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Muni Kumar Meravath is a seasoned Healthcare Market Research Analyst with over 6 years of experience in the healthc.....
Medical Tourism Market size was valued at US$ 22,306.9 million in 2023 and is poised to grow at a significant CAGR of 12.5% from 2024-2030. People who travel overseas for medical treatment are known as medical tourists. This used to refer to people who traveled from underdeveloped nations to major medical centers in rich countries seeking treatment that was not available at home. The fertility segment of the market is anticipated to show the fastest growth in the forecasting period. One of the most frequent therapies for which medical tourists choose to go across foreign boundaries is fertility therapy.
According to internal records from Nova IVF Fertility, roughly 49% of overseas patients came from various regions of Asia, and 23% were from Africa. The percentage of patients from Africa increased by 44% last year compared to the previous year. In Turkey, an IVF treatment package costs $2,650, much cheaper than in the US. Turkey is a prominent center for modern medical treatments and procedures. People from many nations visit this country for superior medical care since it has sections on two continents Europe and Asia and is close to the Middle East. The market is growing due to factors such as immediate treatment, affordability and cost-effectiveness, travel opportunities, availability of medical experts, no or limited insurance coverage, and availability of advanced equipment.
Study Period
2024-2030Base Year
2023CAGR
12.5%Largest Market
Asia-PacificFastest Growing Market
Europe
The market is expected to offer lucrative opportunities due to the availability of lower-cost treatment options mixed with higher-quality care. The cheap cost and easy availability of people is the main factor for lower treatment costs in the medical tourism market. According to a report, the total fare for the heart bypass surgery is $7,000 in India, $12,100 in Malaysia, $13,900 in turkey, $15,000 in Thailand, $17,000 in Singapore in addition many hospitals have a more extensive network to engage with pay reimbursement activities through medical claims and insurance which is the advantage factor of medical tourism. In addition, the availability of low-cost cosmetic surgery and treatment facilities is increasing the region's medical tourism boom due to cosmetic procedures are not covered by health insurance, consumers are increasingly turning to the Asia Pacific for low-cost cosmetic treatments.
Asia Pacific accounted to have the largest revenue share in the global medical tourism market and the market is anticipated to grow at a significant CAGR over the forecast years due to the cheaper cost of treatment and superior healthcare services available in Japan, China, and India. In contrast, Japan offers several medical canters that attract international travellers among others, adding to market growth.
Western and Middle Eastern countries expected to be the fastest expanding region in the market due to the availability of advanced medical treatment at substation lower cost than the developed countries which play a key role in the boosting the global medical market growth.
Latin America
Europe
Asia Pacific
Middle East
North America
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Report Benchmarks |
Details |
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Report Study Period |
2024-2030 |
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Market Size in 2023 |
US$ 22,306.9 million |
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Market CAGR |
12.5% |
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By Treatment Type |
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By Region |
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The medical tourism market size was valued at US$ 22,306.9 million in 2023 and is set to grow at a significant CAGR of 12.5% from 2024-2030.
