Medical Tourism Market – By Application (Cosmetic Surgery {Hair Transplant, Breast Augmentation}, Cardiovascular Surgery, Orthopedic Surgery, Oncology Treatment, Dental Surgery, Bariatric Surgery, Fertility Treatment) & Forecast 2024 – 2032

Medical Tourism Market Size

Medical Tourism Market size was valued at USD 26.4 billion in 2023 and is expected to exhibit growth at a CAGR of 16.3% from 2024 – 2032 period. The increasing demand for surgeries and treatment procedures that are not covered by insurance is anticipated to drive the market growth globally.
 

Furthermore, the availability of high-quality treatment in developing countries at lower cost as compared to developed countries will foster the market growth. Also, various government initiatives focusing on promoting medical tourism in their countries through various strategies will boost the market growth.

 

Moreover, the global increase in chronic diseases such as diabetes, cardiovascular diseases, and cancer drives the demand for specialized medical treatments and interventions. Patients may seek medical tourism options to access comprehensive care for managing chronic conditions and improving long-term health outcomes. For instance, according to the National Association of Chronic Disease Directors, in 2022, nearly 60% of adults in the U.S. have at least one chronic disease, indicating a substantial burden of chronic diseases in the country.

 

Medical tourism, also known as medical travel or health tourism, refers to the practice of patients traveling to a foreign country, primarily to obtain medical treatment. It encompasses a wide range of medical services, including preventive and health-conducive treatments, elective surgical procedures, telerehabilitation, as well as complex surgeries, among others. Medical tourists often seek advanced medical treatment provided by skilled professionals at cost-effective rates, both in developed and developing countries.
 

Medical Tourism Market Trends

The market is experiencing several notable trends that are shaping its growth and development. Factors such as rising adoption of telemedicine and virtual consultations, growing focus on health and wellness tourism, and surging demand for integrated technology and digital health solutions, among other factors are propelling the industry growth.
 

• With the global aging population, there is a rising demand for medical tourism services catering to elderly patients seeking specialized geriatric care, age-related treatments, and retirement healthcare options. Medical tourism destinations are adapting their offerings to accommodate the needs and preferences of older patients, including accessible facilities, geriatric assessments, and senior-friendly services.
   
• Furthermore, medical tourism providers are increasingly leveraging technology and digital solutions to enhance the patient experience and streamline healthcare services. This includes online appointment scheduling, electronic medical records (EMR) systems, mobile health apps, and telemedicine platforms. Digital innovations improve communication, efficiency, and transparency in the medical tourism process, from initial inquiry to post-treatment follow-up. Hence, aforementioned factors are expected to drive the market.
   

Medical Tourism Market Analysis

Based on application, the market is segmented into cosmetic surgery, cardiovascular surgery, orthopedic surgery, oncology treatment, dental surgery, bariatric surgery, fertility treatment, and other applications. The cosmetic surgery is further bifurcated into hair transplant, breast augmentation, and other cosmetic surgeries. The cosmetic surgery segment dominated the market in 2023 with a revenue of USD 4.5 billion.
 

• The high revenue share in the cosmetic surgery market is primarily attributed to the significantly increasing preference for procedures aimed at altering and enhancing physical appearance. Technological advancements in cosmetic surgery have made procedures less invasive, safer, and more cost-effective, with faster recovery times. Furthermore, the rising concern for aesthetic appearance in both developed and developing regions has led to an increase in the number of cosmetic surgeries, thereby fostering market growth.
   
• Moreover, long wait times for cosmetic surgery appointments or procedures in developed countries can deter patients seeking timely treatment. Medical tourism offers patients the opportunity to bypass wait lists and access cosmetic surgery services with shorter waiting periods. Expedited scheduling and flexible appointment availability enable patients to undergo desired cosmetic procedures more promptly, leading them to seek treatment abroad for quicker results, thereby driving segmental growth.
   

North America medical tourism market accounted for USD 2.9 billion market revenue in 2023 and is anticipated to grow at CAGR of 15.6% between 2024 – 2032 period.
 

• The region experiences a high demand for cosmetic and elective procedures, largely influenced by aesthetic preferences, beauty standards, and lifestyle choices. Patients seeking cosmetic surgeries, dental treatments, fertility procedures, or weight loss surgeries may opt for medical tourism to access affordable and high-quality services abroad. Medical tourism destinations offer comprehensive cosmetic packages, state-of-the-art facilities, and experienced surgeons, attracting patients seeking aesthetic enhancements or elective procedures.
   
