Medical Tourism Market Trends and Analysis by Region, Provider, Service (Medical Treatment and Wellness) and Segment Forecast to 2027

Accessing the in-depth insights from the ‘Medical Tourism’ report can help:

• In assessing the expenditure made by inbound tourists for medical treatments and wellness services.
• In exploring the ongoing mergers and acquisition activities in the market.
• In understanding the trends of social media in the medical tourism industry.
• In foreseeing shift in the medical landscape and align business strategies to capitalize on them.
• In gaining detailed insights on technological development while evaluating the rising prominence of artificial intelligence, cloud, and mobile technology.
• In anticipating the shift in demand and pivot business strategies to capitalize on them.

How is our ‘Medical Tourism’ report different from other reports in the market?

• The report investigates the medical tourism sector in terms of expenditures based on service type and region.
• The study entails a summarization of key factors or variables responsible for assisting market growth during the forecast period.
• Detailed segmentation by service type– Medical Treatment, Wellness
• Detailed sub-segmentation by medical treatment– Cardiovascular, Cancer, Orthopedic, Cosmetic, Bariatric, Dental, Ophthalmology, Alternative medicine, Fertility, Other
• Detailed sub-segmentation by wellness– Destination Spas, Hotel/Resort Spas, Other Spas
• With more than 120+ charts and tables, the report is designed with an easy digestible qualitative content.
• The study presents intelligence around recent mergers & acquisitions and venture financing.
• The key market participants operating within this market and their respective profiles are laid out with dedicated sections on company overview, financials, strategic initiatives, key personnel, and SWOT analysis.
• The competitive landscape section encompasses coverage of the key players and their recent developments.

We recommend this valuable source of information to:

• Travel Agencies
• Healthcare Providers
• Insurance Companies
• Venture Capitalists
• Investment Advisors
• Consultancy Firms

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Medical Tourism Market Report Overview

The medical tourism market size revenue was valued at $31.9 billion in 2023 and is expected to grow at a compound annual growth rate (CAGR) of more than 13% over the forecast period. The affordability factor and access to advanced treatments with quality healthcare are anticipated to drive the medical tourism market over the forecast period.

Substantial cost savings is a key determinant when individuals consider foreign countries for healthcare options. For instance, the cost of cardiac bypass surgery in India is approximately 90% lower compared to the US. This often pushes patients from developed nations to opt for surgical procedures in countries where the treatment cost is significantly lower. The increasing cost of treatment in developed countries is expected to positively aid the market growth over the projected timeframe.

Medical Tourism Market Outlook, 2020-2027 ($Billion)

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The market revenue in the post-pandemic era observed astonishing growth aided by the rising interest among individuals to improve the quality of life and health. The easing of travel restrictions in 2022 and 2023 directly contributed to boosting the demand for medical tourism during these years. The number of transportation airline passengers carried by distance jumped by 54.7% and 36.6% year-on-year in 2022 and 2023, respectively.

The pent-up demand coupled with the availability of easy installment services propelled the market growth post pandemic further. To capitalize on this trend, industry participants formed collaborations to offer flexible installment payment options. For instance, in November 2023, Turkish healthcare company Ada Medical Teknoloji and Saglik AS signed an agreement with a UK-based Finance Health group to provide patients from the UK, US, and European Union with a 12-month installment service.

Similarly, another Turkey-based company, WeCure, offers a dedicated financing plan for international patients. The company also collaborates with the key payment providers of the region including Stripe, Revolut, and Wise, among others.

Medical Tourism Market Segmentation by Service Type

The market for medical tourism based on service type is bifurcated into wellness and medical treatment. The wellness segment dominated the market space in terms of revenue in 2023 and is expected to continue its dominance over the forecast period. The rising inclination towards healthy life among individuals, especially in the post-pandemic era is a key driver for segmental growth. This trend is positively influencing the launch of new wellness projects around the globe.

