The medical tourism market is predicted to record a CAGR of 12.7% during the forecast period. Analysis shows the industry valuation at USD 248.9 billion in 2024 and its potential to reach USD 822.7 billion by 2034.
Advanced medical technologies are increasing the demand for medical tourism worldwide. Support from tourism departments and governments of both source and host countries helps drive medical tourism market growth and trends.
The potential for competition from developed countries with advanced medical facilities poses a challenge for emerging wellness tourism destinations.
Every year, over 14 million people travel to other countries for medical treatment, according to the Medical Tourism Association. The increasing number of tourists and travelers for regular checkups is driving industry growth.
People choose medical travel because treatments are expensive or unavailable in their home countries. They seek faster and more affordable medical care abroad.
Medical travel is growing due to the globalization of healthcare, making it easier for patients, health professionals, medical technologies, and capital to cross borders. Increased awareness and affordability of advanced treatments are also driving demand.
Global Medical Tourism Industry Analysis
| Attributes | Description |
|---|---|
| Estimated Global Medical Tourism Market Size (2024E) | USD 248.9 billion |
| Projected Global Medical Tourism Market Value (2034F) | USD 822.7 billion |
| Value-based CAGR (2024 to 2034) | 12.7% |
Long wait times in the United States, Canada, the United Kingdom, and France make patients go to other countries for healthcare. In these countries, patients do not have timely access to healthcare. Therefore, people often decide to go to other places to receive medical assistance.
Government investments in advanced healthcare facilities boost the medical tourism market opportunity. Favorable policies, investments in air connectivity and transport, and efforts to promote health tourism are key factors.
Favorable currency exchange rates and more demand for cosmetic surgeries are also boosting health tourism. For example, In the United States, cosmetic surgery costs range from USD 4,500 to USD 12,500 on average. Meanwhile, Turkey provides the same cosmetic procedures at an affordable price.
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The table displays the estimated growth rate for the global industry from 2024 to 2034. It compares the forecast for this period with the previous one from 2023 to 2033. The growth rates are expected to stay nearly the same with very little change.
| Particular | Value CAGR |
|---|---|
| H1 | 12.5% (2023 to 2033) |
| H2 | 12.3% (2023 to 2033) |
| H1 | 12.4% (2024 to 2034) |
| H2 | 12.9% (2024 to 2034) |
In the first half of the ten-year period from 2023 to 2033, the industry is expected to surge at a rate of 12.5%. In the second half of the same period, the growth rate is predicted to be slightly slower at 12.3%. The growth rate is then expected to increase a bit to 12.4% in the first half of the next period, from H1 2024 to H2 2034, and then jump again to 12.9% in the second half.
Medical Tourism in Asia Offers Affordable Healthcare
Medical care in Asian countries is much cheaper than in private institutions in the United States, according to the Medical and Health Tourism Congress.
In developing countries like Thailand and Malaysia, one can get high-quality treatment at a lower cost than in developed countries. The quality is still good because resources are cheaper there. This attracts many people to these countries for health services.
Traveling to Thailand, Singapore, India, and Malaysia for medical care allows people from the United States to save between 55% and 70% on their treatment costs. For example, an angioplasty costs about USD 55,000 to USD 57,000 in the United States, but only USD 2,500 to USD 3,500 in Malaysia.
Social Media Offers Investment Opportunities in Medical Tourism Sectors
In the past, doctors and healthcare providers didn't focus on their online reputation, but with digital healthcare, it's become important. Social media can greatly impact how people view health tourist sites.
Healthcare providers and medical tourists rely more on social media for advertising and making choices. People looking for medical care often use social media to learn about healthcare options. Platforms like Facebook, Instagram, Twitter, and LinkedIn are used by medical tourism facilitators to showcase their services globally.
Governments are encouraging social media and partnerships with agencies to promote wellness tourism. India's Ministry of Home Affairs is making medical visas more popular for specific medical tourists through these efforts.
AI Integration is the Next Big Thing in Therapeutic Tourism
Companies are introducing new technologies like medical tourism apps to attract global clients. In June 2024, the government of Egypt announced that it is all set to launch an online health tourism platform, according to the Health Ministry’s medical travel advisor.
