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
The medical tourism market size globally will be $31.91 billion in 2023.
The global medical tourism market is expected to grow at a CAGR of 14.0% over the forecast period (2023-2027).
Affordable healthcare and reduced wait times in foreign countries are some of the major factors driving the market growth.
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
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
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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)
Global Medical Tourism Market Medical Treatment Type ($Million, 2020-2027)
Global Medical Tourism Market Wellness Type ($Million, 2020-2027)
Global Medical Tourism Market Medical Service Provider Type ($Million, 2020-2027)
Global Medical Tourism Market Regional Outlook ($Million, 2020-2027)
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