Medical Tourism Market Definition

The medical tourism market consists of sales of healthcare services by entities (organizations, sole traders and partnerships) that provide medical services to patients from other geographies. This includes revenues generated by healthcare service providers for diagnosing and treating patients who travel across international borders to obtain medical treatment.

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Medical Tourism Market Size

The global medical tourism market reached a value of nearly $56,664.9 million in 2021, having increased at a compound annual growth rate (CAGR) of 10.0% since 2016. The market is expected to grow from $56,664.9 million in 2021 to $136,153.7 million in 2026 at a rate of 19.2%. The market is then expected to grow at a CAGR of 15.2% from 2026 and reach $276,652.3 million in 2031.  

Growth in the historic period resulted from emerging markets growth, increased incidence of cardiovascular diseases, growth in cosmetics procedures, rise in demand for body contouring and rising disposable personal income. Factors that negatively affected growth in the historic period was COVID-19 impact.

Going forward, government initiatives, lower cost care for surgeries, increase in geriatric population, rising number of medical tourists and technological advancements will drive the market. Factors that could hinder the growth of the medical tourism market in the future include long wait time for certain medical procedures and Russia-Ukraine war impact.

Medical Tourism Market Drivers

The key drivers of the medical tourism market include:

Lower Cost Care For Surgeries

Lower cost care for surgeries, in developed and developing countries, is expected to drive the demand for medical tourism market during the forecast period. Medical tourism is the practice of patients seeking lower-cost health-care procedures abroad. The purpose of medical tourism has been to aid patients seeking lower-cost procedures, valued care, patient-centeredness, good doctors and hospital facilities. For example, in September 2022, according to the Indian Medical Association, an India based national voluntary organization of physicians, an estimated 150,000 patients are travelling to India for low-priced healthcare procedures every year. Cosmetic surgery, bariatric surgery, knee cap replacements, liver transplantation and cancer treatments are some of the most sought out medical tourism procedures. Additionally, in 2022, according to Medical Tourism Magazine, a US based publication that publishes topics such as medical tourism, medical travel, and global healthcare, a prostate surgery, which costs $10,618 in the US, costs about $7,896 in Abu Dhabi. Therefore, the lower cost for surgeries is expected to contribute to the growth of the medical tourism market.

Medical Tourism Market Restraints

The key restraints on the medical tourism market include:

Long Wait Time For Medical Procedures

Long wait time for medical procedures is restraining the growth of the medical tourism market during the forecast period. Patients are compelled to wait for health services owing to reasons such as lack of medical equipment, shortage of staff, or inefficient management and excessive waiting time could lead to adverse health effects. For example, according to a study, over 60% of patients remained on the waiting list for cataract surgery for more than three months in Costa Rica, Norway, Estonia and Finland. For hip replacement, the share of patients remaining on the waiting list for over three months ranged from 10% in Denmark, and around 30% in Sweden and Italy, to over 70% in Chile, Estonia, Costa Rica and Norway. Therefore, the long wait time for medical procedures is acting as a major restraint in the medical tourism market during the forecast period.

Medical Tourism Market Trends

Major trends influencing the medical tourism market include:

Metaverse For Medical Tourism

Metaverse for medical tourism is an emerging trend in the medical tourism market. The metaverse is a shared virtual environment that people access via the internet. In the metaverse, physicians could visit their patients in a 3D virtual clinic using augmented reality (AR) and virtual reality (VR) to monitor their health status. In July 2022, the UAE healthcare company named Thumbay Group launched the first Metaverse hospital, catering for medical tourism. The Metaverse healthcare facility mirrors Dubai’s real-world Medcare Women & Children Hospital and will be used in their medical tourism initiatives, giving potential patients an immersive experience of the hospital prior to visiting in person. Similarly, in July 2022, Egypt’s General Authority of Health Care announced it will use metaverse technology to promote inbound medical travel, as the country’s tourism sector is trying to compensate for the losses incurred from the pandemic and the Russian war on Ukraine.

Use Of Mobile Technology

Use of mobile technology is gaining traction in the medical tourism market. Mobile based service apps are making their way into the medical tourism industry. These apps aim to provide medical tourists in depth information about the destination they choose for their treatment, including location specific hospitals, specialists and medical services. For example, in June 2021, according to Mobile device network, a US based website that provides one stop information on the medical device industry, Over 60% of all travelers have used their phones to find their way around. Additionally, with better infrastructure and cheaper mobile services, medical tourists are able to easily navigate in a foreign country with advanced maps and translation apps, encouraging patients to seek care elsewhere.

Opportunities And Recommendations In The Medical Tourism Market

Opportunities –The top opportunities in the medical tourism market by treatment type will arise in the cancer treatment market, which will gain $18,600.0 million of global annual sales by 2026. The top growth potential in the medical tourism market by service providers will arise in private market, which will gain $56,859.7 million of global annual sales by 2026. The top growth potential in the medical tourism market by healthcare service will arise in the medical treatment market, which will gain $37,648.1 million of global annual sales by 2026. The top growth potential in the medical tourism market by type will arise in international market, which will gain $57,160.0 million of global annual sales by 2026. The medical tourism market size will gain the most in the USA at $15,512.2 million.

Recommendations-To take advantage of the opportunities, The Business Research Company recommends the companies in the medical tourism market to focus on use of mobile technology, focus on metaverse for medical tourism, adopt precision medicine, use artificial intelligence in chronic health disorders management, expand in emerging markets, continue to focus on developed markets, focus on strategic partnerships and collaborations, offer competitive pricing, participate in trade shows and events, continue to use business-to-business (B2B) promotions and target patients with fast-growing treatment types.

Medical Tourism Market Segmentation

• a) Cosmetic Treatment
• b) Dental Treatment
• c) Cardiovascular Treatment
• d) Orthopedics Treatment
• e) Cancer Treatment
• f) Fertility Treatment
• g) Neurological Treatment
• h) Other Treatment Types

• i) Domestic
• j) International

• a) Medical Treatment
• b) Wellness
• c) Alternative Treatment

• a) Public
• b) Private

o Asia Pacific
• • China
• • India
• • Japan
• • Australia
• • Indonesia
• • South Korea
o North America
• • USA
o South America
• • Brazil
o Western Europe
• • France
• • Germany
• • UK
o Eastern Europe
• • Russia
o Middle East
o Africa

Medical Tourism Market Competitive Landscape

Major Competitors are:

Other Competitors Include: