Medical Tourism Market Sales to Top USD 41.51 Bn in Revenues by 2033
Updated · Feb 22, 2023
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Introduction: What is Medical Tourism?
Published Via 11Press: Medical Tourism Market: Medical tourism, also known as medical travel, is a growing phenomenon where individuals seek out treatment outside of their home country. This is typically done in order to take advantage of either lower costs or access to treatments not available in the home country. Medical tourists are attracted by a range of factors such as cost savings and high-quality care, which can be found outside their own countries.
The global market for medical tourism has grown significantly over the years due to increasing demand from patients looking for cheaper treatments abroad. The growth rate is estimated at 13-18% annually – making it one of the fastest-growing segments within healthcare today. In addition, medical tourists have been drawn to places like India, Turkey and Thailand due to their well-developed infrastructure and excellent doctors who offer exceptional care at lower costs compared with other countries.
Medical Tourism Market Overview
The global medical tourism market size is expected to be worth around USD 41.51 Bn by 2033 from USD 13.13 Bn in 2023, growing at a CAGR of 12.20% during the forecast period from 2022 to 2032, according to a new study by Market.us.
Medical tourism refers to the process of traveling to another country for medical treatment or procedures. The medical tourism industry has grown rapidly in recent years, driven by the high cost of medical care in developed countries and the availability of high-quality medical care at lower costs in developing countries. The market is expected to continue to grow in the coming years, with increasing numbers of patients seeking medical treatment abroad.
Market Demand and Trend
The medical tourism market is primarily driven by the demand for affordable and high-quality medical care. Patients often travel to other countries for medical procedures that are either not available in their home country or are too expensive. The market demand for medical tourism is also driven by the growing awareness and acceptance of medical tourism among patients.
One of the key trends in the medical tourism market is the increasing use of technology to improve the patient experience. For example, many medical tourism companies now offer virtual consultations and online appointments to make the process of planning and arranging medical treatment abroad more convenient for patients.
- The medical tourism market is growing rapidly due to the high cost of medical care in developed countries and the availability of high-quality medical care at lower costs in developing countries.
- The market demand for medical tourism is driven by the demand for affordable and high-quality medical care, as well as the growing awareness and acceptance of medical tourism among patients.
- The use of technology to improve the patient experience is a key trend in the medical tourism market.
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- In 2022, North America dominates the global medical tourist market. This is due to the increasing number of Americans visiting the U.S. to treat their cardiological and orthopedic conditions. According to a World Travel and Tourism Council report, the U.S. spent $3930 million in inbound medical tourism in 2019. This is driving North America’s growth in medical tourism.
- Europe also holds the largest market share. A growing market for medical tourism in Europe is being driven by factors like the development of infrastructure and medical facilities in countries such as Spain, France, and the U.K. and the rising popularity of medical tourism. These countries suffered a significant loss in the market due to the coronavirus epidemic.
- Asia-Pacific is experiencing rapid growth in medical tourism. This is due to the low cost of treatment. According to the Medical Tourism Index, India ranks tenth in terms of medical tourism. In India, bypass surgery costs approximately $10,000, while it costs $113,000 in the United States. This is quite affordable. This is driving the Asia-Pacific market’s growth.
- Bumrungrad International Hospitals
- Apollo Hospitals
- Fortis Healthcare
- Asian Healthcare Institute
- Bangkok Chain Hospital
- KPJ Healthcare Berhad
- Livonta Global
- Gleneagles Hospitals
- BB Healthcare Solutions
- Berkalp CO. Limited
- Other Key Players
Affordable Care for Surgeries to Increase Market Growth
- Patients and healthcare providers are both being affected by the rising cost of healthcare in developed countries. The delays caused by regulations in many countries that are imposed on the healthcare system can also be due to the delay of procedures. People have been encouraged to travel abroad to receive medical care. According to the Medical and Health Tourism Congress, medical care in Asia is more affordable than in the United States. A heart bypass procedure in Thailand would cost USD 13,000. In the U.S., it would cost USD 113,000.
