Medical Tourism Market Synopsis

Medical Tourism Market Size Was Valued at USD 12.1 Billion in 2023, and is Projected to Reach USD 91.8 Billion by 2032, Growing at a CAGR of 25.2% From 2024-2032.

Medical tourism can thus be described as the instance in which patients travel to another country to seek medical care that they can either pay less for or receive it faster than if they were in their home country. This situation is attributed to aspects like inequality in healthcare expenses across the world, the access to sophisticated equipment, and the need to receive particular treatment that may not be provided or too cost in the home country. Some of the top treatments that are sought by people who use medical tourism include; minor surgeries, cosmetic/ aesthetic procedures, infertility treatments, and major surgeries such as transplants. Medical tourism structures identified tend to be well-developed in countries that offer specialized services dealing with global patients combined with the comfort of a tourism package resulting in a micro-segment in the healthcare tourism industry.

• The medical tourism industry has found a promising tendency in the global level due to developed healthcare services, expensive medical treatments in the developed countries, improvement in medical technologies and services, and growth in consciousness about medical treatments and services in the developing nations. Outpatients and day care patients look for quality services at cheaper prices than those in their home countries, cross border for medical treatments, and also take time to have quality time in leisure while undergoing their treatment. Main receiving nations include Thailand, India, Mexico and Turkey where the health care executives have specialized services that cater for international patients for almost all services including aesthetic surgeries to major surgeries like cardio vascular surgeries, organ transplants and so on. The market is still actively growing increasing the number of countries to offer specialized medical services to international patients, thus defining the further development of the supply markets for healthcare services.
• However, some of the issues remain questionable and these are; the standards of healthcare, language differences, and issues of travelling to other countries cannot be regarded as problems of the past. The regulatory problems concerning the patient safety, the quality of the care, and the ethical concerns, are other factors affecting the dynamics of this market. As the industry grows old, the members of this industry are aiming near optimalization by setting up the standardized procedures; introduction of all-inclusive healthcare service packages; and developing the strategic affiliations with other sectors in the tourists’ services’ industries. Measures to counteract these are important in the ability to continue developing and building confidence in patients of foreign hospitals and clinics.

Medical Tourism Market Trend Analysis

Increasing emphasis on holistic patient care and wellness tourism

• Another developing avenue observed in medical tourist industry is the concentration on the process of health treatment as a holistic view of the patient. Besides, more and more places are providing comprehensive treatment services that combine medical care with healthy lifestyles, early detection, and unconventional treatment. Such effects signify an increased level of desire among consumers for a complete health solutions that will allow them to lead healthy and long lives.
•  Medical tourism usually has a strong wellness theme and involves the integration of treatment with other processes such as spa treatment, yoga, dietary consulting and stress management education. Apart from bringing the patient traffic that seeks a medical solution, it also has the factor that appeals to the traveler who is interested in boosting his/her health in the course of the vacation. Continuing this way, this trend reveals the intersection of healthcare and lifestyle decisions on medical tourism’s further development.

Expansion of specialized healthcare services

• The main potential market in medical tourist industry is associated with the growth of niche services that target certain population groups or patients with certain medical requirements. Thus, the availability of better standards of health care and modern technologies people seek more sophisticated services that may not always be provided in their home countries. This has created an opportunity for the destinations to market them as specialists in various areas of medicine including Oncology, Reproductive health, regenerative medicine, or complicated surgeries depending on the nature of the organ or body part.
• Governments that embrace the development and professionalism of advanced healthcare centers, highly-trained practitioners and sound standards in service delivery to patients set the stage for a diverse mix of foreign patients searching for such services. In addition, such collaborations between healthcare institutions, tourism companies, and state authorities can contribute to the improvement of the overall patient care proposal, including medical procedures, travel, and entertainment services.

Medical Tourism Market Segment Analysis:

Medical Tourism Market Segmented on the basis of Treatment Type and Service Provider.

