with several local companies. These market players are striving to gain higher market share by adopting strategies such as investments, partnerships, and acquisitions & mergers. Companies are also spending on the development of improved services. Moreover, they are also focusing on maintaining competitive pricing. Some of the major players in the market are Apollo Hospitals Enterprise Limited, KPJ Healthcare Berhad, IHH Healthcare Berhad (Fortis Healthcare Limited), NTT Medical Center Tokyo, and Cleveland Clinics.
Medical Tourism Market Leaders
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Apollo Hospitals Enterprise Limited
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KPJ Healthcare Berhad
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IHH Healthcare Berhad (Fortis Healthcare Limited)
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NTT Medical Center Tokyo
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Cleveland Clinic
*Disclaimer: Major Players sorted in no particular order
Medical Tourism Market News
- In August 2023, the Ministry of Home Affairs introduced a new category for Ayush (AY) visas for foreign nationals seeking treatment under the Ayush system of Indian traditional medicine. This special visa scheme for foreigners includes therapeutic care, wellness, and yoga.
- In March 2023, the South Korean Ministry of Health selected several locations in the country for the allocation of funds to boost medical tourism. The government invested KRW 200 million (USD 0.15 million) to expand the capacity of Jeju's healthcare facilities to attract and receive foreign tourists.
Medical Tourism Market Report - Table of Contents
1. INTRODUCTION
- 1.1 Study Assumptions and Market Definition
- 1.2 Scope of the Study
2. RESEARCH METHODOLOGY
3. EXECUTIVE SUMMARY
4. MARKET DYNAMICS AND INSIGHTS
- 4.1 Market Overview
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4.2 Market Drivers
- 4.2.1 High Treatment Cost in Developed Countries
- 4.2.2 Availability of the Latest Medical Technologies and High Quality of Service
- 4.2.3 Growing Compliance with International Quality Standards
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4.3 Market Restraints
- 4.3.1 Issues with Patient Follow-Up and Post-procedure Complications
- 4.3.2 Medical Record Transfer Issues
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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)
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5.1 By Treatment Type
- 5.1.1 Cosmetic Treatment
- 5.1.2 Dental Treatment
- 5.1.3 Cardiovascular Treatment
- 5.1.4 Orthopedic Treatment
- 5.1.5 Bariatric Surgery
- 5.1.6 Fertility Treatment
- 5.1.7 Ophthalmic Treatment
- 5.1.8 Other Treatments
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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
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6.1 Company Profiles
- 6.1.1 MedRetreat
- 6.1.2 Healthbase
- 6.1.3 Apollo Hospitals Group (Apollo International)
- 6.1.4 KPJ Healthcare Berhad
- 6.1.5 Klinikum Medical Link Ltd
- 6.1.6 Emergency Assistance Japan Co. Ltd
- 6.1.7 BB Healthcare Solutions
- 6.1.8 Metta Health Ltd
- 6.1.9 ADITYA BIRLA HEALTH SERVICES LTD
- 6.1.10 Fortis Healthcare
- 6.1.11 Nippon Telegraph and Telephone East Corporation (NTT Medical Center Tokyo)
- 6.1.12 BRISIAN Co. Ltd
- 6.1.13 Cleveland Clinic
- 6.1.14 Mayo Foundation for Medical Education and Research (MFMER)
- *List Not Exhaustive
7. MARKET OPPORTUNITIES AND FUTURE TRENDS
** Subject To AvailablityMedical 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 (Cosmetic Treatment, Dental Treatment, Cardiovascular Treatment, Orthopedic Treatment, Bariatric Surgery, Fertility Treatment, Ophthalmic Treatment, and Other Treatments), and Geography (North America, Europe, Asia-Pacific, Middle-East and Africa, and South America). The market report also covers the estimated market sizes and trends for 17 different countries across major regions, globally. The report offers the value in USD for the above segments.
| By Treatment Type | Cosmetic Treatment | |
| Dental Treatment | ||
| Cardiovascular Treatment | ||
| Orthopedic Treatment | ||
| Bariatric Surgery | ||
| Fertility Treatment | ||
| Ophthalmic Treatment | ||
| Other Treatments | ||
| By Geography | North America | United States |
| Canada | ||
| Mexico | ||
| By Geography | Europe | Germany |
| United Kingdom | ||
| France | ||
| Italy | ||
| Spain | ||
| Rest of Europe | ||
| By Geography | Asia-Pacific | China |
| Japan | ||
| India | ||
| Australia | ||
| South Korea | ||
| Rest of Asia-Pacific | ||
| By Geography | Middle East and Africa | GCC |
| South Africa | ||
| Rest of Middle East and Africa | ||
| By Geography | South America | Brazil |
| Argentina | ||
| Rest of South America |
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?
Apollo Hospitals Enterprise Limited, KPJ Healthcare Berhad, IHH Healthcare Berhad (Fortis Healthcare Limited), NTT Medical Center Tokyo and Cleveland Clinic 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 Asia Pacific 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: 2019, 2020, 2021, 2022 and 2023. The report also forecasts the Medical Tourism Market size for years: 2024, 2025, 2026, 2027, 2028 and 2029.
Medical Tourism Industry Report
Statistics for the 2024 Medical Tourism market share, size and revenue growth rate, created by Mordor Intelligence™ Industry Reports. Medical Tourism analysis includes a market forecast outlook to for 2024 to 2029 and historical overview. Get a sample of this industry analysis as a free report PDF download.
