Medical Tourism Market size is poised to reach USD 100 Billion by the end of 2035, growing at a CAGR of 12% during the forecast period, i.e., 2023-2035. In the year 2023, the industry size of medical tourism was USD 10 Billion.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.
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.
Growth Drivers
Challenges
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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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Treatment Type (Cosmetic, Dental, Fertility, Orthopedic, Neurological, Cancer)
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.
Our in-depth analysis of the global market includes the following segments:
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By Treatment Type |
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By Application |
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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.
Apollo Hospitals Enterprise Ltd.’s Apollo Proton Cancer Center (APCC) to become one of the first exclusive proton beam training institutes. The center has also signed an agreement to provide proton therapy training and requisite education across the globe.
NTT Medical Center Tokyo to introduce nursery school services at the hospital. Furthermore, the hospital also stated that it would be reducing delivery costs for mothers to offer a comfortable environment to give birth.
Author Credits: Radhika Gupta, Shivam Bhutani
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