Medical tourism refers to traveling across international borders with the purpose of receiving medical treatment. The cost of medical procedures in many countries in Asia, Central and Eastern Europe, Latin America and Africa are considerably lower than those in Western countries. Medical tourists travel to these destinations for various cost-effective treatments and procedures such as dental care, cosmetic surgery, cardiac surgery and orthopedic surgery. The global medical tourism market is growing rapidly due to the significant cost savings associated with medical treatments in various developing countries.
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 key trends:
One of the major trends driving the growth of the medical tourism market is the substantial cost savings associated with medical treatments in various developing countries compared to developed economies. For example, the average cost of a hip replacement surgery in the US is approximately $40,364, while the same procedure costs roughly $12,000 in Israel and around $8,500 in India. Similarly, the average price for dental crowns in the US ranges from $1000 to $3500 per crown, whereas in countries such as Thailand, dental crowns can cost as low as $200. The significantly lower cost of quality healthcare in medical tourism destinations is a key factor attracting patients from developed nations to travel abroad for seeking treatment. This reduced cost trend is expected to continue fuelling the demand for medical tourism in the coming years.
SWOT Analysis
Strength: The medical tourism market provides cost effective treatment options compared to developed countries. Medical procedures and treatments in many developing countries are much more affordable.
Weakness: Travel and accommodation costs add to the overall expense of medical tourism. Medical records transfer and language/cultural barriers can complicate treatment for international patients.
Opportunity: Growing medical infrastructure and support in countries popular for medical tourism like India, Thailand, and Mexico. Rising income levels in source markets will enable more people to avail medical tourism services.
Threats: Political instability, visa restrictions or public health concerns in destinations countries can disrupt medical tourism activities. Stringent quality regulations in developed countries pose challenges for smaller medical tourism facilitators and hospitals.
Key Takeaways
The global medical tourism market is expected to witness high growth over the forecast period of 2023 to 2030. The global Medical Tourism Market is estimated to be valued at US$ 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 owing to established markets in countries like India, Thailand, and Singapore that are leading destinations for medical tourists. India has emerged as one of the top destinations due to world-class healthcare facilities provided at substantially lower costs compared to developed countries. Major Indian hospitals groups such as Apollo Hospitals, Fortis Healthcare and Asian Heart Institute have attracted patients from across the globe.
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 companies have sophisticated medical infrastructure and offer a wide range of specialist treatments with competitive pricing. They also provide necessary local assistance and arrangements to make the overall experience comfortable for international patients.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it