For instance, in March 2024, European Wellness, a popular health and wellness provider, announced an investment of approximately $80 million in the Sabah state of Malaysia. This venture aims to capitalize on the natural scenic beauty of the state with the expertise of European Wellness to provide an inclusive healthcare journey.

Medical Tourism System Market Analysis by Service Type, 2023 (%)

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The medical treatment segment is poised to register the fastest-compounded annual growth rate (CAGR) of more than 16% over the forecast period. The combination of affordable prices and the availability of top-notch healthcare services entices patients to opt for medical treatment in other countries. For instance, individuals from Bangladesh often journey to India for treatment purposes due to its superior healthcare standards. To further attract medical tourists from Bangladesh, the state of West Bengal in India had opened a portal to process visas within 48 hours in November 2023.

Medical Tourism Market Segmentation by Medical Treatment Type

Among medical treatment types, the dental treatment category is a dominating group and is expected to continue its dominance over the forecast period. Dental treatment in countries like India and Turkey is much more economical as compared to the UK, US, and other developed nations. For example, the root canal treatment cost in the US ranges from $1,000 to $1,600, whereas in India, the cost of a root canal treatment is $45 to $75. Thus, the wide cost difference is anticipated to remain a key drive for segmental growth over the predicted timeline.

The fastest-growing segment is alternative medicine which is expected to register a strong compounded annual growth rate (CAGR) of more than 20% over the forecast period. The rise of alternative medicine, especially among Western countries patients, is gaining traction owing to the limited side effects as compared to the conventional form of medicine. Alternative medicines are broadly categorized into mind-body therapies, biological therapies, biofield therapies, body-based therapies, and whole medicine systems.

Medical Tourism Market Analysis by Medical Treatment Type, 2023 (%)

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Cancer treatment category is the third largest segment following the dental treatment in terms of revenue in 2023. However, the segment is poised to observe a declining share owing to its high cost of treatment. Moreover, cancer patients remain under heavy duress, and thus, traveling in such conditions is often restricted by the medical service providers.

Medical Tourism Market Segmentation by Wellness

The industry segment of wellness is broken down as destination spas, hotel/resort spas, and other spas. Hotel/resort spas registered a revenue share of over 32% in 2023, aided by the growing number of travelers seeking luxury stays. Many of the international hotel chains are opening exclusive spa centers to attract a higher number of tourists. An example of this is the opening of 1 Hotel Mayfair’s new Bamford spa in London in October 2023, with an eco-conscious approach.

Destination spas registered the third place in terms of revenue in 2023 and are projected to observe steady growth over the forecast period, driven by the younger travelers seeking peace of mind or mental well-being. This trend is pushing the development of new concepts of destination spas focusing on mental wellness.

For instance, wellness brand, The Ranch, is set to launch its East Coast flagship in April 2024. This new health and wellness center provides three and four-day wellness programs including activities such as yoga, hiking, plant-based diets, and massages. The Ranch Hudson Valley is a 200-acre property near Tuxedo Park in New York with a 40,000 sq ft lakefront hospitality estate.

Medical Tourism Market Analysis by Wellness, 2023 (%)

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The other spas category is expected to remain the largest segment over the forecast period. The demand for cruise spas has been growing at an astonishing pace post-pandemic. Cruise-based vacations are surpassing the pre-pandemic mark with the total traveler count anticipated to reach 35.7 million in 2024, as per the Cruise Lines International Association.

Medical Tourism Market Segmentation by Region

Europe accounted for the largest regional share in 2023 and is anticipated to continue its dominance over the forecast period. The regional growth is primarily driven by Turkiye which is among the leading destinations of medical tourism around the globe. The low currency rates coupled with the English and European language-speaking population greatly assists its growth. The country is set to register the fastest compounded annual growth rate of more than 10% over the forecast period, owing to the aforementioned factors.

