Medical Tourism Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2023-2028

Medical Tourism Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2023-2028

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. The rising number of insurance providers giving extensive insurance coverage, increasing prevalence of chronic and life-threatening diseases, and the growing geriatric population represent some of the key factors driving the market.

Medical tourism refers to the traveling of people out of the country to obtain medical care. It allows individuals dealing with various critical conditions to seek treatments that may be unavailable or not legally available in their home countries. It provides access to affordable diagnostic testing and medications and helps patients avoid paying expensive medical bills. It often assists in availing cosmetic surgeries and beauty treatments at lower prices from experienced surgeons. It also aids in receiving dental care services from dentists who are educated and trained according to international standards. Medical tourism is used for effective treatments of various forms of cancer, such as breast, prostate, blood, brain, kidney, lung, cervical, colorectal, ovarian, and thyroid. It is also employed for receiving medical assistance in surgeries that require organ transplantations and other complicated surgeries. Furthermore, as it offers top-quality medical assistance from expert surgeons, the demand for medical tourism is increasing around the world.

Medical Tourism Market Trends:
At present, the rising demand for medical tourism to consult efficient and experienced surgeons and healthcare providers represents one of the primary factors influencing the market positively. Besides this, there is an increase in the occurrence of various chronic and life-threatening diseases, such as thyroiditis, diabetes, arthritis, obesity, and cardiovascular complications, due to the adoption of unhealthy lifestyle habits. This, along with the growing geriatric population across the globe, is offering a favorable market outlook. In addition, the increasing consumption of alcohol and smoking habits among the masses to cope with stress and anxiety is propelling the growth of the market. Apart from this, the rising prevalence of cancer on account of the consumption of unhealthy diets and tobacco and increased pollution levels is contributing to the growth of the market. Additionally, there is an increase in the construction of hospitals, nursing homes, and clinics to provide effective healthcare facilities to patients worldwide. This, coupled with the rising adoption of advanced surgical treatment methods to improve diagnosis and medical procedures, is supporting the market growth. Moreover, the increasing number of insurance providers giving extensive insurance coverage on medical tourism is strengthening the market growth.

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.

Treatment Type Insights:

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

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

Regional Insights:

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

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 (the United Kingdom, Germany, Italy, Spain, France, Russia, and Czech Republic); Latin America (Mexico, Brazil, Costa Rica, and Colombia); and the Middle East and Africa. According to the report, Asia Pacific was the largest market for medical tourism. Some of the factors driving the Asia Pacific medical tourism market included increasing advancements in medical care, rising construction of hospitals, easy accessibility to numerous procedures and therapies, etc.

Competitive Landscape:
The report has also provided a comprehensive analysis of the competitive landscape in the global medical tourism market. Competitive analysis such as market structure, market share by key players, player positioning, top winning strategies, competitive dashboard, and company evaluation quadrant has been covered in the report. Also, detailed profiles of all major companies have been provided. Some of the companies covered 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 PCL, Seoul National University Hospital, UZ Leuven, etc. Kindly note that this only represents a partial list of companies, and the complete list has been provided in the report.

Key Questions Answered in This Report

1. What was the size of the global medical tourism market in 2022?
2. What is the expected growth rate of the global medical tourism market during 2023-2028?
3. What are the key factors driving the global medical tourism market?
4. What has been the impact of COVID-19 on the global medical tourism market?
5. What is the breakup of the global medical tourism market based on the treatment type?
6. What are the key regions in the global medical tourism market?
7. Who are the key players/companies in the global medical tourism market?