By Treatment Type, Cardiovascular treatment segment is expected to dominate the market during the forecast period

• Among the various categories of treatment, the cardiovascular treatment segment is expected occupy a significantly large value share in global medical tourism over the coming years due to being successful global increase in cardiovascular illness incidence rates and the technique’s complexity. Cardiac care is another crucial area that attract patients to engage in medical tourism since they are cheaper to treat, equipped with modern technology and the waiting lists as well are relatively shorter compared to some developed nations. Heart surgeries prevalent in this segment include CABG, Angioplasty, cardiac catheterization, heart valve replacement operations and many others.
• India, Thailand, Mexico and other countries famous for having a well-developed cardiovascular healthcare sector appeal to international patients by providing well-equipped centres for cardiovascular treatment performed with the help of experienced cardiology and cardiovascular surgery specialists. Thus, it can be stated that the dominance of this treatment segment in medical tourism will remain unchanged as the standards of healthcare increase globally as well as cardiovascular medicine progresses, therefore playing a major role in the growth and development of this sphere.

By Service Provider, Public segment expected to held the largest share

• Specifically, regarding medical tourism, the public segment is expected to cover the largest share concentrated on the provision of services. This expectation has been informed by several aspects such as the large amounts of money that governments have invested in the development of health facility and in marketing their nation as different medical novelty holidays destinations. Some of the positive Government interventions include, financial assistance by the state to some of the public hospitals and healthcare institutions, which makes it possible for the health facilities to charge reasonable fees for the healthcare services offered in comparison to their counterparts in the private sector.
• Also, healthcare facilities in many countries, especially in the developing nations have adopted high quality measures an accreditation measures that result to improved standard of patient safety an satisfaction hence using health facilities gains credibility to the international patient. Thus, these institutions are in a central position to contribute significantly to realization of medical tourism and utilize available resource to offer more affordable quality health care services to global market.

Medical Tourism Market Regional Insights:

Asia Pacific is Expected to Dominate the Market Over the Forecast period

• The Asia Pacific region is expected to take the lions share of the global medical tourism market in the forecast period due to the following factors. It guarantees the availability of the top-grade medical facilities, experienced personnel and lower price-levels in contrast with the Western countries’ ones. Thailand, India, Singapore, and Malaysia are recognized as medical tourism-capable nations that provide cardiac surgery, orthopedic surgery, beauty, and antiaging treatments, and other treatment methods including the use of natural resource and alternative medicine.
• Also, the geographical position of this region also favours access to the major markets such as Europe, North America, and Australia. Through constant development of healthcare facilities and equipments, establishment of new policies for patients’ safety, and development of infrastructure for medical tourism, Asia Pacific has become more appealing to foreign patients in search of affordable quality treatments and therapies while at the same time enjoying the beauty of different cultures and locations for their recovery.

Active Key Players in the Medical Tourism Market

• Anadolu Medical Center (Turkey)
• Apollo Hospitals (India)
• Asian Heart Institute (India)
• Bangkok Hospital Group (Thailand)
• Bumrungrad International Hospital (Thailand)
• Cleveland Clinic (United States)
• Fortis Healthcare (India)
• Gleneagles Hospital (Singapore)
• Hospital Israelita Albert Einstein (Brazil)
• KPJ Healthcare Berhad (Malaysia)
• Medanta - The Medicity (India)
• Prince Court Medical Centre (Malaysia)
• Raffles Medical Group (Singapore)
• Shouldice Hospital (Canada)
• Wooridul Spine Hospital (South Korea)
• Other key Players

Chapter 1: Introduction
 1.1 Scope and Coverage

Chapter 2:Executive Summary

Chapter 3: Market Landscape
 3.1 Market Dynamics
  3.1.1 Drivers
  3.1.2 Restraints
  3.1.3 Opportunities
  3.1.4 Challenges
 3.2 Market Trend Analysis
 3.3 PESTLE Analysis
 3.4 Porter's Five Forces Analysis
 3.5 Industry Value Chain Analysis
 3.6 Ecosystem
 3.7 Regulatory Landscape
 3.8 Price Trend Analysis
 3.9 Patent Analysis
 3.10 Technology Evolution
 3.11 Investment Pockets
 3.12 Import-Export Analysis