The platform, developed over the past year, intends to let users reserve spots in any hospital in Egypt and apply for and receive a visa for medical treatment within 72 hours.
The role of artificial intelligence (AI) in patient care and medical tourism is inevitable. Artificial intelligence is being used by healthcare businesses for tasks like patient management and diagnostics.
Social media platforms using AI can track patterns and tailor content, improving user experience. Some health tourism destinations specialize in specific fields like cosmetic surgery or cardiac care, attracting patients seeking those treatments.
Principal Consultant
The market size of medical tourism was USD 138.6 billion in 2019 and USD 221.2 billion in 2023. Considering the CAGR of 12.4% from 2019 to 2023, it can be inferred that the medical tourism market investment and business potential are set to remain high like this.
Between 2019 and 2023, especially after 2022, the industry picked up its speed. According to the latest United Nations World Travel Organization (UNWTO) World Tourism Barometer report, international tourism is rebounding strongly as borders reopen and restrictions ease.
The potential for medical tourism to address healthcare disparities in developing countries is huge. The COVID-19 pandemic has greatly affected it, including popular destinations like India, China, and other emerging countries. Hospitals and investors are investing in health infrastructure to attract both international and domestic medical tourists.
Various governments are working to revive health tourism. For example, Mexico launched the #Come2MexicanCaribbean campaign in 2022. It offers free hotel stays, discounted car rentals, and concessions at tourist attractions to attract visitors.
Indonesia wants to stop two million Indonesians from going abroad for medical check-ups and treatments by becoming a therapeutic tourism destination. Indonesia's state-owned companies are partnering with Mayo Clinic to build this 300-room facility and offer medical services, like cancer treatment.
Insurance coverage for treatments abroad and transparent pricing are making it easier for patients to plan their medical travel. Also, there is a growing popularity of wellness tourism and preventative healthcare in medical tourism offerings. Wellness services like spa treatments and dietary plans are becoming popular among medical tourists.
Advancements in healthcare technology, such as robotic surgery, are influencing the industry. Post-treatment care is also becoming a focus in medical travel destinations. That’s why a 12.7% CAGR for the next decade seems practical.
Tier 1 companies lead the industry with big names like Apollo Hospitals, Bumrungrad International Hospital, Cleveland Clinic, Mayo Clinic, and Asklepios Kliniken dominating it. They bring in about USD 121.6 billion, which is 55% of the global industry share, because of their reputation and high-quality services.
These companies invest heavily in new technologies and provide luxurious accommodations to guarantee patient comfort. They constantly improve their services to stay ahead and offer the latest solutions to customers.
Tier 2 companies like Mount Elizabeth Hospital, Raffles Medical Group, Prince Court Medical Centre, Anadolu Medical Center, and Seoul National University Hospital hold about 30% of the global industry value share, worth USD 66.3 billion.
They are known for providing quality services at affordable prices. While they may not be as famous as Tier 1 companies, they are respected for their credibility and affordability. Their focus on reliability and cost makes them a preferred choice for consumers seeking affordable healthcare options.
Tier 3 includes companies like Bangkok Hospital, Fortis Healthcare, Samitivej Hospital, Gleneagles Hospital, and Hospital Clínica Bíblica. They generate USD 33.1 million in revenue and hold about 15% of the global industry share.
While they are smaller than Tier 1 and 2 companies, they have room for growth. With continued growth and attracting more customers, they can become strong competitors in the industry.
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In the columns below, industries in the broader tourism sector are briefly analyzed to spot hidden opportunities. Apart from the studied sector, the tourism industry big data analytics sector and the tourism sector have been analyzed as well.
Companies can use data and insights from different areas to stay ahead and adapt quickly to new trends. This helps them stay relevant and adjust to changes in the industry. These two industries are closely linked, with one being the parent market and the other supporting its growth.
Tourism Industry Big Data Analytics Industry Assessment:
Earlier, data analysis was difficult due to massive data collection and time-consuming processes. Advanced tools and online platforms have made it easier now. Travelers and organizations use modern devices and software for convenience.
