by Medical tourism involves travelling abroad for obtaining healthcare services at affordable costs. It includes surgical procedures like cardiac surgeries, orthopedic surgeries, dental treatments and cosmetic surgeries among others. Rising medical infrastructure and availability of latest medical facilities along with affordable treatment costs have made many Asian and Latin American countries hub for medical tourism. Countries like India, Thailand, Singapore, Mexico and Costa Rica offer international patients with quality treatments equivalent to developed countries but at much competitive pricing.
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 Dynamics:
Rising medical infrastructures especially in Asian countries is a key driver boosting the growth of medical tourism market. Governments in countries like India and Thailand offers tax incentives and invest heavily to establish new super specialized hospitals, medical research centers and healthcare universities to attract more international patients. This has strengthened their position as most preferred destinations for medical travels. Another major factor is the cost difference in treatment prices as compared to developed nations. For instance, a cardiac bypass surgery in USA costs around $150,000 whereas the same procedure can be availed in India or Thailand at $15,000 making it 10 times affordable. Such huge pricing disparities have made medical tourism one of the fastest growing international trade segments.
Segment Analysis
The medical tourism market can be segmented into dental treatment, cosmetic surgery, cardiology, orthopedic treatment, bariatric surgery, fertility treatment, and other treatments. The orthopedic treatment segment dominates the market and is expected to continue its dominance over the forecast period. This is because the majority of medical tourists travel abroad for hip and knee replacement surgeries as their costs are 60-80% lower compared to their home countries.
PEST Analysis
Political: Countries are promoting medical tourism by easing medical visa norms and regulations to attract foreign patients. Some countries provide tax exemptions and other financial incentives to hospitals treating international patients.
Economic: Low cost of quality treatment in medical tourism destinations compared to home countries is driving the market. Patients can save up to 70% on medical costs for various primary as well as tertiary treatments. This is proving beneficial for both patients and healthcare providers.
Social: Increasing popularity of medical tourism on social media platforms is positively impacting the industry. People share their experiences which motivates others to seek treatment in other countries. Also, the changing lifestyle diseases are increasing the patient load on local healthcare systems.
Technological: Telemedicine, electronic health records and digital health solutions help facilitate medical tourism. These enable virtual consultation and efficient transfer of patient records internationally. Online appointment booking and visa assistance platforms also aid patients.
Key Takeaways
The global medical tourism market is expected to witness high growth over the forecast period. The global medical tourism market is estimated to be valued at US$ 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 and is expected to continue its dominance. Countries like India, Thailand, Singapore and South Korea are the top destinations due to their world-class facilities, Joint Commission International accredited hospitals and significantly lower costs of treatments compared to developed countries of Europe and America.
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 focusing on international patient acquisition through global marketing initiatives. Countries in Asia, Eastern Europe, Latin America and the Middle East are aggressively promoting their healthcare capabilities to become major medical tourism hubs.
*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, chemicals and materials, defense and aerospace, consumer goods, etc.