Apollo Hospitals Enterprise Limited, Asian Heart Institute, Barbados Fertility Center, Fortis Healthcare Limited,, KPJ Healthcare Berhad, NTT Medical Center Tokyo, Prince Court Medical Centre,
Europe is the fastest-growing region in the market
| 1. Executive Summary |
| 2. Global Medical Tourism Market Introduction |
| 2.1.Global Medical Tourism Market - Taxonomy |
| 2.2.Global Medical Tourism Market - Definitions |
| 2.2.1.Treatment Type |
| 2.2.2.Region |
| 3. Global Medical Tourism Market Dynamics |
| 3.1. Drivers |
| 3.2. Restraints |
| 3.3. Opportunities/Unmet Needs of the Market |
| 3.4. Trends |
| 3.5. Product Landscape |
| 3.6. New Product Launches |
| 3.7. Impact of COVID 19 on Market |
| 4. Global Medical Tourism Market Analysis, 2019 - 2023 and Forecast 2024 - 2030 |
| 4.1. Market Analysis, 2019 - 2023 and Forecast, 2024 - 2030, (Sales Value USD Million) |
| 4.2. Year-Over-Year (Y-o-Y) Growth Analysis (%) |
| 4.3. Market Opportunity Analysis |
| 5. Global Medical Tourism Market By Treatment Type, 2019 - 2023 and Forecast 2024 - 2030 (Sales Value USD Million) |
| 5.1. Cosmetic Treatment |
| 5.1.1. Market Analysis, 2019 - 2023 and Forecast, 2024 - 2030, (Sales Value USD Million) |
| 5.1.2. Year-Over-Year (Y-o-Y) Growth Analysis (%) and Market Share Analysis (%) |
| 5.1.3. Market Opportunity Analysis |
| 5.2. Dental Treatment |
| 5.2.1. Market Analysis, 2019 - 2023 and Forecast, 2024 - 2030, (Sales Value USD Million) |
| 5.2.2. Year-Over-Year (Y-o-Y) Growth Analysis (%) and Market Share Analysis (%) |
| 5.2.3. Market Opportunity Analysis |
| 5.3. Cardiovascular Treatment |
| 5.3.1. Market Analysis, 2019 - 2023 and Forecast, 2024 - 2030, (Sales Value USD Million) |
| 5.3.2. Year-Over-Year (Y-o-Y) Growth Analysis (%) and Market Share Analysis (%) |
| 5.3.3. Market Opportunity Analysis |
| 5.4. Orthopedics Treatment |
| 5.4.1. Market Analysis, 2019 - 2023 and Forecast, 2024 - 2030, (Sales Value USD Million) |
| 5.4.2. Year-Over-Year (Y-o-Y) Growth Analysis (%) and Market Share Analysis (%) |
| 5.4.3. Market Opportunity Analysis |
| 5.5. Bariatric Treatment |
| 5.5.1. Market Analysis, 2019 - 2023 and Forecast, 2024 - 2030, (Sales Value USD Million) |
| 5.5.2. Year-Over-Year (Y-o-Y) Growth Analysis (%) and Market Share Analysis (%) |
| 5.5.3. Market Opportunity Analysis |
| 5.6. Fertility Treatment |
| 5.6.1. Market Analysis, 2019 - 2023 and Forecast, 2024 - 2030, (Sales Value USD Million) |
| 5.6.2. Year-Over-Year (Y-o-Y) Growth Analysis (%) and Market Share Analysis (%) |
| 5.6.3. Market Opportunity Analysis |
| 5.7. Ophthalmic Treatment |
| 5.7.1. Market Analysis, 2019 - 2023 and Forecast, 2024 - 2030, (Sales Value USD Million) |
| 5.7.2. Year-Over-Year (Y-o-Y) Growth Analysis (%) and Market Share Analysis (%) |
| 5.7.3. Market Opportunity Analysis |
| 5.8. Others |
| 5.8.1. Market Analysis, 2019 - 2023 and Forecast, 2024 - 2030, (Sales Value USD Million) |
| 5.8.2. Year-Over-Year (Y-o-Y) Growth Analysis (%) and Market Share Analysis (%) |
| 5.8.3. Market Opportunity Analysis |
| 6. Global Medical Tourism Market By Region, 2019 - 2023 and Forecast 2024 - 2030 (Sales Value USD Million) |
| 6.1. North America |
| 6.1.1. Market Analysis, 2019 - 2023 and Forecast, 2024 - 2030, (Sales Value USD Million) |
| 6.1.2. Year-Over-Year (Y-o-Y) Growth Analysis (%) and Market Share Analysis (%) |
| 6.1.3. Market Opportunity Analysis |
| 6.2. Europe |
| 6.2.1. Market Analysis, 2019 - 2023 and Forecast, 2024 - 2030, (Sales Value USD Million) |
| 6.2.2. Year-Over-Year (Y-o-Y) Growth Analysis (%) and Market Share Analysis (%) |
| 6.2.3. Market Opportunity Analysis |
| 6.3. Asia Pacific (APAC) |
| 6.3.1. Market Analysis, 2019 - 2023 and Forecast, 2024 - 2030, (Sales Value USD Million) |
| 6.3.2. Year-Over-Year (Y-o-Y) Growth Analysis (%) and Market Share Analysis (%) |
| 6.3.3. Market Opportunity Analysis |
| 6.4. Middle East and Africa (MEA) |
| 6.4.1. Market Analysis, 2019 - 2023 and Forecast, 2024 - 2030, (Sales Value USD Million) |
| 6.4.2. Year-Over-Year (Y-o-Y) Growth Analysis (%) and Market Share Analysis (%) |
| 6.4.3. Market Opportunity Analysis |
| 6.5. Latin America |
| 6.5.1. Market Analysis, 2019 - 2023 and Forecast, 2024 - 2030, (Sales Value USD Million) |
| 6.5.2. Year-Over-Year (Y-o-Y) Growth Analysis (%) and Market Share Analysis (%) |
| 6.5.3. Market Opportunity Analysis |
| 7. North America Medical Tourism Market ,2019 - 2023 and Forecast 2024 - 2030 (Sales Value USD Million) |
| 7.1. Treatment Type Analysis 2019 - 2023 and Forecast 2024 - 2030 by Sales Value USD Million, Y-o-Y Growth (%), and Market Share (%) |
| 7.1.1.Cosmetic Treatment |
| 7.1.2.Dental Treatment |
| 7.1.3.Cardiovascular Treatment |
| 7.1.4.Orthopedics Treatment |
| 7.1.5.Bariatric Treatment |
| 7.1.6.Fertility Treatment |
| 7.1.7.Ophthalmic Treatment |
| 7.1.8.Others |
| 7.2. Country Analysis 2019 - 2023 and Forecast 2024 - 2030 by Sales Value USD Million, Y-o-Y Growth (%), and Market Share (%) |
| 7.2.1.United States of America (USA) |
| 7.2.2.Canada |
| 8. Europe Medical Tourism Market ,2019 - 2023 and Forecast 2024 - 2030 (Sales Value USD Million) |
| 8.1. Treatment Type Analysis and Forecast by Sales Value USD Million, Y-o-Y Growth (%), and Market Share (%) |
| 8.1.1.Cosmetic Treatment |
| 8.1.2.Dental Treatment |
| 8.1.3.Cardiovascular Treatment |
| 8.1.4.Orthopedics Treatment |
| 8.1.5.Bariatric Treatment |
| 8.1.6.Fertility Treatment |
| 8.1.7.Ophthalmic Treatment |
| 8.1.8.Others |
| 8.2. Country Analysis 2019 - 2023 and Forecast 2024 - 2030 by Sales Value USD Million, Y-o-Y Growth (%), and Market Share (%) |
| 8.2.1.Germany |
| 8.2.2.France |
| 8.2.3.Italy |
| 8.2.4.United Kingdom (UK) |
| 8.2.5.Spain |
| 8.2.6.Rest of EU |
| 9. Asia Pacific (APAC) Medical Tourism Market ,2019 - 2023 and Forecast 2024 - 2030 (Sales Value USD Million) |
| 9.1. Treatment Type Analysis and Forecast by Sales Value USD Million, Y-o-Y Growth (%), and Market Share (%) |
| 9.1.1.Cosmetic Treatment |
| 9.1.2.Dental Treatment |
| 9.1.3.Cardiovascular Treatment |
| 9.1.4.Orthopedics Treatment |
| 9.1.5.Bariatric Treatment |
| 9.1.6.Fertility Treatment |