Chapter 4: Medical Tourism Market by Treatment Type
 4.1 Medical Tourism Market Snapshot and Growth Engine
 4.2 Medical Tourism Market Overview
 4.3 Cardiovascular treatment
  4.3.1 Introduction and Market Overview
  4.3.2 Historic and Forecasted Market Size in Value USD and Volume Units (2017-2032F)
  4.3.3 Key Market Trends, Growth Factors and Opportunities
  4.3.4 Cardiovascular treatment: Geographic Segmentation Analysis
 4.4 Orthopedic treatment
  4.4.1 Introduction and Market Overview
  4.4.2 Historic and Forecasted Market Size in Value USD and Volume Units (2017-2032F)
  4.4.3 Key Market Trends, Growth Factors and Opportunities
  4.4.4 Orthopedic treatment: Geographic Segmentation Analysis
 4.5 Cosmetic treatment
  4.5.1 Introduction and Market Overview
  4.5.2 Historic and Forecasted Market Size in Value USD and Volume Units (2017-2032F)
  4.5.3 Key Market Trends, Growth Factors and Opportunities
  4.5.4 Cosmetic treatment: Geographic Segmentation Analysis
 4.6 Bariatric treatment
  4.6.1 Introduction and Market Overview
  4.6.2 Historic and Forecasted Market Size in Value USD and Volume Units (2017-2032F)
  4.6.3 Key Market Trends, Growth Factors and Opportunities
  4.6.4 Bariatric treatment: Geographic Segmentation Analysis
 4.7 Dental treatment
  4.7.1 Introduction and Market Overview
  4.7.2 Historic and Forecasted Market Size in Value USD and Volume Units (2017-2032F)
  4.7.3 Key Market Trends, Growth Factors and Opportunities
  4.7.4 Dental treatment: Geographic Segmentation Analysis
 4.8 Ophthalmology treatment
  4.8.1 Introduction and Market Overview
  4.8.2 Historic and Forecasted Market Size in Value USD and Volume Units (2017-2032F)
  4.8.3 Key Market Trends, Growth Factors and Opportunities
  4.8.4 Ophthalmology treatment: Geographic Segmentation Analysis
 4.9 Infertility treatment
  4.9.1 Introduction and Market Overview
  4.9.2 Historic and Forecasted Market Size in Value USD and Volume Units (2017-2032F)
  4.9.3 Key Market Trends, Growth Factors and Opportunities
  4.9.4 Infertility treatment: Geographic Segmentation Analysis
 4.10 Alternative medicine
  4.10.1 Introduction and Market Overview
  4.10.2 Historic and Forecasted Market Size in Value USD and Volume Units (2017-2032F)
  4.10.3 Key Market Trends, Growth Factors and Opportunities
  4.10.4 Alternative medicine: Geographic Segmentation Analysis
 4.11 Others
  4.11.1 Introduction and Market Overview
  4.11.2 Historic and Forecasted Market Size in Value USD and Volume Units (2017-2032F)
  4.11.3 Key Market Trends, Growth Factors and Opportunities
  4.11.4 Others: Geographic Segmentation Analysis

Chapter 5: Medical Tourism Market by Service Provider
 5.1 Medical Tourism Market Snapshot and Growth Engine
 5.2 Medical Tourism Market Overview
 5.3 Public
  5.3.1 Introduction and Market Overview
  5.3.2 Historic and Forecasted Market Size in Value USD and Volume Units (2017-2032F)
  5.3.3 Key Market Trends, Growth Factors and Opportunities
  5.3.4 Public: Geographic Segmentation Analysis
 5.4 Private
  5.4.1 Introduction and Market Overview
  5.4.2 Historic and Forecasted Market Size in Value USD and Volume Units (2017-2032F)
  5.4.3 Key Market Trends, Growth Factors and Opportunities
  5.4.4 Private: Geographic Segmentation Analysis

Chapter 6: Company Profiles and Competitive Analysis
 6.1 Competitive Landscape
  6.1.1 Competitive Benchmarking
  6.1.2 Medical Tourism Market Share by Manufacturer (2023)
  6.1.3 Industry BCG Matrix
  6.1.4 Heat Map Analysis
  6.1.5 Mergers and Acquisitions
  
