Medical Tourism Market: Industry Demand, Analysis And Future Trends 2030

[sara James]

The global Medical Tourism Market size is expected to reach USD 75.3 billion by 2030, growing at a CAGR of 25.22% from 2023 to 2030, according to a new report by Grand View Research, Inc. Cardiovascular treatment (coronary artery bypass graft and heart valve transplantation), dental treatment (veneers, implants, and crowns), cosmetic treatment (breast implants and facelifts) and orthopedic treatment (knee & hip reconstruction and spinal surgery), are among the most frequently performed procedures for medical tourists.

Most elective surgeries, such as cosmetic surgery, certain dental surgeries, fertility treatments, and weight loss surgeries, are not covered by insurance companies in the U.S. Limited availability or lack of insurance coverage drives people to seek procedures in countries such as Thailand, India, and Malaysia. Cosmetic surgeries in most countries are considered elective, and therefore, are not covered under health insurance. This results in interested patients seeking treatment options abroad.

Patients can save treatment costs substantially by traveling to countries where such services are provided at lower costs. For instance, according to the American Society of Plastic Surgeons, a breast augmentation procedure average costs around USD 4,500 to USD 5,000 for an individual in the U.S., compared to around USD 3,000 to USD 4,000 in Malaysia. In addition, the cost of IVF treatment in the U.S. is between USD 12,000 and USD 25,000, whereas in Thailand, it is priced at around USD 6,200 and USD 12,000. This price difference has led to an increase in patient arrivals in Asian countries.

Moreover, the option of combining wellness and medical trips with outstanding clinical facilities and traditional medicine therapies is driving many patients to prefer this option. China has emerged as a key destination for travelers seeking stem cell therapies. Stem cell research is banned in several countries. However, it is legal in China and hence tourists consider China for undergoing it legally. The China market is growing rapidly, owing to a globally expanding middle class, an aging population, and an increasing demand for cosmetic surgery.

Advertising is critical in gaining new clients. Similar to many other privately driven sectors, medical tourism requires advertising exposure. Advertising on websites has become the primary source of information for health travelers. Therefore, having more recognized hospitals enhances a country's global standing. The phenomenal increase in health tourism is being accompanied by the establishment of Joint Commission International (JCI)-accredited health centers.

Singapore, for example, has numerous specialist clinics and 22 hospitals, and specialized centers accredited by the JCI, all of which provide high-quality healthcare services. Due to the availability of state-of-the-art facilities, the country is an attractive medical tourism destination in terms of accommodation and housing alternatives.

However, the COVID-19 pandemic adversely impacted the market for medical tourism. It shook the travel and tourism industry to its foundations. Prominent hospital service providers suffered heavy losses in 2020, as COVID-19 pandemic travel restrictions negatively affected health services aimed at medical tourists. A majority of the workforce in this sector suffered economic losses. A sharp decline in the number of patient arrivals due to travel bans and strict regulations heavily impacted the overall market.

Related Press Release@ Medical Tourism Market Report

Medical Tourism Market Report Highlights

• Based on treatment, the cosmetic segment held the largest revenue share of 23.9% in 2022. On the other hand, the infertility treatment segment is expected to record the fastest CAGR from 2023 to 2030
• In terms of services providers, the private segment dominated the market, and it is likely to continue its dominance with the projected fastest CAGR of 25.86% from 2023 to 2030, owing to the growing number of public hospitals and focused on marketing strategies to attract foreign patients
• Turkey was one of the notable markets in terms of revenue in 2022, owing to the high quality of health services and a high number of patient arrivals in the country
• The Thailand medical tourism industry is anticipated to grow at a significant CAGR of 27.8% from 2023 to 2030. Popular destinations in Thailand are Bangkok, Phuket, Pattaya, Chiang Moi, Samui, and Hua Hin
• Singapore is also among the major medical tourism destination on the global stage. The country is ranked second in the Medical Tourism Index by the Medical Tourism Association, behind Canada. Singapore's private hospitals provide superior healthcare services with highly trained specialists and state-of-the-art infrastructure
• Singapore, Colombia, Taiwan, and Spain are among the leading destinations with the highest growth rates. Medical tourism is a significant source of revenue for several countries. They have a sophisticated healthcare infrastructure and a qualified workforce that enables them to serve foreign patients
• Thailand is a popular destination for cosmetic procedures, while India is the preferred destination for cardiothoracic and orthopedic procedures. Dental operations are favored in Brazil and Costa Rica

Medical Tourism Market Report Scope

Report Attribute	Details
Market size value in 2023	USD 15.6 billion
Revenue forecast in 2030	USD 75.3 billion
Growth rate	CAGR of 25.2% from 2023 to 2030
Base year for estimation	2022
Historical data	2018 - 2021
Forecast period	2023 - 2030

 

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Medical Tourism Market Segmentation

Grand View Research has segmented the global medical tourism market based on treatment type, service provider, and country:

Medical Tourism Treatment Type Outlook (Revenue, USD Million, 2018 - 2030)

• Cardiovascular Treatment
• Orthopedic Treatment
• Cosmetic Treatment
• Bariatric Treatment
• Dental Treatment
• Ophthalmology Treatment
• Infertility Treatment
• Alternative Medicine
• Other Services

Medical Tourism Service Provider Outlook (Revenue, USD Million, 2018 - 2030)

• Public
• Private

Medical Tourism Country Outlook (Revenue, USD Million, 2018 - 2030)

• Thailand
• India
• Costa Rica
• Mexico
• Malaysia
• Singapore
• Brazil
• Colombia
• Turkey
• Taiwan
• South Korea
• Czech Republic
• Spain
• China
• Australia
• Indonesia