Medical Tourism Market Set for 12.2% CAGR Growth Over the Next Decade

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The global medical tourism market is projected to grow significantly, with its size expected to reach approximately USD 35.9 billion by 2032 from USD 11.7 billion in 2022, growing at a CAGR of 12.2% during the forecast period. This growth is driven by several factors, including the rising cost of healthcare in developed countries, the availability of high-quality medical treatments at lower costs in developing regions, and the increasing number of internationally accredited hospitals. Countries in the Asia-Pacific region, such as India, Thailand, and Malaysia, are popular destinations due to their advanced medical facilities and affordable treatment options. For instance, cardiac surgeries in India cost significantly less than in the United States​.

However, the market faces challenges such as the difficulty in ensuring continuous patient follow-up and managing post-surgery complications due to the distance between patients’ home countries and treatment destinations. Additionally, marketing challenges and lack of brand awareness among healthcare providers hinder the growth potential in some regions​​.

Recent developments in the industry include partnerships and collaborations aimed at promoting medical tourism and improving patient experiences. For example, the Greek Health Tourism Council’s agreement with Athens International Airport and Sunway Healthcare Group’s collaboration with PT JCB International Indonesia are notable efforts to enhance the medical tourism infrastructure and attract more international patients​.

Key Takeaways

  • Market Growth: The global medical tourism market is expanding at a CAGR of 12.20%, indicating strong growth in international travel for medical treatments.
  • Definition: Medical tourism involves traveling internationally for medical treatments, driven by lower costs and superior healthcare facilities unavailable in one’s home country.
  • Service Types: The market includes medical, wellness, and alternative treatments, with medical treatments like orthopedic and cardiology procedures dominating due to high demand.
  • Service Providers: Private providers lead the market, offering advanced facilities at lower costs, while public providers struggle with funding constraints.
  • Drivers: Lower-cost surgeries abroad attract patients seeking affordable healthcare, supported by technological advancements and telehealth promoting medical travel.
  • Restraints: The COVID-19 pandemic disrupted international travel, affecting the industry, with travel restrictions and healthcare uncertainties hindering growth.
  • Opportunities: Digital health services improve collaboration with foreign organizations and enhance surgical and diagnostic processes, boosting market expansion.
  • Trends: There is an increasing preference for cosmetic procedures, and high-quality care and skilled specialists in other countries attract international patients.
  • Regional Dominance: North America leads with a 35% revenue share, driven by orthopedics and cardiology, followed by Europe with growing medical infrastructure.
  • Asia-Pacific Growth: Asia-Pacific is set for significant growth, particularly in developing countries, due to expanding medical facilities and services.
  • Key Players: Major market players include Bumrungrad International Hospitals, Apollo Hospitals, and Fortis Healthcare, focusing on mergers, acquisitions, and partnerships for growth.

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Medical Tourism Market Key Segments

Based on the Service Type

  • Medical Treatments
    • Cardiac Procedures
    • Oncology Procedures
    • Orthopedics and Spines
    • Dental Procedures
    • Others
  • Wellness Treatments
    • Cosmetic Procedures
    • Rejuvenation Procedures
    • Others
  • Alternative Treatments

Based on Service Providers

Key Regions

  • North America (The US, Canada, Mexico)
  • Western Europe (Germany, France, The UK, Spain, Italy, Portugal, Ireland, Austria, Switzerland, Benelux, Nordic, Rest of Western Europe)
  • Eastern Europe (Russia, Poland, The Czech Republic, Greece, Rest of Eastern Europe)
  • APAC (China, Japan, South Korea, India, Australia & New Zealand, Indonesia, Malaysia, Philippines, Singapore, Thailand, Vietnam, Rest of APAC)
  • Latin America (Brazil, Colombia, Chile, Argentina, Costa Rica, Rest of Latin America)
  • Middle East & Africa (Algeria, Egypt, Israel, Kuwait, Nigeria, Saudi Arabia, South Africa, Turkey, United Arab Emirates, Rest of MEA)

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Key Players Analysis

Bumrungrad International Hospital, located in Bangkok, Thailand, is a leading destination for medical tourism, attracting over 1.1 million patients annually from 190 countries. Established in 1980, it is one of the largest private hospitals in Southeast Asia and is renowned for its advanced medical technologies and comprehensive healthcare services. The hospital’s multidisciplinary teams provide specialized care across various fields, including cardiology, orthopedics, and oncology. Bumrungrad’s commitment to quality is demonstrated through its multiple international accreditations, making it a top choice for international patients seeking high-quality medical treatments​.

Apollo Hospitals, based in India, is a pioneer in medical tourism, offering a wide range of advanced medical procedures to international patients. With its headquarters in Chennai, Apollo operates over 70 hospitals across India and other countries. The hospital is known for its cutting-edge medical technologies, including robotic surgeries and advanced diagnostic tools. Apollo’s international patient services include assistance with travel, accommodation, and post-treatment care, ensuring a seamless experience for medical tourists. Its reputation for high-quality care and innovative treatments makes Apollo Hospitals a preferred destination for patients from around the world.

Fortis Healthcare, another major player in the medical tourism sector, operates a network of hospitals across India. Known for its facilities and comprehensive healthcare services, Fortis attracts a significant number of international patients annually. The hospital provides specialized treatments in cardiology, oncology, orthopedics, and neurology, among others. Fortis’ dedicated international patient services team offers end-to-end support, including visa assistance, travel arrangements, and language interpretation. The hospital’s commitment to patient-centric care and advanced medical solutions positions it as a top choice for global healthcare seekers.

Asian Healthcare Institute, located in Ahmedabad, India, is a premier destination for medical tourists seeking high-quality healthcare services. The institute specializes in cardiology, neurology, oncology, and orthopedics, offering advanced treatments and surgical procedures. Asian Healthcare Institute is equipped with modern medical technologies and staffed by experienced healthcare professionals. The institute’s international patient care team provides comprehensive support, including medical visa assistance, travel coordination, and personalized care plans. Its reputation for excellence in patient care and medical expertise makes it a preferred choice for international patients.

Bangkok Chain Hospital, part of the Bangkok Dusit Medical Services (BDMS) network, is a prominent healthcare provider in Thailand, catering to both local and international patients. The hospital offers a wide range of medical services, including specialized treatments in cardiology, orthopedics, and neurology. Bangkok Chain Hospital is known for its modern facilities and high standards of care, attracting medical tourists from around the world. The hospital’s international patient services include assistance with travel arrangements, accommodation, and multilingual support, ensuring a comfortable experience for medical tourists seeking high-quality healthcare in Thailand.

Medical Tourism Market Key Players:

  • 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

Medical Tourism Market Report Scope >> Market Value (2022): USD 11.7 Billion || Forecast Revenue (2032): USD 35.9 Billion || CAGR (2023-2032): 12.2% || Base Year Estimation: 2023 || Historic Period: 2019-2022 || Forecast Period: 2024-2033.

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