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The medical tourism market size is forecast to increase by USD 16.88 billion at a CAGR of 16.04% between 2022 and 2027. In 2017, the US held the largest market share, projecting an annual revenue of USD 3.41 billion. The market growth and trends is fueled by the presence of affordable treatment options. The largest share of the market is held by the cardiovascular treatment segment. The market size, historical market size (2017-2021), and forecasts are provided on the basis of value (USD billion) for all the segments.
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The availability of low-cost treatment options is a key factor driving the market growth. Many emerging nations, including India, Thailand, Turkey, and Malaysia, provide high-quality healthcare at affordable rates, drawing patients from the US seeking cost-effective treatment. These countries adhere to healthcare standards akin to those in the US and Canada, making them attractive to global patients.
For example, while the US charges approximately USD 75,000 for hip replacement surgery, India's average cost is around USD 9,000. Turkey offers these services at 30%-40% less than Europe, the US, or Israel, with appealing service packages and competitive prices. South Korea's hip replacement costs are nearly 30% lower than the US at USD 25,000 versus USD 40,364. Such factors entice low-income individuals from developed nations to choose economic treatment options. Moreover, favorable government policies, like exempting treatment from value-added tax (VAT), further attract patients and contribute to the growth of the global market.
The cardiovascular treatment segment holds the largest market share.
The cardiovascular treatment segment was valued at USD 3.36 billion in 2017 and continued to grow until 2021.
The global rise in structural heart disease and coronary artery disease (CAD) cases has driven an increase in cardiovascular treatments. These treatments play a vital role in reducing the occurrence of heart failure, myocardial infarction, and strokes. Factors such as the aging population, diabetes, and obesity have amplified the demand for cardiovascular care, prompting providers to adopt advanced techniques.
In the APAC region, the high number of patients increases the risk of CAD, and healthcare facilities are enhancing their infrastructure, making countries like India attractive to medical tourists. Furthermore, government and non-governmental efforts to promote the use of angioplasty balloons for CAD treatment are raising awareness. The growth in cardiovascular treatment will consequently fuel the market's expansion during the forecast period.
Market Revenue Share by Cardiovascular Treatment Segment, 2017-2027
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North America Holds a Prominent Position
North America is estimated to contribute 32% to the growth of the global market during the forecast period. The market in North America is gradually growing, driven by the availability of high-quality healthcare facilities in the US and Canada. These facilities offer a range of services, from cosmetic and dental treatments to cardiovascular and orthopedic procedures, attracting international patients with top-notch care and modern amenities.
To stay competitive, US states are enhancing their facilities and healthcare legislation to attract a larger number of domestic medical tourists. The region benefits from the presence of medical tourism agencies seeking to draw overseas patients to top US hospitals. The US's advanced healthcare infrastructure ensures timely access to goods and services. In addition, Mexico's medical tourism market is on the rise, offering healthcare services that are approximately 75% less expensive than those in the US. This growing trend is set to drive the regional market during the forecast period.
Market Size, By Region, Global, 2017-2027
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The market is fragmented in nature. Some significant players include Anadolu Medical Center, Apollo International Ltd., Asian Heart Institute, Asian institute of medical sciences, Asklepios Kliniken GmbH and Co. KGaA, Athina Global Health.
This market growth and forecasting report also includes detailed analyses of the competitive landscape of the market and information about 15 market companies, including:
Bangkok Chain Hospital Public Co. Ltd., Bangkok Dusit Medical Services Public Co. Ltd., BNH Medical Centre Co. Ltd., Bumrungrad Hospital Public Co. Ltd., Clalit Research Institute, Clemenceau Medical Center, Dr. B. L. Kapur Memorial Hospital, Global Health Ltd., IHH Healthcare Berhad, Min Sheng General Hospital, Raffles Medical Group Ltd., Spire Healthcare Group Plc, The Cleveland Clinic Foundation, and The Johns Hopkins Health System Corp.
The market is experiencing significant growth due to the increasing volume of individuals seeking health tourism and medical travel opportunities across international borders. Patients are drawn to destinations offering a wide range of elective and cosmetic procedures, as well as specialized interventions and complex surgeries, coupled with comprehensive pre-operative and post-operative care. Consultations, diagnostics, and rehabilitation services are also part of the appeal, making these destinations attractive for those seeking elective procedures and non-essential treatments. Despite economic downturns, cost-conscious individuals are motivated by affordable healthcare options and potential cost savings, especially when high-quality healthcare services are available. Cosmetic surgeries and elective procedures are particularly popular, with incentives such as insurance coverage and access to advanced medical technology driving the growth of this industry.
This market growth and analysis report forecasts market growth by revenue at global, regional & country levels and provides an analysis of the latest trends and growth opportunities from 2017 - 2021.
Medical Tourism Market Scope |
|
Report Coverage |
Details |
Page number |
167 |
Base year |
2022 |
Historic period |
2017 - 2021 |
Forecast period |
2023-2027 |
Growth momentum & CAGR |
Decelerate at a CAGR of 16.04% |
Market growth 2023-2027 |
USD 16.88 billion |
Market structure |
Fragmented |
YoY growth 2022-2023(%) |
22.93 |
Regional analysis |
North America, APAC, Europe, Middle East and Africa, and South America |
Performing market contribution |
North America at 32% |
Key countries |
US, Thailand, India, UK, and France |
Competitive landscape |
Leading Companies, Market Positioning of Companies, Competitive Strategies, and Industry Risks |
Key companies profiled |
Anadolu Medical Center, Apollo International Ltd., Asian Heart Institute, Asian institute of medical sciences, Asklepios Kliniken GmbH and Co. KGaA, Athina Global Health, Bangkok Chain Hospital Public Co. Ltd., Bangkok Dusit Medical Services Public Co. Ltd., BNH Medical Centre Co. Ltd., Bumrungrad Hospital Public Co. Ltd., Clalit Research Institute, Clemenceau Medical Center, Dr. B. L. Kapur Memorial Hospital, Global Health Ltd., IHH Healthcare Berhad, Min Sheng General Hospital, Raffles Medical Group Ltd., Spire Healthcare Group Plc, The Cleveland Clinic Foundation, and The Johns Hopkins Health System Corp. |
Market dynamics |
Parent market analysis, Market growth inducers and obstacles, Fast-growing and slow-growing segment analysis, COVID 19 impact and recovery analysis and future consumer dynamics, Market condition analysis for forecast period |
Customization purview |
If our market report has not included the data that you are looking for, you can reach out to our analysts and get segments customized. |
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1 Executive Summary
2 Market Landscape
3 Market Sizing
4 Historic Market Size
5 Five Forces Analysis
6 Market Segmentation by Type
7 Market Segmentation by Service Type
8 Customer Landscape
9 Geographic Landscape
10 Drivers, Challenges, and Trends
11 Vendor Landscape
12 Vendor Analysis
13 Appendix
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