Market Overview:

The global medical tourism market size reached US$ 97.3 Billion in 2022. Looking forward, IMARC Group expects the market to reach US$ 337.0 Billion by 2028, exhibiting a growth rate (CAGR) of 23.6% during 2023-2028.

Medical tourism refers to organized travel across countries to receive medical treatment. It usually involves traveling abroad for maintenance, enhancement or restoration of health through advanced healthcare facilities and treatment methods. The services are often availed for elective surgeries and the treatment of various dental, cosmetic, cardiovascular, orthopaedic and neurological diseases, along with other critical ailments, such as cancer. They also enable the patients to receive high-quality treatment and other healthcare facilities at affordable costs.

The thriving medical industry across the globe is one of the key factors driving the growth of the market. Patients are increasingly adopting medical migration, owing to high treatment expenditures for chronic ailments in several developed nations. Furthermore, the availability of state-of-the-art medical facilities at affordable costs in various developing countries is attracting patients from all over the world. Healthcare centers are focusing on providing improved healthcare, innovative medicines, modern devices and personalized care to patients, thereby providing a boost to the market. Additionally, healthcare organizations and centers are also offering comprehensive medical tourism packages to patients, which include all travel-related services ranging from ticket booking to accommodation and medical insurance. Moreover, growing consumer awareness regarding the availability of advanced medical facilities is another factor favoring the market growth. Other factors, including the implementation of favourable government policies promoting the growth of the medical infrastructure and extensive research and development (R&D) activities, are projected to drive the market further.

Key Market Segmentation: 

IMARC Group provides an analysis of the key trends in each sub-segment of the global medical tourism market report, along with forecasts at the global, regional and country level from 2023-2028. Our report has categorized the market based on treatment type.

Breakup by Treatment Type:

• Cosmetic Treatment
• Dental Treatment
• Cardiovascular Treatment
• Orthopaedic Treatment
• Bariatric Surgery
• Fertility Treatment
• Ophthalmic Treatment
• Others
   

Among these, cosmetic treatment represents the dominant market segment, accounting for the majority of the total market share. Since cosmetic treatments are considered to be elective procedures, their costs are not covered by medical insurance plans. The cost of cosmetic procedures, however, are considerably lower in numerous developing countries, which has impelled individuals to opt for medical tourism in order to access better quality healthcare services at affordable prices. 

Breakup by Region:

• North America
  • United States
  • Canada
• Asia Pacific
  • India
  • China
  • Indonesia
  • Thailand
  • Singapore
  • Malaysia
  • South Korea
  • Taiwan
• Europe
  • Germany
  • Italy
  • United Kingdom
  • Spain
  • France
  • Russia
  • Czech Republic
• Latin America
  • Mexico
  • Brazil
  • Costa Rica
  • Colombia
• Middle East and Africa
   

At present, Asia Pacific holds the leading position in the market.

Competitive Landscape:

The competitive landscape of the industry has also been examined with some of the medical tourism compaines being Aditya Birla Memorial Hospital, Apollo Hospitals Enterprise Limited, Asian Heart Institute, Barbados Fertility Center, BB Healthcare Solutions., Fortis Healthcare, Healthbase, KPJ Healthcare Berhad, Prince Court Medical Centre, Samitivej, Seoul National University Hospital, UZ Leuven, etc.

Report Coverage: