Medical Tourism Market Value By Service (Medical Treatment, Wellness Treatment, Alternative Treatment), By Service Provider (Public, Private), By Region - Industry Share & Forecast, 2023 - 2032

Market Overview:

Medical Tourism Market size exceeded USD 14.1 Billion in 2022 and is expected to showcase a CAGR of over 20.3% from 2023 to 2032. By the end of the forecast period, the market is projected to surpass more than USD 60.5 Billion.

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The phenomenon of medical tourism refers to the practice of individuals traveling across international borders to seek medical treatment. This can encompass a wide variety of medical services, although it is most often associated with dental care, cosmetic surgery, elective surgery, and fertility treatment. Recently, there has been a trend of patients from wealthier, more developed nations traveling to less developed countries in order to access medical care, a trend largely fueled by the lower costs of treatments available in these countries and facilitated by affordable air travel and online resources for researching treatment options. Moreover, according to the Medical Tourism Association, an estimated 11 million people travel overseas for medical treatment each year.

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Growth Factors: 

• Cost Savings: One of the biggest drivers of medical tourism is cost savings. Medical procedures in many countries, particularly in less developed nations, can be significantly cheaper than in the developed world. For example, the cost of a heart bypass surgery in the United States can be upwards of $100,000, while the same procedure can be done for as little as $11,000 in India.
   
• Quality of Care: While cost is a major consideration, the quality of care is also an important factor. Many medical tourists travel to countries that have a reputation for high-quality medical care. Hospitals in countries like Thailand, Singapore, and South Korea are renowned for their medical expertise and state-of-the-art facilities.
   
• Availability of Treatments: Another factor driving medical tourism is the availability of treatments that may not be available in a patient's home country. For example, some countries may offer experimental treatments that are not yet approved in other parts of the world. Additionally, some countries may have shorter wait times for certain procedures.

Restrain Factors: 

• Regulatory Barriers: One of the biggest restraints on the growth of medical tourism is regulatory barriers. Different countries have different regulations regarding medical treatment, and some countries may require extensive paperwork or may not allow certain procedures altogether.
   
• Safety Concerns: Another factor that may restrain the growth of medical tourism is safety concerns. Medical tourists may be at risk of contracting diseases or infections that they may not be exposed to in their home country. Additionally, some countries may have different safety standards, which may put patients at risk.

By Service Provider Synopsys:      

The global market is segmented into public and private service providers, with the private segment holding the dominant market share in 2020, due to the growing number of private providers worldwide, which offer high-quality medical services that attract medical tourists. Private providers are able to offer advanced medical infrastructure, digital systems, and value-based care at a lower cost compared to public providers, which contributes to their market dominance.

In contrast, the growth of public providers is expected to be slower due to the lack of funding for medical treatment in some countries. For instance, Canadians prefer private providers as most medical treatments are either unavailable or not funded in public hospitals.

Regional Overview:

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The Asia-Pacific region is the largest market for medical tourism, accounting for over 40% of the global market share. This is due to the low cost of medical treatment in countries like India, Thailand, and Malaysia, which offer high-quality medical services at a fraction of the cost compared to developed countries. Additionally, these countries have a large pool of highly skilled medical professionals who can perform complex medical procedures, such as heart surgery, organ transplants, and cancer treatment.

North America is a major source of medical tourists, with patients traveling to countries like Mexico, Costa Rica, and the Caribbean for affordable medical treatments. These countries offer a range of medical procedures, including dental care, cosmetic surgery, and weight loss surgery, at a fraction of the cost of similar treatments in the United States. A study by the Centers for Disease Control and Prevention (CDC) found that an estimated 750,000 Americans travel abroad for medical treatment each year.

Key Development:

• In August 2022, The Indian Government has designated ten airports, including Ahmedabad, Delhi, , Hyderabad, Chennai, Bengaluru, Kolkata, Mumbai, Visakhapatnam, Kochiand Guwahati, to provide special desks, a multi-lingual portal, and simplified visa regulations for international travelers seeking medical treatment in India.
   
• In July 2019, Korea Tourism Organization (KTO) has entered into a partnership with the Medical Tourism Association (MTA) due to the advanced and comprehensive medical services that South Korea offers to patients from around the world.

Top companies includes in the global medical tourism market:

• Aditya Birla Memorial Hospital,
• Apollo Hospitals Enterprise
• Samitivej PCL
• NTT Medical Center Tokyo
• Asian Heart Institute
• Seoul National University Hospital
• Barbados Fertility Center
• Wooridul Spine Hospital
• Fortis Healthcare Limited
• KPJ Healthcare Berhad
• Prince Court Medical Centre
• Others

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In-depth analysis of medical tourism market along with industry coverage and forecasting for the following segments:

Market Size, By Service

• Medical Treatment
  • Oncology Procedures
  • Cardiac Procedures
  • Dental Procedures
  • Orthopedic & Spine Procedures
  • Others
• Wellness Treatment
  • Rejuvenation Procedures
  • Cosmetic Procedures
  • Others
• Alternative Treatment

Market Size, By Service Provider

• Public
• Private

Market Size, By Region

• North America
• Europe
• Asia Pacific
• Middle East and Africa
• Latin America