| 9.1.7.Ophthalmic Treatment |
| 9.1.8.Others |
| 9.2. Country Analysis 2019 - 2023 and Forecast 2024 - 2030 by Sales Value USD Million, Y-o-Y Growth (%), and Market Share (%) |
| 9.2.1.China |
| 9.2.2.India |
| 9.2.3.Australia and New Zealand (ANZ) |
| 9.2.4.Japan |
| 9.2.5.Rest of APAC |
| 10. Middle East and Africa (MEA) Medical Tourism Market ,2019 - 2023 and Forecast 2024 - 2030 (Sales Value USD Million) |
| 10.1. Treatment Type Analysis and Forecast by Sales Value USD Million, Y-o-Y Growth (%), and Market Share (%) |
| 10.1.1.Cosmetic Treatment |
| 10.1.2.Dental Treatment |
| 10.1.3.Cardiovascular Treatment |
| 10.1.4.Orthopedics Treatment |
| 10.1.5.Bariatric Treatment |
| 10.1.6.Fertility Treatment |
| 10.1.7.Ophthalmic Treatment |
| 10.1.8.Others |
| 10.2. Country Analysis 2019 - 2023 and Forecast 2024 - 2030 by Sales Value USD Million, Y-o-Y Growth (%), and Market Share (%) |
| 10.2.1.GCC Countries |
| 10.2.2.South Africa |
| 10.2.3.Rest of MEA |
| 11. Latin America Medical Tourism Market ,2019 - 2023 and Forecast 2024 - 2030 (Sales Value USD Million) |
| 11.1. Treatment Type Analysis and Forecast by Sales Value USD Million, Y-o-Y Growth (%), and Market Share (%) |
| 11.1.1.Cosmetic Treatment |
| 11.1.2.Dental Treatment |
| 11.1.3.Cardiovascular Treatment |
| 11.1.4.Orthopedics Treatment |
| 11.1.5.Bariatric Treatment |
| 11.1.6.Fertility Treatment |
| 11.1.7.Ophthalmic Treatment |
| 11.1.8.Others |
| 11.2. Country Analysis 2019 - 2023 and Forecast 2024 - 2030 by Sales Value USD Million, Y-o-Y Growth (%), and Market Share (%) |
| 11.2.1.Brazil |
| 11.2.2.Mexico |
| 11.2.3.Rest of LA |
| 12. Competition Landscape |
| 12.1. Market Player Profiles (Introduction, Brand/Product Sales, Financial Analysis, Product Offerings, Key Developments, Collaborations, M & A, Strategies, and SWOT Analysis) |
| 12.2.1.Aditya Birla Memorial Hospital, |
| 12.2.2.Apollo Hospitals Enterprise Limited, |
| 12.2.3.Asian Heart Institute, |
| 12.2.4.Barbados Fertility Center, |
| 12.2.5.Fortis Healthcare Limited, |
| 12.2.6.KPJ Healthcare Berhad, |
| 12.2.7.NTT Medical Center Tokyo, |
| 12.2.8.Prince Court Medical Centre, |
| 12.2.9.Samitivej PCL, |
| 12.2.10.Seoul National University Hospital, |
| 12.2.11.Wooridul Spine Hospital. |
| 13. Research Methodology |
| 14. Appendix and Abbreviations |
Key Market Players
Author
Muni Kumar Meravath is a seasoned Healthcare Market Research Analyst with over 6 years of experience in the healthcare domain, encompassing pharmaceuticals, medical devices, and diagnostics. A graduate in Pharmacy, he possesses a strong foundation in the intricacies of the healthcare sector. He further enhanced his expertise by pursuing an MBA in Pharmaceuticals, equipping him with valuable business acumen. His analytical skills and market insights have contributed to strategic decision-making and enhanced market positioning for various healthcare organizations. Committed to driving innovation and excellence, Muni continues to seek opportunities to improve healthcare delivery through data-driven insights.