Medical Tourism Market Size Worth USD 53.51 Billion, Globally, by 2028 at 21.1% CAGR

The global Medical Tourism Market was USD 11.56 billion in 2020. The global market size is USD 13.98 billion in 2021 and is projected to reach USD 53.51 billion by 2028, exhibiting a CAGR of 21.1% during the forecast period from 2021-2028. This information is provided by Fortune Business Insights, in its report, titled, “Medical Tourism Market, 2021-2028.”

According to our analysts, dramatic advances in the healthcare sector fueled by the introduction of novel medical devices and non-invasive procedures are fueling the rise of medical tourism globally.

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Report Highlights:

COVID-19 Impacts:

Travel Restrictions Hampered Medical Tourism Market Outlook during 2020

The outbreak and rapid spread of the COVID-19 pandemic led to strict containment measures across most countries. In the Asia Pacific region, for example, the number of tourists declined by 84% in 2020, compared to 2019, as per the World Tourism Organization. Social and travel restrictions enforced to limit the spread of the coronavirus outbreak affected the market for medical tourism to a great extent. The market dynamics have been also impacted by the postponement of non-essential and elective surgeries amid rising COVID-19 cases. However, the market is set for recovery as the COVID-19 situation improves and country borders reopen.

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Drivers and Restraints:

Rise in Inbound Medical Travel owing to Low-cost Care to Augment Market Growth    

Medical tourism market growth will be accelerated by the expansion of inbound medical travel. Continuous developments in healthcare in terms of medical devices, wearables, surgical procedures, and connected technologies have enabled better healthcare delivery. Telemedicine, telehealth, and other technologies are allowing patients to book appointments, consult doctors, and avail quality care from anywhere in the world. These factors have led to increased inbound medical travel in developing nations such as India and Thailand.

The lower cost of treatments in developing countries compared to developed countries will sustain the growth of medical tourism in the forthcoming years. The Medical and Health Tourism Congress (MHTC) reports that medical treatment in Asian countries is much cheaper than private hospitals in developed countries such as the U.S. For instance, a heart bypass surgery would cost USD 13,000 in Thailand, compared to USD 113,000 in the U.S.

Despite rapid developments in the field, the COVID-19 pandemic has affected medical tourism market growth. Considering the highly uncertain nature of the pandemic, with new COVID-19 variants emerging in different countries, the market could experience some roadblocks during 2021-2028.

Medical tourism has gained immense traction across the world, especially across developed regions. The Medical Tourism Association (MTA) reports that more than 14 million individuals worldwide travel to other countries for medical treatment each year. Moreover, according to a report by McKinsey & Company, 40% of people travel to countries to seek medical care from highly trained professionals and through advanced healthcare technology. Availability of lower-cost treatment in numerous countries for various conditions will support medical tourism market growth during the forecast period.

Industry Developments:

April 2021 – HexTransforma Healthcare unveiled Brit-Med – a novel medical tourism platform – to allow patients worldwide to search, compare, and avail the desired treatment.

List of Key Players Mentioned in the Report:

• Bumrungrad International Hospital (Bangkok, Thailand)
• Apollo Hospitals (Chennai, India)
• Bangkok Chain Hospital (Nonthaburi, Thailand)
• Fortis Healthcare (Delhi, India)
• Asian Heart Institute (Mumbai, India)
• KPJ Healthcare Berhad (Kuala Lumpur, Malaysia)
• Livonta Global (Ahmedabad, India)
• Gleneagles Hospital (Mumbai, India)

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Segments:

On the basis of healthcare services, the market is classified into wellness treatment, medical treatment, and alternative treatment. The wellness treatment segment is further broken down into rejuvenation procedures, cosmetic procedures, and others. The medical treatment segment is divided into cardiac procedures, dental procedures, orthopedic & spine procedures, oncology procedures, and others.

By service provider, the market is bifurcated into private and public.

In terms of geography, the market is segmented into North America, Latin America, Asia Pacific, Europe, and the Middle East & Africa.

Key Benefits for Medical Tourism Market:

• The Medical Tourism market analysis covers in-depth information of major industry participants.
• Porter’s five forces analysis helps to analyze the potential of buyers & suppliers and the competitive scenario of the industry for strategy building.
• Major countries have been mapped according to their individual revenue contribution to the regional market.
• The report provides an in-depth analysis of the Medical Tourism market during the forecast period (2022–2028).
• The report outlines the current market trends and future scenario of the global Medical Tourism market to understand the prevailing opportunities and potential investment pockets.
• The key drivers, restraints, and opportunities and their detailed impact analysis is elucidated in the study.

Regional Insights:

Rising number of Medical Tourists in North America to Foster Market Growth      

North America is anticipated to have a substantial chunk of the medical tourism market share over the projected timeframe. In 2020, the regional market generated USD 3.00 billion in terms of annual revenue. Growth is attributable to the high rate of medical tourists in the U.S. to receive cardiac, orthopedic, and other forms of medical care.

The market in Europe is expanding owing to the presence of well-established healthcare infrastructure and the availability of advanced medical facilities. France, Spain, Belgium, and the U.K. are expected to witness a rising number of medical tourists in the coming years.

Meanwhile, in the Asia Pacific region, the market is driven by the availability of lower-cost medical care.

Competitive Landscape:

The global market is a fragmented market with the majority of the providers emerging from the Asia Pacific and the Middle East countries. A diversified service portfolio along with the constant launch of programs by the healthcare providers are prominent factors responsible for the strong presence of the companies. For example, in October 2021, BC Platforms (BCP) entered into a partnership agreement with Bumrungrad International Hospital to boost precision medicine in Southeast Asia.

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Global Medical Tourism Market Size Segmentation:

By Service      

• Medical Treatment
• Wellness Treatment
• Alternative Treatment

By Service Providers

Table of Contents

• Introduction
  • Research Scope
  • Market Segmentation
  • Research Methodology
  • Definitions and Assumptions
• Executive Summary
• Market Dynamics
  • Market Drivers
  • Market Restraints
  • Market Opportunities
• Key Insights
  • Key Industry Developments –New Product Launches, Mergers, and Acquisitions
  • Impact of COVID-19 on Global Medical Tourism Market
  • Healthcare Expenditure, by Key Countries
  • Prevalence of Chronic Disease, by key Diseases, by Key Countries
• Global Medical Tourism Market Analysis, Insights and Forecast, 2017-2028
  • Key Findings / Summary
  • Market Analysis, Insights and Forecast – By Service
    • Medical Treatment
      • Cardiac Procedures
      • Oncology Procedures
      • Orthopedic & Spine Procedures
      • Dental Procedures
      • Others
    • Wellness Treatment
      • Cosmetic Procedures
      • Rejuvenation Procedures
      • Others
    • Alternative Treatment
  • Market Analysis, Insights and Forecast – By Service Provider
  • Market Analysis, Insights and Forecast – By Geography
    • North America
    • Europe
    • Asia Pacific
    • Latin America
    • Middle East & Africa
  • North America Medical Tourism Market Analysis, Insights and Forecast, 2017-2028
    • Key Findings / Summary
    • Market Analysis, Insights and Forecast – By Service
      • Medical Treatment
        • Cardiac Procedures
        • Oncology Procedures
        • Orthopedic & Spine Procedures
        • Dental Procedures
        • Others
      • Wellness Treatment
        • Cosmetic Procedures
        • Rejuvenation Procedures
        • Others
      • Alternative Treatment
    • Market Analysis, Insights and Forecast – By Service Provider
    • Market Analysis, Insights and Forecast – By Country

Continued…

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