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Medical Tourism Market Size By Application (Cardiovascular Surgery, Cosmetic Surgery {Hair Transplant, Breast Augmentation}, Dental Surgery, Orthopedic Surgery, Bariatric Surgery, Fertility Treatment, Oncology Treatment), Industry Analysis Report, Regional Outlook, Covid-19 Impact Analysis, Growth Potential, Competitive Market Share & Forecast, 2022 - 2030

  • Report ID: GMI3022
  • Published Date: Aug 2022
  • Report Format: PDF

Industry Overview

Medical Tourism Market size was worth more than USD 18,700 million in 2021. The industry is expected to grow at a CAGR of 20% through 2030. The lack of medical treatment for certain ailments and the subsequently increasing demand for specific healthcare services will drive global market growth.
 

Medical Tourism Market

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Government-imposed restrictions on specific healthcare services will also push the demand for these services. In recent years, the rising number of people traveling for higher standard treatment in developing countries at a lower cost has proliferated the medical tourism industry size. Benefits like little to no waiting time and the convenience of domestic touring after recovery have increased the demand for these services.
 

Low medical treatment costs in developing countries will drive the market statistics

The cost of healthcare services is relatively high in developed countries such as the U.S. and UK. In comparison, the overall medical treatment expenditure in developing countries is lesser on account of low labor costs, availability of affordable pharmaceuticals, inclusive low travel, and accommodation expenses. Despite the potential advantages, treatment quality is not compromised and is similar to medical procedures available in developed countries. Furthermore, countries including India, Singapore, and Thailand, have reduced custom duties and taxes on hospital services to minimize cost of medical treatments. The presence of supportive regulatory scenario and lesser expenditure will drive medical tourism market size during the forecast period.
 

Difficulties in following up after medical procedures may restrain the market growth

The number of patients travelling abroad for medical treatment is increasing; however, once the procedure is completed successfully, it becomes essential for the patient to stay behind for an extended period in case of post-surgery complications. If this is not possible, patients are required to travel back to the designated foreign country for immediate treatment, which is likely to emerge as a major constraint in medical tourism market demand. Furthermore, air travel following surgical procedures, as well as difficulties in following up with the healthcare professionals once the patients return home, can pose as restraining factors for the industry expansion.
 

Growing influence of unrealistic beauty standards to boost cosmetic surgery segment

Medical Tourism Market Share, By Application

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A substantial percentage of today’s population prefers cosmetic surgery to improve appearance and boost confidence. Influenced by media portrayals of unrealistic beauty standards, rising impact of aesthetics will be a major factor driving the industry growth from cosmetic surgery applications. In addition, technological advancements in the field have led to a major increase in the demand for cosmetic procedures. The cosmetic surgery segment is anticipated to exceed USD 18,400 million by 2030, driven by the rise in the number of beauty enhancement procedures and the increasing concerns surrounding a flawless aesthetic appearance.
 

Increasing demand for quick weight loss to increase industry share from bariatric surgery

The number of people undergoing weight loss surgery has increased dramatically in recent years. A variety of factors, including improved technologies, dynamic pricing with insurance companies bearing a portion of cost, are contributing to the rise. Growing number of obesity cases around the world will have a positive impact on the medical tourism industry from the bariatric surgery segment. The bariatric surgery segment accounted for 12.1% of the market share in 2021 and will expand considerably through 2030, driven by unhealthy diet patterns and the growing number of people with sedentary lifestyles.
 

Availability of premium and affordable healthcare services to augment European medical tourism market outlook

Medical Tourism Market, By Region,

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Regionally, Europe may emerge as a lucrative destination for the global medical tourism market growth. Several countries including Germany, Austria, France, Belgium, and others, offer inexpensive high-quality healthcare in the region. More specifically, Eastern European countries provide a variety of standard surgical, medical, and dental procedures at a lower cost. The medical service expenditure in European countries is 40% to 80% lower compared to the United States, which is accelerating the growth of the Europe medical tourism industry. With well-equipped healthcare facilities and the presence of abundant natural resources, the region appears to be a profitable medical destination encouraging patient influx. Driven by affordable medical care costs, Europe market size may cross USD 41,000 million by 2030.
 

Collaborations to remain define the competitive overview of medical tourism industry

Healthcare companies such as Apollo Hospital Enterprise Limited, Asklepios Kliniken GmbH & Co. KGaA, Bumrungrad International Hospital, Fortis Healthcare Limited, Max Healthcare, Mount Elizbeth Hospitals, Raffles Medical Group, and others form a part of the competitive landscape of medical tourism market. Through strategic initiatives and collaborations, these companies are constantly leveraging new technologies and providing improved healthcare services. For instance, Fortis Healthcare, a leading healthcare provider, with over 20 hospitals, 4,000 operational beds, and 400 diagnostics centers in India, approved IHH Healthcare's investment proposal in July 2018. This collaboration strengthened its market position and provided Fortis Healthcare with new growth opportunities.
 

Impact of COVID-19 on global medical tourism industry

The COVID-19 outbreak negatively impacted the overall growth of the medical tourism market. The increasing number of COVID-19 cases in 2020 and beyond led to non-emergency elective standards of care such as cosmetic surgery, dental surgery, and hair transplantation, among others, getting postponed. During the pandemic, several wellness centers, hospitals, and medical tourism service providers also temporarily ceased operations. With global economic recovery and an overall relaxation on travel however, the industry is anticipated to depict a positive growth curve in the years ahead.
 

The medical tourism market research report includes an in-depth coverage of the industry with estimates & forecast in terms of revenue in USD from 2018 to 2030, for the following segments:

By Application

  • Cardiovascular surgery
  • Cosmetic surgery
    • Hair transplant
    • Breast augmentation
    • Others
  • Dental surgery
  • Orthopedic surgery
  • Bariatric surgery
  • Fertility treatment
  • Oncology treatment
  • Other

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

  • North America
    • U.S.
    • Canada
  • Europe
    • Germany
    • UK
    • France
    • Spain
    • Italy
    • Poland
    • Turkey
    • The Netherlands
  • Asia Pacific
    • India
    • Thailand
    • Singapore
    • Malaysia
  • Latin America
    • Mexico
    • Columbia
    • Costa Rica
  • Middle East & Africa
    • South Africa
    • UAE
    • Iraq

 

Authors: Sumant Ugalmugle, Rupali Swain

Frequently Asked Questions (FAQ) :

In 2021, the global market for medical tourism was registered to be over USD 18,700 million and may grow at a CAGR of 20.0% during the forecast period of 2022-2030.

The cosmetic surgery segment may be valued over 18,400 million by the end of 2030, fueled by rising concern for aesthetic appearance as well as various technological advancements in cosmetic surgery.

Availability of surgical, medical, and dental procedures at lower costs will push Europe medical tourism market size, slated to cross USD 41,000 million by 2030.

Bariatric surgery segment accounted for 12.1% of the market share in 2021 and will register considerable growth through 2030 driven by the rising number of people undergoing surgical weight loss.

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Premium Report Details

  • Base Year: 2021
  • Companies covered: 10
  • Tables & Figures: 151
  • Countries covered: 20
  • Pages: 135

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