Medical Tourism Market

Medical Tourism Market Overview:

The global medical tourism market size reached US$ 119.7 Billion in 2023. Looking forward, IMARC Group expects the market to reach US$ 650.8 Billion by 2032, exhibiting a growth rate (CAGR) of 20.1% during 2024-2032. The heightened need for affordable and effective healthcare services, rising occurrence of critical health conditions among the masses, and increasing popularity of adopting minimally invasive cosmetic surgeries are some of the key factors impelling the growth of the market.

Medical Tourism Market Analysis:

• Major Market Drivers: The market is experiencing robust growth due to the increasing occurrence of various chronic ailments among the masses. Moreover, rising costs of healthcare are encouraging more people to travel and avail affordable medical services.
• Key Market Trends: Major trends include the growing preference for cosmetic procedures to improve facial aesthetics and rising technological advancements in improving healthcare services.
• Geographical Trends: Asia Pacific represents the largest segment owing to the rising availability of affordable and effective healthcare services. Moreover, the increasing implementation of favorable government policies to improve the healthcare sector is propelling the medical tourism market growth.
• Competitive Landscape: Some of the major market players in the industry include 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, and UZ Leuven.
• Challenges and Opportunities: Complications include variability in healthcare quality across countries and several ethical and legal complexities associated with medical tourism. However, the rising popularity of cosmetic surgeries among the masses and increasing advancements in medical services are expected to overcome these challenges.
   

Medical Tourism Market Trends:

Increasing preference for cosmetic procedures

Increasing preferences for cosmetic procedures is contributing to the market growth. As appearance and beauty are considered important for gaining confidence, more people are going for cosmetic treatments to improve their facial aesthetics. But the exorbitant price that developed countries demand for these services often prevents people from having them. Medical tourism solves these problems by offering both access to reasonably priced mutilation treatments and operations in the world’s top expert destinations. Patients get the chance to have breast augmentation, rhinoplasty, liposuction, and facelifts for a fraction of the cost that these procedures would normally cost in their home countries. This cost advantage, coupled with the availability of skilled cosmetic surgeons and modern facilities, attracts a significant number of individuals to travel abroad for cosmetic procedures, thereby driving medical tourism market demand. As per the article published by the American Society of Plastic Surgeons, minimally invasive (MI) procedures gained traction in 2023 among the masses who want to stay away from surgeries and associated complications.

Rising healthcare costs in developed countries

According to the article, ‘National Health Expenditures 2022 Highlights’, published in 2023 by the Centers for Medicare & Medicaid Services (CMS), a federal agency within the U.S. Department of Health and Human Services, the U.S. healthcare spending grew 4.1% to reach $4.5 trillion in 2022. The healthcare cost in developed nations is considered to be increasing in recent days. As extremely expensive medical treatments and procedures rise in their own countries, more people feel forced to have the treatments performed in other nations. Therefore, they set off in search of destinations where the procedures are cheaper and more reliable. This is where medical tourism helps to deliver an attractive option with efficient services which are very expensive in many of these developed countries. For people seeking advanced medical amenities and treatments done by expert healthcare professionals at an affordable price, medical tourism is considered a valid option. Patients are preferring to travel outside in order to receive quality-based healthcare at a much lesser cost than what they would spend in their own nations, thereby offering a favorable medical tourism market outlook.

Rapid technological advancements in the healthcare industry

Reforms in the healthcare industry and fast technological advancements in the sector are supporting the market growth. Technological advancements in medicine are creating new, unique procedures as well as treatments not available earlier, now giving patients more avenues to fulfill their healthcare needs. Patients often search for places of medical tourism to acquire state-of-the-art medical treatments and technology that may not be as easily available in their home countries. Furthermore, people looking for cutting-edge medical treatments are drawn to medical tourism locations by the allure of these cutting-edge technologies combined with the knowledge of medical specialists. In 2024, Sony Group Corporation announced the development of a microsurgery assistance robot that can automatically swap surgical instruments and allow fine control.

Medical Tourism Market Segmentation:

IMARC Group provides an analysis of the key trends in each segment of the market, along with forecasts at the global, regional, and country levels for 2024-2032. 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
   

Cosmetic treatment accounts for the majority of the market share

The report has provided a detailed breakup and analysis of the market based on the treatment type. This includes cosmetic treatment, dental treatment, cardiovascular treatment, orthopaedic treatment, bariatric surgery, fertility treatment, ophthalmic treatment, and others. According to the report, cosmetic treatment represented the largest segment.