- Inbound medical tourism to countries like India and Thailand for affordable, quick, and low-cost care has contributed to an increase in the number of surgeries. The market growth is also due to lower prices for advanced surgery. Apollo Hospitals estimates that a hip replacement in Thailand will cost around USD 7,800, while the equivalent surgery costs in the United States are approximately USD 50,000.
Expanding Inbound Medical Travel to Increase Market Potential
- The healthcare industry is seeing technological advances in the areas of medical equipment, surgical procedures and wearables. This has made it easier for the world to adopt better healthcare facilities that provide value-based care. Telemedicine and telehealth, information and communication technology, have made it possible for patients to easily consult their doctors and book appointments.
- This has resulted in a rise in inbound tourism to developing countries like India and Thailand. According to the World Travel and Tourism Council Thailand ranks fifth for inbound medical tourism, ranking behind the U.S. and France. The globalization of the market has led to the desire to access low-cost medical care and advanced infrastructure.
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Pandemics Cause Travel Restrictions to Hamper Market Growth
- The availability of travel facilities from one country to the other is what makes medical tourism possible. The market growth is affected by any pandemic that occurs or the strict regulations enforced by the government in order to get medical care abroad. According to the World Tourism Organization in 2020, almost 73% of tourists fell due to the COVID-19 pandemic.
- This eventually impacted the industry thereby restricting the market growth owing to the decline in the rate of medical technologies/procedures for international travelers. Asia Pacific was badly affected by travel restrictions that caused a 84% decline in tourists in 2020. Accordingly, such a factor can be attributed to a decrease in market value over the forecast period. It is expected to take longer time to return to pre-pandemic levels.
- Expansion of medical tourism services to new destinations.
- Development of new medical technologies and procedures.
- Increasing collaboration between medical tourism providers and healthcare facilities in destination countries.
- Growth in medical tourism for wellness and preventive care.
- Increase in demand for online medical agents (OMA)
Many countries have developed strategies for promoting digitalization in healthcare services. This creates a demand to the most valuable treatment, regardless of where it is located. If the quality of diagnostics and surgical procedures improves, medical tourism will increase. Market growth will be driven by the adoption and use of digital platforms, connectivity technologies, and telemedicine.
- Ensuring quality and safety standards.
- Addressing regulatory and legal issues.
- Managing cultural and language barriers.
- Ensuring accessibility for patients with disabilities.
The COVID-19 pandemic was a major obstacle to the growth of the global medical tourism market. Due to travel restrictions and lockdown, the global medical tourism market suffered significant losses. Individuals were not allowed to travel between countries. According to the World Tourism Organization, there was a 73% drop in global traveler numbers in 2020 due to the COVID-19 pandemic.
According to the World Tourism Organization, arrivals in Asia-Pacific decreased 84% in 2020, compared with 2019. Lack of proper follow-up care is another major obstacle to the growth of medical tourism. Many people have difficulty receiving the appropriate follow-up care in their home country after they have received medical treatment abroad.
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Based on the Service Type
- Cardiac Procedures
- Oncology Procedures
- Orthopedics and Spines
- Dental Procedures
- Cosmetic Procedures
- Rejuvenation Procedures
Based on Service Providers
|Market size value in 2023||USD 13.13 Bn|
|Revenue forecast by 2033||USD 41.51 Bn|
|Growth Rate||CAGR of 12.20%|
|Regions Covered||North America, Europe, Asia Pacific, Latin America, and Middle East & Africa, and Rest of the World|
|Short-Term Projection Year||2028|
|Long-Term Projected Year||2032|
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Thailand, India, Mexico, and Turkey are among the most popular destinations for medical tourism.
The most commonly sought medical procedures through medical tourism include cosmetic surgery, dental procedures, fertility treatments, and orthopedic procedures.
Potential risks associated with medical tourism include complications during and after medical procedures, lack of regulatory oversight in some countries, and quality and safety concerns.
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