Analytic tools use online data to understand industry trends and develop strategies. Technologies like Hadoop and cloud offer ample data storage and structured analysis. Big data analysis is crucial in today's technology-driven tourism industry.
| Attributes | Description |
|---|---|
| Related Industry | Tourism Industry Big Data Analytics Market |
| CAGR (2024 to 2034) | 8% |
| Growth Factor | Rising popularity of online travel booking platforms |
| Opportunity | Developing new revenue streams through data monetization |
| Key Trend | Integration of social media data for trend identification |
Tourism Industry Assessment:
Traditionally famous tourist destinations like the United States and European countries have a strong tourism landscape. However, lesser-known Asian and African countries are becoming popular among foreign tourists recently.
This shift has led global tourism providers to adjust their services to benefit from the economic potential. New trends like adventure and art tourism are expected to boost the tourism industry. The increasing use of social networking sites offers promising opportunities for the industry to grow.
| Attributes | Description |
|---|---|
| Related Industry | Tourism Market |
| CAGR (2024 to 2034) | 5% |
| Growth Factor | Rise of digital platforms for travel planning and booking |
| Opportunity | Leveraging technology for personalized travel experiences |
| Key Trend | Trend of solo travel among millennials and Gen Z |
The following section discusses the medical tourism market regional analysis. It includes information about big economies in Europe, Asia Pacific, North America, and other places.
The United States leads in North America with a growth rate of 6.3% through 2034. In Europe, the United Kingdom is expected to lead with a CAGR of 6.5% through 2034. In Asia Pacific, India is projected to grow slightly faster than China, with a CAGR of 21.3% compared to China's 19.1% through 2034.
| Countries | CAGR 2024 to 2034 |
|---|---|
| United States | 6.3% |
| Canada | 17.6% |
| China | 19.1% |
| United Kingdom | 6.5% |
| India | 21.3% |
| Japan | 18.2% |
The expected 6.3% CAGR for the United States medical tourism market shows that many patients choose to come here because its top-notch healthcare facilities have the best technology and very skilled doctors. The variety of treatments and healthcare options here make medicinal tourism stand out, with many cancer centers, heart care facilities, and wellness centers available.
Although healthcare in the United States may cost more than in Asia, its quality is exceptional. The country is renowned for advancements in science and technology, including medical science. These factors make it a top destination for health tourism, offering advanced procedures like cardiovascular surgeries, transplants, cosmetic surgeries, and cancer treatments.
By the end of the forecast period, however, Canada is set to establish itself as a key industry for wellness tourism with a 17.6% CAGR. Healthcare in the United States is very costly.
People here pay about four times more for medicines than in other developed nations. So, Canada is becoming a popular choice for nearby people seeking treatment. Compared to the United States, Canada offers better coverage, lower costs, and improved health outcomes.
Medical tourism market players in the United Kingdom are benefiting from the global trend towards privatized healthcare. Its strong medical research and top-notch facilities attract patients globally, boosting medical tourism accreditation. The country boasts top medical experts in areas like cancer care, heart health, and bone treatments.
Health concierge services globally provide quick access to top-quality healthcare in the United Kingdom, especially for private patients from the Middle East. The country is becoming a preferred choice for many patients from this region, and this trend is expected to persist. More people from the MENA region are traveling here to receive treatment from top experts in this field.
The country also stays updated with new medical technologies. It also focuses on offering patients the latest diagnostic tools and treatments. Investments in technology, communication, transport, and healthcare concierge services are making it even more attractive. As a result, the industry in the United Kingdom is anticipated to experience a CAGR of 6.5%
The industry in India is forecasted to expand at a CAGR of 21.3%. Each year, nearly 2 million patients come to India from various regions, bringing in USD 4 billion in foreign exchange. The government is now heavily supporting health tourism, aiming to make India the top global destination in just 4 years, boosting revenue to USD 12 billion.
In April 2022, it planned to introduce special AYUSH visas for tourists coming to India for medical care or traditional medicine tourism. This is a component of their "Heal in India" program, which aims to promote wellness travel to the nation.