The development of cosmetic procedures such as plastic surgery, facial rejuvenation, and body contouring is increasing immensely. This is why more people are feeling a desire to improve their appearances in relation to the perfection of beauty standards. The growing acceptance of social media platforms and the influence of celebrities are promoting this trend more. For many people, this is motivating them to invest in cosmetic treatments. There are many countries that offer cosmetic surgery to people at rates much less than the developed world. This is prompting individuals to visit distant countries which provide the same efficient, inexpensive medical services. Moreover, these countries are heavily investing in developing effective medical instruments and procedures to provide quality treatment to patients. For example, in 2024, Aesthetic Management Partners (AMP) unveiled Plasmage, a patented plasma concept that serves as a controlled device to provide crepey skin, wrinkles, and thin facial and body skin treatments simultaneously. This is not only used in dermatological problems but also in many other cosmetic conditions like Xanthelasma, skin tags and soft fibromas.

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
   

Asia Pacific leads the market, accounting for the largest medical tourism market share

The report has also provided a comprehensive analysis of all the major regional markets, which include North America (the United States and Canada); Asia Pacific (India, China, Indonesia, Thailand, Singapore, Malaysia, South Korea, and Taiwan); Europe (Germany, Italy, the United Kingdom, Spain, France, Russia, and the Czech Republic); Latin America (Mexico, Brazil, Costa Rica, and Colombia); and the Middle East and Africa. According to the report, Asia Pacific represents the largest regional market for medical tourism.

The Asia Pacific market is witnessing significant growth, driven by a combination of factors that make the region an attractive destination for healthcare services. One of the primary drivers is the cost advantage as medical treatments in countries like India, Thailand, and Malaysia are substantially cheaper compared to Western nations without compromising on quality. Additionally, the region boasts highly skilled medical professionals and world-class healthcare facilities accredited by international bodies. Advanced medical technologies and treatments, coupled with shorter waiting times for procedures, further enhance the appeal. Government initiatives and policies improving medical tourism market revenue, such as streamlined visa processes and promotional activities, also play a crucial role.

Furthermore, the cultural allure and tourism opportunities in Asia Pacific countries add an extra incentive for patients and their companions. Strategic partnerships between healthcare providers and travel agencies, along with comprehensive healthcare packages, have made the process more convenient and attractive. The increasing demand for affordable cosmetic surgery procedures is also encouraging people to travel to Asian countries. As per the IMARC Group’s report, the China cosmetic surgery market is expected to show a growth rate (CAGR) of 24.12% during 2024-2032.

Competitive Landscape:

• The medical tourism market research report has also provided a comprehensive analysis of the competitive landscape in the market. Detailed profiles of all major companies have also been provided. Some of the major market players in the medical tourism industry include 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.
  
  (Please note that this is only a partial list of the key players, and the complete list is provided in the report.)
   
• Medical tourism companies are implementing a range of strategies to enhance their business and cater to the growing demand for international healthcare services. One key approach is the development of comprehensive service packages that include not only medical treatments but also travel arrangements, accommodation, and post-operative care, ensuring a seamless and stress-free experience for patients. These companies are forging partnerships with top-tier hospitals and clinics to guarantee high-quality care and access to advanced medical technologies. Additionally, they are investing in marketing and branding efforts to build trust and raise awareness about their services, often highlighting the credentials and success stories of affiliated medical professionals. To improve patient experience and satisfaction, many companies are incorporating personalized concierge services, offering language support, and ensuring culturally sensitive care. Digital platforms and telemedicine are being leveraged to facilitate initial consultations and follow-up care, providing convenience and continuity for patients. For instance, Emoha partnered with Aditya Birla Health Insurance in 2024 to offer personalized senior care solutions to people.

Medical Tourism Market News:

• January 2024: Apollo Hospitals, known for bringing international patients to India, plans to invest Rs 3,000 crores to add 2,000 beds in all its branches till 2028.
• May 2024: Fortis Healthcare partnered with mental health super app United We Care to establish Adayu Mindfulness, a service to provide telemental health services, along with residential in-patient care that comprises psychiatry, addiction treatment, and rehabilitation.

Medical Tourism Market Report Scope:

Key Benefits for Stakeholders:

• IMARC’s industry report offers a comprehensive quantitative analysis of various market segments, historical and current market trends, medical tourism market forecasts, and dynamics of the market from 2018-2032.
• The research report provides the latest information on the market drivers, challenges, and opportunities in the global market.
• The study maps the leading, as well as the fastest-growing, regional markets. It further enables stakeholders to identify the key country-level markets within each region.
• Porter's five forces analysis assists stakeholders in assessing the impact of new entrants, competitive rivalry, supplier power, buyer power, and the threat of substitution. It helps stakeholders to analyze the level of competition within the medical tourism industry and its attractiveness.
• The competitive landscape allows stakeholders to understand their competitive environment and provides insight into the current positions of key players in the market.