Asia Pacific is expected to remain the second-largest region with the fastest compound annual growth rate of over 23% in terms of revenue over the forecast period. The regional growth is assisted by the increasing inflow of travelers for medical treatment in South Korea, Japan, Thailand, and Malaysia.

South Korea is expected to remain among the favorite destinations owing to the rising inflow of travelers. As per the estimates by the National Institute of Health, the South Korean government is aiming to attract 700,000 foreign travelers to the country by 2027. The country already observed strong growth in the inflow of foreign patients in 2022, marking a year-on-year growth of above 70%.

Medical Tourism Market Analysis by Region, 2023 (%)

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In 2023, North America was projected to have claimed the third spot in revenue share, with the United States contributing 82.0%. However, Mexico is anticipated to remain the fastest-growing country in the region over the forecast period, supported by the affordable cost of treatments as compared to its regional peers.

Medical Tourism Market – Competitive Landscape

The marketspace of medical tourism is highly competitive with industry vendors competing at different levels including service, product, and hospitality. To maximize their presence across different regions, the vendors are gradually forming strategic partnerships with regional tourism boards.

For instance, in May 2023, UAE-based medical and wellness vendor Agora Group entered into a strategic partnership with the Philippine Department of Tourism. The collaboration aims to broaden the Philippines’ position as a medical tourism destination.

The industry participants are employing digital health platforms to enhance patient experience. The digital platforms currently under usage are telemedicine, electronic health records, and artificial intelligence-driven solutions.

Leading Companies in the Medical Tourism Market

• Mayo Clinic
• The Cleveland Clinic Foundation
• Singapore General Hospital
• Raffles Medical Hospital
• Charite University Hospital of Berlin
• Bumrungrad Hospital Public Company Ltd.
• Seoul National University Hospital
• Bangkok Chain Hospital Public Co Ltd.
• Asklepios Kliniken GmbH & Co. KGaA
• Apollo Hospitals Enterprise Ltd.

Other Medical Tourism Market Vendors Mentioned

Samitivej Hospital, Clemenceau Medical Center (CMC), Anadolu Medical Center, The Specialty Hospital, Prince Court Medical Center, Shouldice Hospital, Gleneagles Hospital, Massachusetts General Hospital, Sheba Medical Center, Heidelberg University Hospital, Liv Hospital Ankara, Loewenstein Hospital, TATA Hospital, Johns Hopkins Hospital, and St. Luke’s International Hospital

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Medical Tourism Market Segments

GlobalData Plc has segmented the medical tourism market report by service type, medical treatment type, wellness, medical treatment service providers, and region:

Medical Tourism Market Technology Outlook (Revenue, $Million, 2020-2027)

• Medical Treatment
• Wellness

Medical Tourism System Market Medical Treatment Type Outlook (Revenue, $Million, 2020-2027)

• Cardiovascular Treatment
• Cancer Treatment
• Orthopedic Treatment
• Cosmetic Treatment
• Bariatric Treatment
• Dental Treatment
• Ophthalmology Treatment
• Alternative Medicine
• Fertility Treatment
• Other

Medical Tourism System Market Wellness Type Outlook (Revenue, $Million, 2020-2027)

• Destination Spas
• Hotel/Resort Spas
• Other

Medical Tourism System Market Medical Treatment Service Providers Outlook (Revenue, $Million, 2020-2027)

• Public
• Private

Medical Tourism System Market Regional Outlook (Revenue, $Million, 2020-2027)

• North America
  • US
  • Canada
  • Mexico
• Europe
  • Germany
  • France
  • Italy
  • Spain
  • Turkey
  • Hungary
  • Rest of Europe
• Asia Pacific
  • India
  • South Korea
  • Thailand
  • Malaysia
  • Japan
  • China
  • Rest of Asia Pacific
• South & Central America
  • Argentina
  • Costa Rica
  • Rest of South & Central America
• Middle East & Africa
  • Kenya
  • Egypt
  • The UAE
  • Rest of Middle East & Africa