The global medical tourism market size was valued at USD 4.5 billion in 2021 and is projected to reach USD 47.72 billion by 2030 at a CAGR of 30% from 2022 to 2030.
Medical tourism is a practice of traveling outside the country of residence to seek medical attention. The emerging countries are a hotspot for medical tourism as they offer high-quality services at lower costs.
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Rising demand for quality cardiovascular, plastic, orthopedic, and dental surgeries drive market growth. India's cardiovascular surgery success rate is about 98%, which is among the highest achievable success rate in any developing country. Ease and affordability of foreign travel and the availability of advanced and efficient quality medical services in developing countries at low costs provide an impetus to the market growth.
The Global Healthcare Accreditation (GHA) and the Joint Commission International (JCI) have imposed stringent rules on the hospitals and medical centers to ensure effective services for overseas patients. Governments across the globe are offering several incentives to increase medical tourism in their respective countries, further driving the market growth. Local and multinational organizations are actively working to introduce high-quality medical services, thereby accelerating market growth. The market’s primary driver is the availability of quality medical services. Currently, the U.S. has approved over 600 emergency units and clinics across the globe, and the number is projected to grow by 20% annually.
The cardiovascular treatment segment leads to the medical tourism market. The increasing prevalence of coronary heart diseases is surging the number of cardiovascular surgeries across the globe. As per the American Heart Association (AHA), in 2017, around 90 million people suffer from cardiovascular disease (CVD) in the U.S. CVD is one of the leading causes of death across the globe, accounting for about 24% of the global deaths. The high-cost treatment has compelled the patients to seek treatment abroad, which has spurred the global demand for modern cardiovascular medical techniques. The prevalence of CVD can be attributed to the lack of physical activity and sedentary lifestyle.
The bariatric surgery segment is projected to grow at a significant rate. As per the World Health Organization (WHO), globally, around 650 million people suffered from obesity in 2016. Thus, increasing prevalence of obesity around the globe is subsequently increasing medical tourism for affordable bariatric surgeries. In developing countries, the cost of bariatric surgery is 50% lower compared to developed countries. A recent study published in the Journal of Obesity Surgery characterized the number of medical visitors undergoing bariatric surgery. Through this massive retrospective study, globally, about 93 surgeons completed about 3,740 surgical procedures in 2017.
Several organizations such as the Joint Commission International (JCI), Trent International Accreditation Scheme (the U.K.), the International Society for Quality in Healthcare, the International Organization for Standardization (ISO), and the International Bariatric Surgical Review Committee (IBSRC) have established accreditation procedures for international medical facilities. In India, around 15,000–18,000 bariatric surgeries are performed every year in India, and the number is expected to double in the coming years. In the U.S., the bariatric surgery costs nearly USD 50,000, whereas, in India, the surgery costs nearly USD 5,000–10,000.
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Asia-Pacific leads the medical tourism market and will continue the same during the forecast period. Thailand became the most popular medical tourism destination in 2019. An increasing number of private clinics, robust healthcare sectors, and lower healthcare costs drive the medical tourism market in Thailand. The country has over 450 private hospitals, and about 53 private Thai hospitals have received JCI accreditation. The country is known for its low-cost, high-quality cosmetic and bariatric surgery. The country offers many specific treatments such as breast augmentation, removal of laser tattoos, liposuction, and botox, among others. The government of Thailand is offering smart visas to practitioners and companies to accelerate medical tourism in the country.
In Bangkok, the Bumrungrad International Hospital, the Samitivej Hospital, and the Bangkok Hospital Company account for about 50% of the medical tourism of the country. In India, Apollo Hospitals Enterprise Ltd. and Fortis Hospitals are leading contributors to the country’s market growth. Increasing prevalence of lifestyle disorders, growing demand for affordable healthcare delivery systems, technological advancements, the advent of telemedicine, and government initiatives drive the market growth in India. As per the Ministry of Tourism, about 200,000 patients travel to India for medical tourism annually. Additionally, the market players are channelizing efforts to gain a competitive edge and expand their customer base. For instance, Clarins Group & Procter & Gamble are heavily spending on marketing and media advertisements as part of their promotional strategy.
The UAE is actively working to develop healthcare infrastructure and emerge as one of the hotspots for medical tourism. In April 2016, Dubai unveiled the world's first interactive online medical tourism app, Dubai Health Experience (dxh.ae), providing access to a wide range of health and related facilities such as beauty, cosmetics, and dental care packages. The UAE is also engaging in prominent collaborations to provide innovative healthcare technology, procedures, and norms from the West.
RAK Hospital, an 80-bed facility in Ras Al Khaimah, is among the most sought-after hospitals for travelers coming into the UAE for surgical procedures. The hospital is licensed by Joint Commission International and Swiss Leading Hospitals and is operated by the Swiss-based healthcare group. The hospital specializes in respiratory medicine, anaesthesiology, intensive care unit, cardiac surgery, internal medicine, podiatry, spinal and orthopedic surgery, the clinic for pain control, endocrinology, paediatrics, neonatology, urology, and nursing, among others.
|Market Size||USD in 47.72 Billion By 2030|
|Forecast Units||Value (USD Billion)|
|Report Coverage||Revenue Forecast, Competitive Landscape, Growth Factors, Environment & Regulatory Landscape and Trends|
|Segments Covered||by Treatment (Cosmetic Treatment, Dental Treatment, Cardiovascular Treatment, Orthopedic Treatment, Bariatric Surgery)|
|Geographies Covered||North America, Europe, Asia-Pacific, LAME and Rest of the World|
|Key Companies Profiled/Vendors||Asian Heart Institute, Apollo Hospitals, Prince Court Medical Center, Gleneagles Hospital, Min-Sheng General Hospital, SamitivejSukhumvit Hospital, Raffles Medical Group, Clemenceau Medical Centre, Bangkok Hospital, Bumrungrad International Hospital, Fortis Healthcare Ltd., Wooridul Spine Hospital, KPJ Healthcare Berhad, Anadolu Medical Centre, Asklepios KlinikBarmbek,|
|Key Market Opportunities||The Healthcare It Industry'S Substantial Growth Fuels The Medical Tourism Market|