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

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

• Make informed decisions about market entry, opportunities, and traveler spending patterns
• Identify your competitors’ capabilities to stay ahead in the market
• Identify promising segment analysis (Medical Treatment and Wellness), growth trends, regional trends, and markets to expand your regional presence, product portfolio, or successful investment
• Anticipate expected changes in demand and adjust your business development strategies

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

• The report presents in-depth market sizing and forecasts at a segment level for more than 20 countries, including historical and forecast analysis by revenue for the period 2020-2027 for market assessment
• Detailed segmentation by Medical Treatment – Cardiovascular, Cancer, Orthopedic, Cosmetic, Bariatric, Dental, Ophthalmology, Alternative medicine, Fertility, Other
• Detailed segmentation by Wellness (Destination Spas, Hotel/Resort Spas, Other Spas)
• The report also highlights segmentation by provider type – Private and Public
• The report offers technological, macroeconomic, and regulatory trends, along with the drivers and challenging factors impacting the medical tourism market.
• The growth innovation matrix included in the report divides the market players into four categories, i.e., flagbearers, contenders, specialists, and experimenters, which will help value chain participants understand how the competition is performing based on their revenue growth and their R&D efforts.
• The report provides an analysis of M&As, venture financing deals, and social media in the medical tourism market.
• The competitive landscape includes a list of key emerging companies/technology disruptors/innovators, venture finance deals, and recent mergers & acquisitions.
• Competitive profiling and benchmarking of key players in the market to provide a deeper understanding of industry competition.

We recommend this valuable source of information to anyone involved in:

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

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Medical Tourism Market Overview

The global medical tourism market size will be valued at $31.91 billion in 2023 and is expected to grow at a compound annual growth rate (CAGR) of 14% during 2023-2027. The adoption of medical tourism will be supported by affordable healthcare and reduced wait time in foreign countries, along with access to quality healthcare and advanced treatments.

Medical tourism involves travel undertaken to another country to receive medical care or advice. It also includes travel associated with maintaining or enhancing one’s physical and inner well-being. Medical treatments and their costs can depend on the country, where some nations are known for specializing in a certain type of medical procedure or advice, and where some are notoriously more expensive than others. The rising costs of healthcare in home countries are a major driver for the market as patients can get the same treatment in a foreign country at a fraction of the cost.

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

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The market faces significant challenges from legal and ethical concerns and continuity of care and follow-up. Medical tourism entails crossing international borders, which introduces legal and ethical complexities. Each country operates under distinct legal frameworks, medical regulations, and ethical standards. Ensuring the protection of patients’ rights, obtaining informed consent, and adhering to ethical practices can be challenging when dealing with individuals from diverse cultural backgrounds and legal systems.

Medical tourists often face challenges in receiving post-treatment care and follow-up when they return to their home countries. Coordinating and ensuring continuity of care between healthcare providers in different locations can be particularly difficult, especially when language barriers, variations in medical records, or inadequate communication between healthcare providers come into play.

Technological advancements have paved the way for the development of telehealth, a method of delivering healthcare services remotely. Telehealth encompasses a wide range of applications, from the digital transmission of diagnostic scans to videoconferencing sessions connecting patients and physicians. This breakthrough has eliminated the limitations imposed by physical geography on healthcare provision.

Telemedicine has successfully addressed barriers related to treatment planning, pre-operation consultations, and post-operation follow-up care for patients seeking overseas medical services. This innovative approach enables patients to undergo procedures in foreign countries while receiving necessary post-operative care in the comfort of their own homes. Telehealth has played a pivotal role in encouraging patients to seek medical treatments abroad, while virtual communication has facilitated seamless care delivery. Consequently, many concerns regarding receiving healthcare services in foreign locations have significantly reduced.

Medical Tourism Market Segmentation by Service Type

The medical tourism market by service type includes medical treatment and wellness. Many healthcare providers are implementing digital health technologies in their infrastructures. The advent of digital health has revolutionized consultation methods within the medical tourism industry. As technology advances, medical tourism is shifting from traditional phone and email consultations to video consultations, allowing physicians to interact with medical tourists remotely. Digital health also has the potential to enhance market scalability by empowering healthcare providers to expand their services and manage growing demand.

One of the few industries to benefit from the COVID-19 pandemic is the health and wellness industry. Due to the impacts the pandemic caused on daily life, such as a change in working patterns and extended time alone and at home, there has been an increased focus on physical health and mental health, and well-being. This established focus on health and well-being is likely to translate into more concentration on this type of holidays and trips. Therefore, with travel restrictions due to COVID-19 lifting in many countries, this focus on health and wellness is beginning to translate into a desire by travelers to go on health and wellness holidays.

Medical Tourism Market Share by Service Type, 2023 (%)

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Medical Tourism Market Segmentation by Medical Treatment Type

Rising healthcare costs and the unavailability of advanced treatments in the home country will help the market grow during the forecast period. The increasing healthcare costs in the US and China have resulted in American and Chinese medical tourists comprising a large portion of total medical tourists globally. An angioplasty procedure in the US costs around $47,000, while the same procedure costs around $12,000 in Mexico. The patients can afford both treatment and travel costs at a fraction of what they will spend in their home countries.

Medical tourism enables patients to access treatments that may not be available in their home country due to legal or ethical constraints. For example, regulations for fertility treatment vary across countries and medical tourism provides an opportunity for patients to seek fertility treatments in a country where regulations permit the same.