 6.2 ANADOLU MEDICAL CENTER (TURKEY)
  6.2.1 Company Overview
  6.2.2 Key Executives
  6.2.3 Company Snapshot
  6.2.4 Role of the Company in the Market
  6.2.5 Sustainability and Social Responsibility
  6.2.6 Operating Business Segments
  6.2.7 Product Portfolio
  6.2.8 Business Performance
  6.2.9 Key Strategic Moves and Recent Developments
  6.2.10 SWOT Analysis
 6.3 APOLLO HOSPITALS (INDIA)
 6.4 ASIAN HEART INSTITUTE (INDIA)
 6.5 BANGKOK HOSPITAL GROUP (THAILAND)
 6.6 BUMRUNGRAD INTERNATIONAL HOSPITAL (THAILAND)
 6.7 CLEVELAND CLINIC (UNITED STATES)
 6.8 FORTIS HEALTHCARE (INDIA)
 6.9 GLENEAGLES HOSPITAL (SINGAPORE)
 6.10 HOSPITAL ISRAELITA ALBERT EINSTEIN (BRAZIL)
 6.11 KPJ HEALTHCARE BERHAD (MALAYSIA)
 6.12 MEDANTA - THE MEDICITY (INDIA)
 6.13 PRINCE COURT MEDICAL CENTRE (MALAYSIA)
 6.14 RAFFLES MEDICAL GROUP (SINGAPORE)
 6.15 SHOULDICE HOSPITAL (CANADA)
 6.16 WOORIDUL SPINE HOSPITAL (SOUTH KOREA)
 6.17 OTHER KEY PLAYERS

