Medical Tourism Market
Analysis by Treatment Type (Cosmetic, Dental, Fertility, Orthopedic, Neurological, Cancer, and Others); and by Application (Public and Private) – Global Supply & Demand Analysis & Opportunity Outlook 2023-2035
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Analysis by Treatment Type (Cosmetic, Dental, Fertility, Orthopedic, Neurological, Cancer, and Others); and by Application (Public and Private) – Global Supply & Demand Analysis & Opportunity Outlook 2023-2035
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The global medical tourism market is estimated to garner revenue of ~USD 100 billion by the end of 2035 by growing at a CAGR of ~12% over the forecast period, i.e., 2023 – 2035. Further, the market generated revenue of ~USD 10 billion in the year 2023. The growth of the market is primarily attributed to the rising number of people traveling to other countries to get medical care. Based on the data published by the Medical Tourism Association (MTA), it was estimated that nearly 14 million people travel across the globe to receive required medical care.
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Global medical tourism market trends such as the rising prevalence of hip & knee replacement and angioplasty and escalation in the spending on medical technology across the globe are projected to influence the growth of the market positively over the forecast period. The total spending on medical technology in 2019 was estimated to reach USD 30 billion while the total volume generated by medical technology across the globe was projected to be around USD 450 billion. Moreover, medical tourism is a term when people travel across the country to receive medical treatment for several medical conditions. Hence, all these factors are expected to hike the growth of the market over the forecast period.
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Base Year |
2023 |
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Forecast Year |
2023-2035 |
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CAGR |
~12% |
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Base Year Market Size (2023) |
~ USD 10 Billion |
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Forecast Year Market Size (2035) |
~ USD 100 Billion |
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Regional Scope |
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Growth Drivers
Rising Cases of Cancer Across the Globe - World Health Organization (WHO) released a report showing that in 2020, around 10 million people lost their lives worldwide.
The common reason boosting the demand for medical tourism is the lack of availability and higher cost of treatment in particular countries. Cancer is the leading cause of death and many developing countries have no healthcare centers to offer medical care to cancer patients while other countries have well-organized treatment procedures for the disease. Hence, thousands of people travel from country to country to acquire the proper treatment. Therefore, all these factors are estimated to hike the market growth over the forecast period.
Significant Growth in the Medical Technology- It is observed that medical technology worldwide in 2022 grew by 5.5%.
Increasing Global Healthcare Expenditure - World Bank published a report stating that in 2019, health expenditure reached USD 1,121.9 across the globe.
Diverse Costs Associated with the Heart Bypass in Different Countries - Heart bypass is the procedure to treat internal blockage of blood in veins or arteries. For instance, in 2019, the United States was estimated to higher cost for heart bypass which was approximately USD 120 thousand.
Challenges
The global medical tourism market is segmented and analyzed for demand and supply by treatment type into cosmetic, dental, fertility, orthopedic, neurological, cancer, and others. out of these, the cancer segment is projected to witness noteworthy growth over the forecast period. The growth of the segment is accounted for by the higher prevalence of cancer across the globe. Future growth is expected to be particularly fueled by the movement toward alternative cancer therapies including cannabis and green tea extract therapy. For instance, in 2020, cancer accounted for more than 9 million deaths across the globe.
The North America medical tourism market, amongst the market in all the other regions, is projected to hold the largest market share by the end of 2035. The growth of the market in the region is ascribed to the higher prevalence of tourism owing to the presence of robust healthcare infrastructure in the region and the growing cases of cancer. For instance, in 2018, the number of tourist visits in the USA was estimated to be around 150 million which further reached about 160 million in 2019. Moreover, the presence of major key players in the region is further projected to hike the growth of the market in the region.
Our in-depth analysis of the global medical tourism market includes the following segments:
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By Treatment Type |
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By Application |
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Samitivej PCL
In 2023, market players might incur losses due to huge gap in currency translation followed by contracting revenues, shrinking profit margins & cost pressure on logistics and supply chain.
Controlling Inflation has become the first priority for global economies from last quarter of 2022 and to be followed in 2023. With skewed economic situations, rise in interest rate by governments to control spending and inflation, spiked oil and gas prices, high inflation, geo-political issues including U.S. & China trade war, Russia-Ukraine conflict to intensify the global economic issues.
The interest rates in the U.S. may be less sensitive in 2023 as compared to 2022; sigh of relief for businesses. Positive business sentiments, healthy business balance sheets, growth in construction spending (private construction value in 2022 stood at $1,429.2 billion, 11.7 percent (±1.0 percent) above the $1,279.5 billion spent in 2021, Residential construction in 2022 was $899.1 billion, up by 13.3 percent (±2.1 percent) from $793.7 billion in 2021, non-residential construction touched $530.1 billion, 9.1 percent (±1.0 percent) above the $485.8 billion in 2021.) showcases minimal impact of recession in the country.
Similarly, spiked spending in the European and major Asia economics including, India, China & Japan to showcase less impact on the global demand.
Ans: Rising cases of cancer across the globe and increasing global healthcare expenditure are estimated to majorly boost market growth.
Ans: Ans: The market is anticipated to attain a CAGR of ~12% over the forecast period, i.e., 2023 – 2035.
Ans: Ans: Decline in the number of tourists due to COVID-19 and lack of awareness and proper medication are estimated to challenge the market growth.
Ans: Ans: The market in the North America region is projected to hold the largest market share by the end of 2035 and provide more business opportunities in the future.
Ans: Ans: The major players in the market are Apollo Hospitals Enterprise Ltd., Prince Court Medical Centre, Fortis Healthcare Limited, Barbados Fertility Center, Asian Heart Institute, Aditya Birla Health Services Ltd., KPJ Healthcare Berhad, and others.
Ans: Ans: The company profiles are selected based on the revenues generated from the product segment, the geographical presence of the company which determines the revenue-generating capacity as well as the new products being launched into the market by the company.
Ans: The market is segmented by treatment type, application, and by region.
Ans: Ans: The cancer segment is anticipated to garner the largest market size by the end of 2035 and display significant growth opportunities.
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