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The medical tourism industry has witnessed a rapid growth over the past few years owing to the increasing demand for high-quality healthcare services at affordable costs across the world. Medical tourism refers to traveling abroad to obtain medical treatment and involves availing treatment in medical facilities that caters to international tourists and patients. Patients usually travel to other countries for treatments not available in their countries, lower costs for procedures compared to their domestic market rates, reduced waiting times and access to world-class infrastructure and internationally trained healthcare professionals. Countries like India, Thailand, South Korea and Singapore have emerged as major hubs for medical tourists seeking specialised orthopaedic, cardiovascular, neurological and fertility treatments.
The global Medical Tourism Market is estimated to be valued at US$ 32,733.7 Mn in 2023 and is expected to exhibit a CAGR of 12% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market key trends:
The growth of the medical tourism industry in Asia is being driven by increasing outbound tourism from developed nations like the United States and countries in Europe. As per studies, over 1 million Americans traveled to other countries in 2017 for medical care. Rising healthcare costs in western countries coupled with longer wait times for treatments is compelling residents to seek alternative options. Medical tourists are attracted by the affordability aspect where total surgery costs including flights, accommodation and procedures is 50-80% lower compared to their domestic costs. Asian countries have emerged as medical hubs owing to a skilled workforce that is trained in the western system and world-class JCI and HaCI accredited healthcare infrastructure at par with international standards. The success stories of medical tourists undergoing successful treatments and their suggestions are increasing awareness about Asia’s potential as a healthcare destination. This positive word of mouth is expected to further propel the medical tourism market growth in the region during the forecast period.
Porter’s Analysis
Threat of new entrants: Low capital requirements and established brand names of existing players make entry difficult for new players.
Bargaining power of buyers: Buyers have high bargaining power due to the availability of substitutes and flexibility to choose affordable treatment options.
Bargaining power of suppliers: Suppliers have moderate bargaining power due to availability of several treatment facilities and doctors.
Threat of new substitutes: Treatments through local healthcare or alternatives like ayurveda pose a moderate threat.
Competitive rivalry: Intense competition among existing players to attract patients through superior services, global accreditations and affordable packages.
Key Takeaways
The global Medical Tourism Market is estimated to be valued at US$ 32,733.7 Mn in 2023 and is expected to exhibit a CAGR of 12% over the forecast period 2023 to 2030.
The Asia Pacific region currently dominates the market due to the high cost competitiveness of treatments, presence of leading facilities and quick availability of appointments in countries like India, Thailand and Singapore. Countries like India offer quality treatments at nearly one-tenth of the costs in countries like the U.S., along with diverse options in wellness, ayurveda and dental tourism.
Key players: 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. Companies are focusing on global accreditations and comprehensive packages to attract international patients.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
Money Singh is a seasoned content writer with over four years of experience in the market research sector. Her expertise spans various industries, including food and beverages, biotechnology, chemical and materials, defense and aerospace, consumer goods, etc.