• Furthermore, the availability of advanced treatment procedures and cutting-edge medical device technologies, as well as the presence of highly qualified healthcare personnel in the region, serve as major driving factors for the growth of medical tourism, leading to regional expansion.
   

The U.S. held a dominant position in the medical tourism market, with a revenue of USD 2.7 billion in 2023.
 

• The U.S. has some of the highest healthcare costs globally, encompassing medical procedures, hospital stays, prescription medications, and insurance premiums. Patients in the U.S. often encounter financial barriers when accessing healthcare services, particularly for elective procedures or treatments not covered by insurance.
   
• Medical tourism offers an opportunity for U.S. patients to access more affordable healthcare options abroad, where treatment costs may be significantly lower. This can lead to substantial cost savings for patients and their families.
   

Germany medical tourism market is projected to grow remarkably in the coming years.
 

• The growth of this market is driven by a robust healthcare system, specialized medical expertise, stringent regulatory standards, innovative medical technologies and a strong focus on research and development.
   
• The country is at the forefront of medical innovation, with a strong emphasis on research and development in the healthcare sector. The country is known for its advanced medical technologies, including diagnostic imaging, minimally invasive surgeries, robotic-assisted procedures, and precision medicine.
   
• Patients travel to Germany to benefit from the latest advancements in medical technology, personalized treatment options, and innovative healthcare solutions that may not be available in their home countries.
   

Japan holds a dominant position in the Asia Pacific medical tourism market.
 

• Japan is renowned for its advanced healthcare technology, cutting-edge medical equipment, and modern healthcare infrastructure. The country boasts world-class hospitals, specialized clinics, and medical institutions equipped with state-of-the-art facilities and innovative medical technologies. Patients from around the world are attracted to Japan's advanced healthcare system, renowned medical expertise, and commitment to excellence in patient care.
   
• Moreover, the country’s government actively promotes medical tourism as part of its efforts to boost tourism, stimulate economic growth, and enhance international collaboration in healthcare. Initiatives such as the "Visit Japan Medical" program and regulatory reforms to facilitate medical travel encourage international patients to choose Japan for medical treatment.
   
• Government support, regulatory incentives, and promotional campaigns all contribute to Japan's position as a leading destination in the global market. These efforts underscore Japan's commitment to providing high-quality healthcare services to both domestic and international patients while fostering partnerships and innovation in the field of medicine.
   

Medical Tourism Market Share

The market is fragmented in nature, it commands a substantial share of the global healthcare sector, driven by factors such as cost-effective treatments and access to specialized medical services. Key players, including hospitals and clinics worldwide, cater to a diverse range of international patients seeking treatments abroad. Regions like Asia-Pacific and Europe are prominent hubs, with countries like Thailand, India, and Germany leading the market. The market's growth is propelled by technological advancements, government initiatives, and increasing patient preference for medical travel.
 

Medical Tourism Market Companies

Prominent players operating in the medical tourism industry include:

• Apollo Hospitals Group
• Asklepios Kliniken GmbH & Co. KGaA
• Bumrungrad International Hospital
• Fortis Healthcare Limited
• KPJ Healthcare Berhad
• MANIPAL HEALTH ENTERPRISES PVT LTD
• Max Healthcare
• Mount Elizbeth Hospitals
• Narayana Health
• Raffles Medical Group
   

Medical Tourism Industry News:

• In October 2021, Bumrungrad International Hospital partnered with BC Platforms (BCP) to implement automated workflows for genotype-based wellness reporting and next-generation sequencing (NGS)-based neonatal screening. This collaboration enabled Bumrungrad International Hospital to provide data-driven personalized care for patients and drive revenue growth.
   

The medical tourism market research report includes an in-depth coverage of the industry with estimates & forecast in terms of revenue in USD Million from 2021 - 2032 for the following segments:

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Market, By Application

• Cosmetic surgery
  • Hair transplant
  • Breast augmentation
  • Other cosmetic surgeries
• Cardiovascular surgery
• Orthopedic surgery
• Oncology treatment
• Dental surgery
• Bariatric surgery
• Fertility treatment
• Other applications

The above information is provided for the following regions and countries:

• North America
  • U.S.
  • Canada
• Europe
  • Germany
  • UK
  • France
  • Spain
  • Italy
  • Turkey
  • Czech Republic
  • Rest of Europe
• Asia Pacific
  • Japan
  • India
  • Thailand
  • South Korea
  • Singapore
  • Malaysia
  • Rest of Asia Pacific
• Latin America
  • Mexico
  • Colombia
  • Costa Rica
  • Rest of Latin America
• Middle East and Africa
  • South Africa
  • UAE
  • Rest of Middle East and Africa