Chapter 7: Global Medical Tourism Market By Region
 7.1 Overview
 7.2. North America Medical Tourism Market
  7.2.1 Key Market Trends, Growth Factors and Opportunities
  7.2.2 Top Key Companies
  7.2.3 Historic and Forecasted Market Size by Segments
  7.2.4 Historic and Forecasted Market Size By Treatment Type
   7.2.4.1 Cardiovascular treatment
   7.2.4.2 Orthopedic treatment
   7.2.4.3 Cosmetic treatment
   7.2.4.4 Bariatric treatment
   7.2.4.5 Dental treatment
   7.2.4.6 Ophthalmology treatment
   7.2.4.7 Infertility treatment
   7.2.4.8 Alternative medicine
   7.2.4.9 Others
  7.2.5 Historic and Forecasted Market Size By Service Provider
   7.2.5.1 Public
   7.2.5.2 Private
  7.2.6 Historic and Forecast Market Size by Country
   7.2.6.1 US
   7.2.6.2 Canada
   7.2.6.3 Mexico
 7.3. Eastern Europe Medical Tourism Market
  7.3.1 Key Market Trends, Growth Factors and Opportunities
  7.3.2 Top Key Companies
  7.3.3 Historic and Forecasted Market Size by Segments
  7.3.4 Historic and Forecasted Market Size By Treatment Type
   7.3.4.1 Cardiovascular treatment
   7.3.4.2 Orthopedic treatment
   7.3.4.3 Cosmetic treatment
   7.3.4.4 Bariatric treatment
   7.3.4.5 Dental treatment
   7.3.4.6 Ophthalmology treatment
   7.3.4.7 Infertility treatment
   7.3.4.8 Alternative medicine
   7.3.4.9 Others
  7.3.5 Historic and Forecasted Market Size By Service Provider
   7.3.5.1 Public
   7.3.5.2 Private
  7.3.6 Historic and Forecast Market Size by Country
   7.3.6.1 Bulgaria
   7.3.6.2 The Czech Republic
   7.3.6.3 Hungary
   7.3.6.4 Poland
   7.3.6.5 Romania
   7.3.6.6 Rest of Eastern Europe
 7.4. Western Europe Medical Tourism Market
  7.4.1 Key Market Trends, Growth Factors and Opportunities
  7.4.2 Top Key Companies
  7.4.3 Historic and Forecasted Market Size by Segments
  7.4.4 Historic and Forecasted Market Size By Treatment Type
   7.4.4.1 Cardiovascular treatment
   7.4.4.2 Orthopedic treatment
   7.4.4.3 Cosmetic treatment
   7.4.4.4 Bariatric treatment
   7.4.4.5 Dental treatment
   7.4.4.6 Ophthalmology treatment
   7.4.4.7 Infertility treatment
   7.4.4.8 Alternative medicine
   7.4.4.9 Others
  7.4.5 Historic and Forecasted Market Size By Service Provider
   7.4.5.1 Public
   7.4.5.2 Private
  7.4.6 Historic and Forecast Market Size by Country
   7.4.6.1 Germany
   7.4.6.2 UK
   7.4.6.3 France
   7.4.6.4 Netherlands
   7.4.6.5 Italy
   7.4.6.6 Russia
   7.4.6.7 Spain
   7.4.6.8 Rest of Western Europe
 7.5. Asia Pacific Medical Tourism Market
  7.5.1 Key Market Trends, Growth Factors and Opportunities
  7.5.2 Top Key Companies
  7.5.3 Historic and Forecasted Market Size by Segments
  7.5.4 Historic and Forecasted Market Size By Treatment Type
   7.5.4.1 Cardiovascular treatment
   7.5.4.2 Orthopedic treatment
   7.5.4.3 Cosmetic treatment
   7.5.4.4 Bariatric treatment
   7.5.4.5 Dental treatment
   7.5.4.6 Ophthalmology treatment
   7.5.4.7 Infertility treatment
   7.5.4.8 Alternative medicine
   7.5.4.9 Others
  7.5.5 Historic and Forecasted Market Size By Service Provider
   7.5.5.1 Public
   7.5.5.2 Private
  7.5.6 Historic and Forecast Market Size by Country
   7.5.6.1 China
   7.5.6.2 India
   7.5.6.3 Japan
   7.5.6.4 South Korea
   7.5.6.5 Malaysia
   7.5.6.6 Thailand
   7.5.6.7 Vietnam
   7.5.6.8 The Philippines
   7.5.6.9 Australia
   7.5.6.10 New Zealand
   7.5.6.11 Rest of APAC
 7.6. Middle East & Africa Medical Tourism Market
  7.6.1 Key Market Trends, Growth Factors and Opportunities
  7.6.2 Top Key Companies
  7.6.3 Historic and Forecasted Market Size by Segments
  7.6.4 Historic and Forecasted Market Size By Treatment Type
   7.6.4.1 Cardiovascular treatment
   7.6.4.2 Orthopedic treatment
   7.6.4.3 Cosmetic treatment
   7.6.4.4 Bariatric treatment
   7.6.4.5 Dental treatment
   7.6.4.6 Ophthalmology treatment
   7.6.4.7 Infertility treatment
   7.6.4.8 Alternative medicine
   7.6.4.9 Others
  7.6.5 Historic and Forecasted Market Size By Service Provider
   7.6.5.1 Public
   7.6.5.2 Private
  7.6.6 Historic and Forecast Market Size by Country
   7.6.6.1 Turkey
   7.6.6.2 Bahrain
   7.6.6.3 Kuwait
   7.6.6.4 Saudi Arabia
   7.6.6.5 Qatar
   7.6.6.6 UAE
   7.6.6.7 Israel
   7.6.6.8 South Africa
 7.7. South America Medical Tourism Market
  7.7.1 Key Market Trends, Growth Factors and Opportunities
  7.7.2 Top Key Companies
  7.7.3 Historic and Forecasted Market Size by Segments
  7.7.4 Historic and Forecasted Market Size By Treatment Type
   7.7.4.1 Cardiovascular treatment
   7.7.4.2 Orthopedic treatment
   7.7.4.3 Cosmetic treatment
   7.7.4.4 Bariatric treatment
   7.7.4.5 Dental treatment
   7.7.4.6 Ophthalmology treatment
   7.7.4.7 Infertility treatment
   7.7.4.8 Alternative medicine
   7.7.4.9 Others
  7.7.5 Historic and Forecasted Market Size By Service Provider
   7.7.5.1 Public
   7.7.5.2 Private
  7.7.6 Historic and Forecast Market Size by Country
   7.7.6.1 Brazil
   7.7.6.2 Argentina
   7.7.6.3 Rest of SA

Chapter 8 Analyst Viewpoint and Conclusion
8.1 Recommendations and Concluding Analysis
8.2 Potential Market Strategies

Chapter 9 Research Methodology
9.1 Research Process
9.2 Primary Research
9.3 Secondary Research