Global Medical Tourism Market Size, Segments, Outlook, and Revenue Forecast 2022-2028: Ken Research

The Global Medical Tourism Market is expected to record a positive CAGR of ~15% during the forecast period (2022-2028) reaching ~US$ 100 billion by 2028, owing to an increase in demand for low-cost and high-quality treatment for the diagnosis and treatment of various diseases including cardiovascular, neurological, and others.

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Key Growth Drivers

• The growing demand for low-cost medical treatment in developing countries and rising awareness about medical tourism among patients are some of the factors driving the market growth.
• The lack of healthcare insurance coverage and inadequate insurance benefits are anticipated to encourage patients to travel outside their country to seek high-quality and low-cost medical treatments, which is likely to boost the demand for the medical tourism market globally.
• The availability of high-quality treatment in developing countries along with growing demand for non-covered procedures including dental reconstruction, reproductive therapy, gender reassignment surgery, aesthetic surgery, and others, are expected to aid the growth of the Global Medical Tourism Market.
• The Global Medical Tourism Market faces challenges due to difficulty with patient follow-up and post-surgery complications.
• The difficulty in taking patient follow-up after treatment for any kind of infection, particularly antibiotic-resistant infections, or other safety risks is the most significant barrier to the growth of the Global Medical Tourism Industry.
• The COVID-19 pandemic negatively impacted the Medical Tourism Market owing to significant travel restrictions due to which patients were unable to seek medical treatments. Moreover, the pandemic created difficulties related to sharing patients’ medical information between domestic and overseas medical institutes due to the interruption of medical tourism.

Key Trends by Market Segment:

By Treatment Type:  The oncology treatment segment held the largest share of the Global Medical Tourism Market in 2021, owing to the rising incidences of cancer globally.

Medical tourism for the treatment of cancer is preferred due to expensive prolonged oncology treatments and the lack of advanced technologies in some countries, due to which patients choose to travel to other countries that offer advanced technology and low-cost treatment. The above-mentioned factor is expected to fuel the growth of the market.

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By Service Provider: The private segment accounted for the largest share of the Global Medical Tourism Market in 2021, due to the availability of digital systems, advanced medical infrastructure, and value-based care at low cost.

The increasing demand for private medical service providers offering high-class medical service is anticipated to attract tourists and propel the growth of the segment in the Global Medical Tourism Market.

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By Geography: Asia-Pacific region accounted for the largest share of the Global Medical Tourism Market in 2021, due to the availability of inexpensive flights, low-cost treatment, and increasing marketing and availability of online information for medical services.

The increase in government initiatives and investment to improve healthcare infrastructure coupled with the availability of quality care at a relatively low cost of treatment is expected to augment the growth of the region in the Global Medical Tourism Market.

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Competitive Landscape

The Medical Tourism Market is highly competitive with ~500 players that include globally diversified players, regional players as well as a large number of country-niche players having their niche in medical tourism.

Country-niche players constitute ~93% of the market, while the regional players are the second largest by type. Some of the major players in the market include Aditya Birla Health Services Ltd., Apollo Hospitals Enterprise Ltd., Fortis Healthcare,  Asian Heart Institute, KPJ Healthcare Berhad, Nippon Telegraph and Telephone East Corporation, Samitivej PCL, Wooridul Spine Hospital, Seoul National University Hospital, and Prince Court Medical Centre, among others.

The leading global medical tourism companies such as KPJ Healthcare Berhad, Fortis Healthcare,  Asian Heart Institute, and Wooridul Spine Hospital are highly focused on collaborating with governmental bodies, policymakers, travel agents, and others to maintain their position in the market.

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Recent Developments Related to Major Players

• In September 2022, KPJ Healthcare Berhad collaborated with Tourism Johor to continue its efforts towards enhancing the visibility of health tourism. The company is focusing on offering high-quality service at affordable rates.
• In November 2019, Seoul National University Hospital was accredited for a three-year term by Global Healthcare Association (GHA) for its medical travel service program. The GHA’s flagship program helped the company to enhance its patient experience for medical travelers and improve productivity and business performance.

Conclusion

The Global Medical Tourism Market is forecasted to continue a rapid growth, primarily driven by the surging demand for high-quality treatment at affordable prices. The increasing initiatives by governmental bodies to improve the healthcare infrastructure and offer cutting-edge technology, better healthcare, breakthrough medicines, and improved hospitality is further fueling the growth of the market. Though the market is highly competitive with ~500 participants, country-niche players control the dominant market share.

Note: This is an upcoming/planned report, so the figures quoted here for a market size estimate, forecast, growth, segment share, and competitive landscape are based on initial findings and might vary slightly in the actual report. Also, any required customizations can be covered to the best feasible extent for pre-booking clients, and the report delivered within a maximum of two working weeks.

Ken Research has recently published report titled, Global Medical Tourism Market Size, Segments, Outlook, and Revenue Forecast 2022-2028. In addition, the report also covers market size and forecasts for the four region’s Medical Tourism Market. The revenue used to size and forecast the market for each segment is US$ billion.

Market Taxonomy