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

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Medical Tourism Market Segmentation by Wellness

Younger generations (Generation Z and Generation Y) are much more concerned about mental wellbeing than older generations, and this is expected due to the vast change in life the pandemic induced, compared to older generations. These generations are typically more active and rely on more external stimuli (such as bars, shops, restaurants, and gyms), so nationwide lockdowns caused a greater disruption to life, and more need for focus on mental health when compared to their older counterparts. Increase in stress and anxiety are directly leading to a growth in demand for so-called ‘stress relief’ holidays, which employ practices that are known to reduce and manage stress levels, such as spas.

Spas that offer stress and anxiety reduction programs, or businesses that have a specific approach to relaxation are looking to target countries and demographics that have indicated that their anxiety and stress levels have increased due to COVID-19.

Medical Tourism Market Share by Wellness, 2023 (%)

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Medical Tourism Market Analysis by Region

The medical tourism market in Europe was the highest in 2023, capturing over 60% of the overall market. The regional demand by revenue was led by Italy and Spain collectively accounting for a major share of the medical tourism market in 2023.

Europe is projected to retain the largest share by 2027, accounting for a major share of the global medical tourism market with a forecasted growth rate exceeding 10% from 2023 to 2027. Europe has advanced healthcare infrastructure with cutting-edge technologies and highly skilled doctors making it an attractive location for medical tourism. Most European countries have English-speaking medical professionals, which makes it easier for international patients to communicate. Additionally, the healthcare standards and compatibility in European countries are at par with international standards.

The medical tourism market is significantly influenced by government regulations and policies related to healthcare, immigration, and tourism. Favorable government policies, such as streamlined visa procedures and incentives for medical tourists, can stimulate market growth by creating a favorable environment for medical tourism activities. The Government of India has constituted the National Medical & Wellness Tourism Board to promote Medical/Wellness Tourism, and E-Medical visa has been introduced for 166 countries. Also, countries such as Turkey offer rebates on marketing activities related to medical tourism.

Europe Medical Tourism Market Share by Country, 2023 (%)

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Medical Tourism Market – Competitive Landscape

The medical tourism market is highly competitive, with numerous companies vying for customers’ business. The medical tourism market has experienced a significant rebound over the past couple of years due to ease in travel restrictions postCOVID-19 pandemic. To remain competitive, medical tourism companies must offer advanced and latest technologies for treatments along with competitive pricing. Competitors must invest heavily in digital health technologies such as telemedicine, remote patient monitoring, electronic health records, etc. so that they can provide post-treatment care to the patients. Companies must strive to achieve the highest quality standards to get accreditation from organizations like JCI, NABH, etc. to attract new patients.

The leading companies that specialize in medical tourism are 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, Asklepios Kliniken GmbH & Co. KGaA, Apollo Hospitals Enterprise Ltd, and Bangkok Chain Hospital Public Co Ltd.

Leading Players 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 and Scope

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

 Medical Tourism Market Service Type Outlook ($Million, 2020-2027)

• Medical Treatment
• Wellness

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

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

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

• Destination Spas
• Hotel/Resort Spas
• Other Spas

Medical Tourism Market Medical Service Provider Type Outlook ($Million, 2020-2027)

• Public
• Private

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

• North America

• • US
  • Canada
  • Mexico

• Asia-pacific

• • India
  • South Korea
  • Thailand
  • Malaysia
  • Japan
  • China
  • Rest of Asia Pacific

• Europe

• Germany
• France
• Italy
• Spain
• Turkey
• Hungary
• Rest of Europe

• South and Central America

• • Argentina
  • Costa Rica
  • Rest of South & Central America

• Middle East and Africa

• • Kenya
  • Egypt
  • The UAE
  • Rest of Middle East & Africa

The market intelligence report provides an in-depth analysis of the following –

• Medical tourism market outlook: analysis as well as historical figures and forecasts revenue opportunities from the service type, medical treatment type, wellness, medical service provider type, and region segments.
• The competitive landscape: an examination of the positioning of leading players in the medical tourism market.
• Company snapshots: analysis of the market position of leading competitors in the medical tourism market.
• Underlying assumptions behind our published base-case forecasts, as well as potential market developments that would alter, either positively or negatively, our base-case outlook.

Scope

This report provides overview and service addressable market for medical tourism

It identifies the key trends impacting growth of the market over the next 12 to 24 months.

It includes global market forecasts for the medical tourism industry and analysis of venture financing, social media, company filings, and M&A trends.

Key Highlights

The global medical tourism market size by revenue will be $31.91 billion in 2023 and is expected to grow at a compound annual growth rate (CAGR) of 14% during 2023-2027. The adoption of medical tourism will be supported by affordable healthcare and reduced wait time in foreign countries, along with access to quality healthcare and advanced treatments.

Reasons to Buy

• The report presents in-depth market sizing and forecasts at a segment level for more than 20 countries, including historical and forecast analysis by revenue for the period 2020-2027 for market assessment

• Detailed segmentation by Medical Treatment – Cardiovascular, Cancer, Orthopedic, Cosmetic, Bariatric, Dental, Ophthalmology, Alternative medicine, Fertility, Other

• Detailed segmentation by Wellness – Destination Spas, Hotel/resort Spas, Other Spas

• The report also highlights segmentation by Medical Service Provider Type – Private and Public

• The report offers technological, macroeconomic, and regulatory trends, along with the drivers and challenging factors impacting the medical tourism market.

• The growth innovation matrix included in the report divides the market players into four categories, i.e., flagbearers, contenders, specialists, and experimenters, which will help value chain participants understand how the competition is performing based on their revenue growth and their R&D efforts.

• The report provides an analysis of M&As, venture financing deals, and social media in the medical tourism market.

• The competitive landscape includes a list of key emerging companies/ disruptors/innovators, venture finance deals, and recent mergers & acquisitions.

• Competitive profiling, benchmarking, and SWOT analysis of key players in the market to provide a deeper understanding of industry competition.