Medical Tourism Market Size Worth $31.9 Billion in 2023 to Grow at 14.0% CAGR During 2023-2037 | GlobalData Plc

The global medical tourism market size reached $31.9 billion in 2023 in revenue, according to a new report by GlobalData Plc. The adoption of medical tourism will be supported by affordable healthcare and reduced wait time in foreign countries, along with access to quality healthcare and advanced treatments.

Global Medical Tourism Market by Service Type, 2023 (%)

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Medical Tourism Market FAQs

• What will be the global medical tourism market size in 2023?

The medical tourism market size globally will be $31.91 billion in 2023.

• What is the medical tourism market growth rate?

The global medical tourism market is expected to grow at a CAGR of 14.0% over the forecast period (2023-2027).

• What is the key medical tourism market driver?

Affordable healthcare and reduced wait times in foreign countries are some of the major factors driving the market growth.

• What are the key medical tourism market segments?

Service type: Medical Treatment and Wellness

Medical Treatment type: Cardiovascular Treatment, Cancer Treatment, Orthopedic Treatment, Cosmetic Treatment, Bariatric Treatment, Dental Treatment, Ophthalmology Treatment, Alternative Medicine, Fertility Treatment, Other

Wellness: Destination Spas, Hotel/Resort Spas, Other Spas

Medical service provider type: Public and Private

• Which are the leading medical tourism companies globally?

The leading medical tourism companies are Mayo Clinic, The Cleveland Clinic Foundation, Singapore General Hospital, Raffles Medical Hospital, Charite University Hospital of Berlin, Bumrungrad Hospital Public Company Ltd, Seoul National University Hospital, Asklepios Kliniken GmbH & Co. KGaA, Apollo Hospitals Enterprise Ltd, and Bangkok Chain Hospital Public Co Ltd.

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Medical Tourism Market Dynamics

Medical tourism involves travel undertaken to a foreign country to receive medical care or advice. It also includes travel associated with maintaining or enhancing one’s physical and inner well-being. Medical treatments and their costs depends on the visiting country; where some nations are known for specializing in a specific type of medical procedure or advice, and some are more expensive than others. The rising healthcare costs in home countries are a major driver for the market as patients can get the same treatment in a foreign country at a fraction of the cost.

The market faces significant challenges from legal and ethical concerns and cultural and language barriers. Some unethical doctors target foreign patients, who often have higher financial means, intending to exploit them by overcharging them for medical treatments. These practitioners may engage in various unethical practices, such as unnecessary hospital tests, charging prices higher than the prevailing market rates, or even neglecting to address post-operative complications. Medical tourists seeking healthcare services abroad encounter language and cultural barriers frequently. Establishing effective communication between healthcare providers and patients becomes vital to ensure precise diagnosis, informed decision-making, and a comprehensive understanding of treatment plans. Overcoming these language and cultural obstacles by employing interpretation services and providing cultural sensitivity training becomes imperative in delivering high-quality care.

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Medical Tourism Market Report Highlights

• The global medical tourism market witnessed a significant increase in demand for medical tourism is due to patients willing to travel abroad to avail cost-effective and advanced medical care.
• In 2023, the wellness segment captured a significant share with a market size projected to grow a CAGR of more than 16% from 2023 to 2027.
• Dental treatment is expected to be the highest medical treatment type segment for the medical tourism market. Patients are willing to travel for dental treatments as they involve minimally invasive procedures and are much cheaper in countries like Thailand and Turkey compared with their home countries.
• Governments in many countries have launched initiatives to promote medical tourism. The Government of India has constituted the National Medical & Wellness Tourism Board to promote Medical/Wellness Tourism with an E-Medical visa introduced for 166 countries. Also, countries such as Turkey offer rebates on marketing activities related to medical tourism.
• Europe and North America accounted for the majority share of the overall medical tourism market in 2023. North American healthcare facilities have some of the most advanced technologies being used for organ transplants, cancer treatments, and cardiac surgeries, making it a destination of choice for patients seeking advanced treatments.
• The key medical tourism market players analyzed in this report include Mayo Clinic, The Cleveland Clinic Foundation, Singapore General Hospital, Raffles Medical Hospital, Charite University Hospital of Berlin, Bumrungrad Hospital Public Company Ltd, Seoul National University Hospital, Asklepios Kliniken GmbH & Co. KGaA, Apollo Hospitals Enterprise Ltd, and Bangkok Chain Hospital Public Co Ltd., among others.

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Global Medical Tourism Market Segments and Scope

GlobalData Plc has segmented the global medical tourism market report by service type, medical treatment type, wellness, medical service provider type, and region:

Global Medical Tourism Market Service Type Outlook ($Million, 2020-2027)

• Medical Treatment
• Wellness

Global Medical Tourism Market Medical Treatment Type ($Million, 2020-2027)

• Cardiovascular treatment
• Cancer treatment
• Orthopedic treatment
• Cosmetic treatment
• Bariatric treatment
• Dental treatment
• Ophthalmology treatment
• Alternative medicine
• Fertility treatment
• Other

Global Medical Tourism Market Wellness Type ($Million, 2020-2027)

• Destination Spas
• Hotel/resort Spas
• Other Spas

Global Medical Tourism Market Medical Service Provider Type ($Million, 2020-2027)

• Public
• Private

Global Medical Tourism Market Regional Outlook ($Million, 2020-2027)

• North America

• • The US
  • Canada
  • Mexico

• Asia-pacific

• • India
  • South Korea
  • Thailand
  • Malaysia
  • Japan
  • China
  • Rest of Asia Pacific

• Europe

• Germany
• France
• Italy
• Spain
• Turkey
• Hungary
• Rest of Europe

• South and Central America

• • Argentina
  • Costa Rica
  • Rest of South & Central America

• Middle East and Africa

• • Kenya
  • Egypt
  • The UAE
  • Rest of Middle East & Africa

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