Medical Tourism Market Poised for Growth as Key Drivers and New Initiatives Propel Demand Worldwide

The global medical tourism market size was USD 93.27 Billion in 2022 and is expected to register a revenue CAGR of 10.7% during the forecast period. The global medical tourism market is on the rise, driven by various factors including increasing costs of medical treatments in developed countries, the high prevalence of chronic diseases, limited insurance coverage, and long waiting periods. These challenges prompt patients to seek medical care abroad, where a growing number of medical tourism destinations now provide advanced technology, quality care, and cost-effective options.

According to the Organization for Economic Co-operation and Development (OECD), medical tourism is defined as patients traveling internationally for treatments that may include dental care, cosmetic surgery, elective procedures, and fertility treatments. Cosmetic surgery has seen the largest market share within this sector, particularly in destinations like India, which offers a variety of cosmetic procedures such as hair transplants, liposuction, and rhinoplasty. India's appeal stems from lower costs, reduced waiting times, and highly qualified medical professionals, attracting patients from across Asia, Europe, and the Americas.

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India has also launched specific initiatives to support this trend. The "Heal in India" campaign, led by the Ministry of Tourism, aims to streamline services and provide patients with a high standard of care. Additionally, in August 2023, India introduced the Ayush visa, allowing foreign nationals to travel for traditional treatments like Ayurveda and yoga, further cementing India's role in medical and wellness tourism.

Recent developments in other countries support the growing appeal of medical tourism. Thailand, for example, introduced a new medical visa program in January 2023, reducing fees and permitting multiple entries to attract more medical tourists. The United Arab Emirates (UAE) has also entered the market, announcing the upcoming launch of its Smart Digital Health Framework, which will allow for remote health services across the country by the end of 2023.

As a whole, technological advances play a crucial role in enhancing the medical tourism experience, enabling patients to schedule appointments and receive follow-ups seamlessly, regardless of geographical boundaries. Additionally, in India, partnerships like the one between the Indian Railways Catering and Tourism Corporation (IRCTC) and an online services company are offering competitive medical treatment packages, allowing patients to access quality care and wellness services with ease.

The dental segment of medical tourism is expected to experience the fastest growth, driven by rising demand for cosmetic dentistry and other dental procedures. Patients in Europe and the United States are increasingly traveling to countries with lower treatment costs, where dental care such as root canals, crowns, and orthodontic services can be accessed affordably and with shorter wait times.

While the medical tourism market presents promising opportunities, challenges remain. The variability in the quality of care across providers, lack of uniform healthcare standards, and partial reimbursement for international treatments can deter some patients. Additionally, travel complications, language barriers, and complex documentation requirements pose additional hurdles for patients and service providers alike.

The private healthcare sector continues to dominate the medical tourism market, delivering faster service, international accreditations, and a greater level of confidentiality. Private providers offer a wide array of cutting-edge medical technologies and are increasingly recognized for high standards of care. Public healthcare services also maintain a steady growth rate, largely due to regulatory oversight by health ministries that ensure quality control and accreditation across medical tourism destinations.

In terms of booking channels, online platforms are the preferred method for scheduling appointments and making travel arrangements. Online booking allows patients to easily access a variety of medical tourism options, with choices for accommodation and services that enhance the convenience of planning their treatment journey. The widespread availability of these online options empowers medical tourists to directly connect with healthcare providers, allowing for seamless communication and planning before their travel.

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Medical Tourism Top Companies and Competitive Landscape

The global medical tourism market is fragmented with many large and medium-sized players accounting for majority of market revenue. Major players are deploying various strategies, entering mergers & acquisitions, strategic agreements & contracts, developing, testing, and introducing more effective medical tourism services.

Some major players included in the global medical tourism market report are:

Prince Court Medical Centre

Aditya Birla Health Services Ltd.

Fortis Healthcare

Apollo Hospitals Group

Klinikum Medical Link, Ltd

KPJ Healthcare Berhad.

NTT Medical Center Tokyo

Shouldice

Bangkok Hospital

Bumrungrad International Hospital

Medical Tourism Latest Industry Updates

On 20 June 2022, the Apollo Hospitals has established a collaborative alliance with Imperial Hospital in Bangladesh, with the aim of enhancing its foothold within the nation.In addition, a Brand licensing, Operations, and Management (BOMA) agreement has been established between Imperial Hospital and Apollo Hospitals. This agreement aims to make healthcare services of international standards accessible to all individuals.

On 18 May 2023, The Malaysia Healthcare Travel Council (MHTC) has entered into two Memorandum of Understandings (MoUs) with Passage Asia and Ezy Healthcare, both medical tourism and healthcare facilitators. The objective of these agreements is to enhance the marketing efforts of Malaysia's medical tourism industry specifically in the markets of Australia and New Zealand.

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Medical Tourism Market Segmentation Analysis

For the purpose of this report, Emergen Research has segmented global medical tourism market on the basis of procedure type, service providers, service type, tourist type, tour type, customer orientation, age group, booking channel, and region:

Procedure Type Outlook (Revenue, USD Billion; 2019-2032)

Cardiovascular

Orthopedic

Cosmetic

Dental

Cancer

Fertility

Neurological

Others

Service Providers Outlook (Revenue, USD Billion; 2019-2032)

Public

Private

Service Type Outlook (Revenue, USD Billion; 2019-2032)

Wellness services

Therapeutic services

Alternative Treatment

Tourist Type Outlook (Revenue, USD Billion; 2019-2032)

Domestic

International

Tour Type Outlook (Revenue, USD Billion; 2019-2032)

Independent Traveller

Tour Group

Package Traveller

Customer Orientation Outlook (Revenue, USD Billion; 2019-2032)

Men

Women

Children

Age Group Outlook (Revenue, USD Billion; 2019-2032)

15-25 Years

26-35 Years

36-45 Years

46-55 Years

66-75 Years

Booking Channel Outlook (Revenue, USD Billion; 2019-2032)

Phone Booking

Online Booking

In Person Booking

Regional Outlook (Revenue, USD Billion; 2019-2032)

North America

U.S.

Canada

Europe

Germany

France

U.K.

Italy

Spain

Benelux

Russia

Rest of Europe

Asia Pacific

China

Japan

South Korea

India

ASEAN Countries

Oceania

Rest of APAC

Latin America

Brazil

Mexico

Rest of LATAM

Middle East & Africa

GCC Countries

Israel

Turkey

South Africa

Rest of MEA

Browse More Report By Emergen Research:

Medical Tourism Market Size @ https://www.emergenresearch.com/industry-report/medical-tourism-market/market-size

Medical Tourism Market Share @ https://www.emergenresearch.com/industry-report/medical-tourism-market/market-share

Medical Tourism Market Trends @ https://www.emergenresearch.com/industry-report/medical-tourism-market/market-trends

Medical Tourism Regional Market Demand @ https://www.emergenresearch.com/industry-report/medical-tourism-market/regional-market-demand

Medical Tourism Market Analysis @ https://www.emergenresearch.com/industry-report/medical-tourism-market/market-analysis

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