Global Medical Tourism Market Size, Segments, Outlook, and Revenue Forecast 2022-2028 by Treatment Type, Service Provider, and Major Regions (North America, Europe, Asia-Pacific, Latin America Middle East, and Africa )

Market Overview

Medical tourism is the process of organized travel outside the country to avail medical care. Medical tourists travel across the countries to use low-cost healthcare treatments and facilities to maintain, improve, or restore their health. Medical tourists travel to access different kinds of treatments such as neurological care, dental care, cardiovascular care, cosmetic treatments, and other treatment options.

Public and private service providers offer better healthcare facilities, advanced technology, improved hospitality, breakthrough medicines, and cost-efficient treatments to lure customers.

According to Ken Research Analysis, the Global Medical Tourism Market is expected to record a positive CAGR of ~15% during the forecast period (2022-2028) reaching ~US$ 100 billion by 2028, owing to an increase in demand for low-cost and high-quality treatment for the diagnosis and treatment of various diseases including cardiovascular, neurological, and others.

The growing demand for low-cost medical treatment in developing countries and rising awareness about medical tourism among patients are some of the factors driving the market growth.

The lack of healthcare insurance coverage and inadequate insurance benefits are anticipated to encourage patients to travel outside their country to seek high-quality and low-cost medical treatments, which is likely to boost the demand for the medical tourism market globally.

The availability of high-quality treatment in developing countries along with growing demand for non-covered procedures including dental reconstruction, reproductive therapy, gender reassignment surgery, aesthetic surgery, and others, are expected to aid the growth of the Global Medical Tourism Market. The Global Medical Tourism Market faces challenges due to difficulty with patient follow-up and post-surgery complications.

The difficulty in taking patient follow-up after treatment for any kind of infection, particularly antibiotic-resistant infections, or other safety risks is the most significant barrier to the growth of the Global Medical Tourism Industry.

The COVID-19 pandemic negatively impacted the Medical Tourism Market owing to significant travel restrictions due to which patients were unable to seek medical treatments. Moreover, the pandemic created difficulties related to sharing patients' medical information between domestic and overseas medical institutes due to the interruption of medical tourism.

Scope of the Report

The Medical Tourism Market is segmented by treatment type and service provider. In addition, the report also covers market size and forecasts for the four region's Medical Tourism Market. The revenue used to size and forecast the market for each segment is US$ billion.

By Treatment Type

Cardiovascular Treatment

Orthopedic Treatment

Cosmetic Treatment

Bariatric Treatment

Dental Treatment

Oncology Treatment

Infertility Treatment

Neurological Treatment

Others

By Service Provider

Public

Private

By Geography

North America

US

Canada

Mexico

Costa Rica

Europe

Germany

UK

France

Spain

Belgium

Austria

Rest of Europe

Asia-Pacific

China

Thailand

South Korea

India

Indonesia

Australia

Malaysia

Singapore

TaiwanRest of Asia Pacific

LAMEA

Latin America

Middle East

Africa

Key Players

Aditya Birla Health Services Ltd.

Apollo Hospitals Enterprise Ltd.

Fortis Healthcare

Asian Heart Institute

KPJ Healthcare Berhad

Nippon Telegraph and Telephone East Corporation

Samitivej PCL

Wooridul Spine Hospital

Seoul National University Hospital

Prince Court Medical Centre

Key Trends by Market Segment:

By Treatment Type: The oncology treatment segment held the largest share of the Global Medical Tourism Market in 2021, owing to the rising incidences of cancer globally.

Medical tourism for the treatment of cancer is preferred due to expensive prolonged oncology treatments and the lack of advanced technologies in some countries, due to which patients choose to travel to other countries that offer advanced technology and low-cost treatment. The above-mentioned factor is expected to fuel the growth of the market.

By Service Provider: The private segment accounted for the largest share of the Global Medical Tourism Market in 2021, due to the availability of digital systems, advanced medical infrastructure, and value-based care at low cost.

The increasing demand for private medical service providers offering high-class medical service is anticipated to attract tourists and propel the growth of the segment in the Global Medical Tourism Market.

By Geography: Asia-Pacific region accounted for the largest share of the Global Medical Tourism Market in 2021, due to the availability of inexpensive flights, low-cost treatment, and increasing marketing and availability of online information for medical services.

The increase in government initiatives and investment to improve healthcare infrastructure coupled with the availability of quality care at a relatively low cost of treatment is expected to augment the growth of the region in the Global Medical Tourism Market.

Competitive Landscape

The Medical Tourism Market is highly competitive with ~500 players that include globally diversified players, regional players as well as a large number of country-niche players having their niche in medical tourism.

Country-niche players constitute ~93% of the market, while the regional players are the second largest by type. Some of the major players in the market include Aditya Birla Health Services Ltd., Apollo Hospitals Enterprise Ltd., Fortis Healthcare, Asian Heart Institute, KPJ Healthcare Berhad, Nippon Telegraph and Telephone East Corporation, Samitivej PCL, Wooridul Spine Hospital, Seoul National University Hospital, and Prince Court Medical Centre, among others.

