April 17, 2024

Medical Tourism Market Review: Market Summary and Outlook

Medical Tourism Market.jpg

The medical tourism market comprises of healthcare services and treatments that involve international travel abroad for private healthcare. Medical tourists travel to other countries for various medical treatments including advanced surgeries, dental care, cosmetic surgeries or other alternative treatments not available in their home countries. Countries like India, Malaysia, Thailand, South Korea and Mexico have emerged as major medical tourism hubs owing to sophisticated medical infrastructure and procedures at affordable costs.

The Global Medical Tourism Market is estimated to be valued at US$ 32,733.7 Mn in 2024 and is expected to exhibit a CAGR of 12% over the forecast period 2023 to 2030.

Key Takeaways

Key players operating in the medical tourism market are Asian Heart Association, Apollo Hospitals Enterprise Ltd., Prince Court Medical Centre, Gleneagles Hospitals, Min-Sheng General Hospital, Raffles Medical Group, Bangkok Hospital, Fortis Healthcare Ltd., Anadolu Medical Centre and Wooridul Spine Hospital. These players are enhancing their medical facilities and services to cater to the rising demand from international patients. Growing medical expenditures in developed nations along with long waiting periods for elective surgeries like joints replacement, dental treatments and cosmetic procedures are boosting medical tourism. Countries like India and Thailand offer such treatments at fraction of costs with international accredited facilities attracting patients abroad.

The demand for medical tourism is growing significantly owing to rise in chronic diseases globally along with aging population seeking advanced healthcare services. With enhanced connectivity and online information, more people are aware of affordable healthcare options abroad and are travelling across borders. Various regional government bodies are also promoting medical value travel by easing medical visa norms and ensuring international standard healthcare infrastructure. This is attracting patients from neighboring regions as well as developed countries for high quality yet affordable medical services.

Countries in Asia, Latin America and Eastern Europe are expanding their medical tourism footprint globally through collaborations with private healthcare providers, medical facilitators, insurance firms and regional airline operators. Destination countries are investing heavily in medical infrastructure, accredited multispecialty hospitals and tie-ups with overseas hospitals and tourism boards. This is not just boosting revenues but also generating foreign employment opportunities and economic growth.

Market key trends

Rise of medical wellness tourism is one of the key trends in the medical tourism industry. Countries like Thailand, India and Indonesia have emerged as popular destinations not just for treatments but also medical wellness programs. These programs leverage traditional Ayurvedic, spa, yoga and other local wellness therapies to offer holistic health benefits and relaxation to medical tourists. This is attracting people seeking preventive healthcare and rejuvenation along with those recovering after medical procedures. Governments are actively promoting their wellness tourism infrastructure to boost revenues from the rapidly growing wellness travel segment.

Porter’s Analysis

Threat of new entrants: High capital requirements and certification needed to enter this market make it difficult for new players to enter.

Bargaining power of buyers: Buyers have high bargaining power as they have choices for medical treatments across borders.

Bargaining power of suppliers: Suppliers of medical facilities and technologies have moderate bargaining power as there are many players globally.

Threat of new substitutes: Limited threat as there are hardly substitutes for specialized medical treatments available abroad.

Competitive rivalry: Fierce as major players compete on quality, cost and aftercare service offerings to patients traveling abroad for treatment.

Geographical Regions

North America dominates the global medical tourism market currently in terms of value as major countries in the region like United States medical services are expensive forcing people to travel abroad for affordable treatments.

Asia Pacific region is poised to be the fastest growing market for medical tourism. Countries likeIndia, Thailand and Singapore are becoming popular destinations offering quality treatments at low costs coupled with their vibrant tourism industries and ease of communication in English.

*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it