Investors and stakeholders see India as a promising place to invest. Indian hospitals have received significant investment to match global standards in equipment and expertise. The rise of medical tourism insurance and its impact on patient decision-making has reshaped how individuals perceive healthcare options.
Indian insurers can tap into the opportunity of selling medical tourism insurance to foreigners, potentially generating USD 9 billion in premiums and attracting more patients to India.
Cross-border telemedicine is another promising area where India can excel, leveraging its skilled workforce and cost advantages. The impact of telemedicine and remote consultations on the medical tourism market is huge.
India's expertise in traditional medicine like Ayurveda is a unique advantage that should be marketed globally. While Yoga is well-known, Ayurveda's therapeutic potential for various diseases remains underexplored.
This section of medical tourism market forecast analysis arranges for specifics about the industry's top segments. In terms of treatment type, the cardiovascular treatment segment is estimated to dominate by holding a share of 23.1% in 2024. By tourist type, the domestic category is projected to emerge as the undisputed winner by accounting for a share of 68.3% in 2024.
Cardiovascular treatment is predicted to be the most promising segment in the upcoming years. The increasing number of cardiovascular cases and deaths is driving this growth. The World Health Organization estimates that 17.9 million fatalities worldwide, or about 32% of all deaths, are attributable to cardiovascular illnesses each year.
| Segment | Cardiovascular Treatment (Treatment Type) |
|---|---|
| Value Share (2024) | 23.1% |
People often seek treatment for cardiovascular issues in countries with advanced medical facilities and lower healthcare costs. India, for example, is attractive to foreign patients due to its affordable medical procedures. Compared to Western countries, medical treatment in India is much cheaper while maintaining quality. India offers heart bypass surgeries at the lowest costs.
The domestic segment dominates since it offers convenience and familiarity to patients who prefer to receive treatment within their own country. This eliminates the need for travel, visa issues, and language barriers.
| Segment | Domestic (Tourist Type) |
|---|---|
| Value Share (2024) | 68.3% |
Domestic healthcare providers often offer competitive pricing and high-quality services, attracting patients who seek affordable yet reliable medical care. Plus, patients often have access to their own insurance coverage or government healthcare schemes, further reducing costs.
Domestic medical facilities can provide continuity of care, allowing patients to follow up with their doctors easily. Advancements in technology and medical infrastructure in many countries have made domestic healthcare services comparable to international standards, making it a preferred choice for many individuals seeking medical procedures popular in medical tourism.
Medical tourism business opportunity analysis indicates that companies compete based on the quality and range of services they provide. It is very fragmented since it comprises a diverse range of players, including hospitals, clinics, travel agencies, insurance providers, and government bodies, each operating independently with varying standards and practices.
The role of travel agencies and facilitators in the medical tourism landscape is inescapable. Afterward, they employ different strategies to remain competitive. In this scenario, innovation is the only way to boost the industry's growth.
They are working hard to offer better services at similar prices to meet various customer needs. They also often use special marketing tactics to make their brand different from others. This includes focusing on good service, following safety rules, and making customers happy.
Medical tourism market competitive landscape shows that top companies are also thinking about how to set prices, with some giving good deals to get customers. Some companies also give extra services like places to stay and insurance to make customers happier.
Industry Updates
In terms of treatment type, the industry is categorized into cosmetic treatment, dental treatment, cardiovascular treatment, orthopedics treatment, fertility treatment, ophthalmic treatment, and other treatments.
Based on service provider, the industry is bifurcated into public and private.
When it comes to traveler type, the industry is classified into independent traveler, tour group, and package traveler.
Depending on age group, the industry is branched into below 15 years, 15-25 years, 26-35 years, 36-45 years, 46-55 years, 56-65 years, 66-75 years, and above 75 years.
When it comes to service provider, the industry is bifurcated into domestic and international.
Based on tourist gender, the industry is divided into men and women.
In terms of booking channel, the industry is trifurcated into phone booking, online booking, and in-person booking
A regional analysis of the industry is conducted across North America, Europe, the Middle East and Africa, East Asia, South Asia, Oceania, and Latin America.
The industry is set to reach a valuation of USD 248.9 billion in 2024
A CAGR of 12.7% is projected for the industry by 2034.