The leading global medical tourism companies such as KPJ Healthcare Berhad, Fortis Healthcare, Asian Heart Institute, and Wooridul Spine Hospital are highly focused on collaborating with governmental bodies, policymakers, travel agents, and others to maintain their position in the market.

Recent Developments Related to Major Players

In September 2022, KPJ Healthcare Berhad collaborated with Tourism Johor to continue its efforts towards enhancing the visibility of health tourism. The company is focusing on offering high-quality service at affordable rates.

In November 2019, Seoul National University Hospital was accredited for a three-year term by Global Healthcare Association (GHA) for its medical travel service program. The GHA's flagship program helped the company to enhance its patient experience for medical travelers and improve productivity and business performance.

Conclusion

The Global Medical Tourism Market is forecasted to continue a rapid growth, primarily driven by the surging demand for high-quality treatment at affordable prices. The increasing initiatives by governmental bodies to improve the healthcare infrastructure and offer cutting-edge technology, better healthcare, breakthrough medicines, and improved hospitality is further fueling the growth of the market. Though the market is highly competitive with ~500 participants, country-niche players control the dominant market share.

Note: This is an upcoming/planned report, so the figures quoted here for a market size estimate, forecast, growth, segment share, and competitive landscape are based on initial findings and might vary slightly in the actual report. Also, any required customizations can be covered to the best feasible extent for pre-booking clients, and the report delivered within a maximum of two working weeks.

Key Topics Covered in the Report

Snapshot of the Global Medical Tourism Market

Industry Value Chain and Ecosystem Analysis of the Medical Tourism Market

Market size and Segmentation of the Global Medical Tourism Market

Historic Growth of the Overall Global Medical Tourism Market and Segments

Competition Scenario of the Medical Tourism Market and Key Developments of Competitors

Porter's 5 Forces Analysis of the Global Medical Tourism Industry

Overview, Product Offerings, and Strategic Developments of Key Competitors

COVID-19 Impact on the Overall Global Medical Tourism Market

Future Market Forecast and Growth Rates of the Global Medical Tourism Market and by Segments

Market Size of Application/End-User Segments with historical CAGR and Future Forecasts

Analysis of the Medical Tourism Market in Major Regions

Major Production / Consumption Hubs in the Major Regions

Major Production/Supply and Consumption/Demand Hubs in Each Region

Major Country-wise Historic and Future Market Growth Rates of the Total Medical Tourism Market and Segments

Overview of Notable Emerging Competitor Companies within Each Major Region

Major Companies Profiled in the Report

Aditya Birla Health Services Ltd.

Apollo Hospitals Enterprise Ltd.

Fortis Healthcare

Asian Heart Institute

KPJ Healthcare Berhad

Nippon Telegraph and Telephone East Corporation

Samitivej PCL

Wooridul Spine Hospital

Seoul National University Hospital

Prince Court Medical Centre

Notable Emerging Companies Mentioned in the Report

Bangkok Hospital Group

Bumrungrad International Hospital

Livonta Global

Max Healthcare

Klinikum Medical Link

Key Target Audience - Organizations and Entities Who Can Benefit by Subscribing This Report

Private Hospitals Chains

Medical Tourism Service Providers

Medical Associations

Governmental Regulatory Bodies

Financial Institutions

Investors for Hospitals

Tourism Service Providers

Medical Equipment Manufacturers

Medical Researchers

Pharmaceutical Products Manufacturers

Hotel Chains Focused on Medical Tourists

Health-tech Companies

Period Captured in the Report

Historical Period: 2017-2021

Forecast Period: 2022E-2028F

Frequently Asked Questions

What is the Study Period of this Market Report?

The Global Medical Tourism Market is covered from 2017-2028 in this report, which includes a forecast for the period 2022-2028.

What is the Future Growth Rate of the Global Medical Tourism Market?

The Global Medical Tourism Market is expected to witness a CAGR of ~15% for the next six years.

What are the Key Factors Driving the Global Medical Tourism Market?

The lack of healthcare insurance coverage and inadequate insurance benefits coupled with growing demand for premium quality treatment at affordable prices is expected to propel the growth of the Global Medical Tourism Market.

Which is the Largest Treatment Type Segment within the Global Medical Tourism Market?

Oncology Treatment held the largest share of the Global Medical Tourism Market.

Who are the Key Players in Global Medical Tourism Market?

ADITYA BIRLA HEALTH SERVICES LTD., Apollo Hospitals Enterprise Ltd., Fortis Healthcare, Asian Heart Institute, KPJ Healthcare Berhad, Nippon Telegraph and Telephone East Corporation, Samitivej PCL, Wooridul Spine Hospital, Seoul National University Hospital, and Prince Court Medical Centre among others.