Medical tourism market future outlook looks bright with opportunities worth USD 822.7 billion by 2034.
Cardiovascular treatment to account for a significant industry share in 2024.
India is predicted to offer medical tourism market investment considerations and strategies.
1. Executive Summary 2. Industry Introduction, including Taxonomy and Market Definition 3. Market Trends and Success Factors, including Macro-economic Factors, Market Dynamics, and Recent Industry Developments 4. Global Market Demand Analysis 2019 to 2023 and Forecast 2024 to 2034, including Historical Analysis and Future Projections 5. Global Market Analysis 2019 to 2023 and Forecast 2024 to 2034 5.1. Treatment Type 5.2. Service Provider 5.3. Traveler Type 5.4. Age Group 5.5. Tourist Gender 5.6. Booking Channel 6. Global Market Analysis 2019 to 2023 and Forecast 2024 to 2034, By Treatment Type 6.1. Cosmetic Treatment 6.2. Dental Treatment 6.3. Cardiovascular Treatment 6.4. Orthopedics Treatment 6.5. Fertility Treatment 6.6. Ophthalmic Treatment 6.7. Other Treatments 7. Global Market Analysis 2019 to 2023 and Forecast 2024 to 2034, By Service Provider 7.1. Public 7.2. Private 8. Global Market Analysis 2019 to 2023 and Forecast 2024 to 2034, By Traveler Type 8.1. Independent Traveler 8.2. Tour Group 8.3. Package Traveler 9. Global Market Analysis 2019 to 2023 and Forecast 2024 to 2034, By Age Group 9.1. Below 15 Years 9.2. 15-25 Years 9.3. 26-35 Years 9.4. 36-45 Years 9.5. 46-55 Years 9.6. 56-65 Years 9.7. 66-75 Years 9.8. Above 75 Years 10. Global Market Analysis 2019 to 2023 and Forecast 2024 to 2034, By Tourist Gender 10.1. Men 10.2. Women 11. Global Market Analysis 2019 to 2023 and Forecast 2024 to 2034, By Booking Channel 11.1. Phone Booking 11.2. Online Booking 11.3. In-Person Booking 12. Global Market Analysis 2019 to 2023 and Forecast 2024 to 2034, By Region 12.1. North America 12.2. Latin America 12.3. Western Europe 12.4. South Asia 12.5. East Asia 12.6. Eastern Europe 12.7. Middle East & Africa 13. North America Sales Analysis 2019 to 2023 and Forecast 2024 to 2034, by Key Segments and Countries 14. Latin America Sales Analysis 2019 to 2023 and Forecast 2024 to 2034, by Key Segments and Countries 15. Western Europe Sales Analysis 2019 to 2023 and Forecast 2024 to 2034, by Key Segments and Countries 16. South Asia Sales Analysis 2019 to 2023 and Forecast 2024 to 2034, by Key Segments and Countries 17. East Asia Sales Analysis 2019 to 2023 and Forecast 2024 to 2034, by Key Segments and Countries 18. Eastern Europe Sales Analysis 2019 to 2023 and Forecast 2024 to 2034, by Key Segments and Countries 19. Middle East & Africa Sales Analysis 2019 to 2023 and Forecast 2024 to 2034, by Key Segments and Countries 20. Sales Forecast 2024 to 2034 by Treatment Type, Service Provider, Traveler Type, Age Group, Tourist Gender, and Booking Channel for 30 Countries 21. Competition Outlook, including Market Structure Analysis, Company Share Analysis by Key Players, and Competition Dashboard 22. Company Profile 22.1. Medretreat 22.2. Healthbase 22.3. Apollo Hospitals 22.4. KPJ Healthcare Behard 22.5. Klinikum Medical Link 22.6. Euromedical Tours 22.7. BB Health Solutions 22.8. Cosmedic Travel 22.9. Aditya Birla Memorial Hospital 22.10. Fortis Healthcare Limited 22.11. NTT Medical Center Tokyo
Travel and Tourism
March 2018
REP-GB-3171
July 2023
328 pages
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Medical Tourism Market
