The global medical tourism market is mainly influenced by high medical treatment costs at native countries and easier treatment accessibility for health tourism patients. Emergence of developing economies of Asia Pacific as major hubs for medical tourism, posing themselves as affordable healthcare centers is a characteristic feature of this market.
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Medical tourism for procedures such as cosmetic and gender reassignment surgeries is expected to increase, as these surgeries are not covered under standard insurance in several countries, and are expensive if incurred out of pocket. Furthermore, the rising number of joint & hip replacement procedures and increasing demand for bariatric surgeries are other factors boosting the growth of the global medical tourism market over the coming years. Unavailability of specialized treatments for life-threatening diseases, particularly for cancer is expected to boost medical tourism in developed countries. This is attributed to the presence of well-developed healthcare infrastructure and availability for technologically advanced medical treatment facilities. Also, increasing incidence of cancer across the globe is a primary factor expected to support market growth. According to the American Cancer Society, more than 1.7 million new cancer cases are expected to be diagnosed in 2019.
Rising geriatric population, increasing medical costs, worsening lifestyle habits, and high rates of chronic diseases are driving the costs of healthcare. The economic benefits associated with medical tourism is a major factor augmenting the global medical tourism market growth over the forecast period.
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Considering the regional demarcation, the global medical tourism market is broadly segmented across five regions, including North America, Europe, Asia Pacific, Latin America, and Middle East & Africa. The Asia Pacific is expected to register the fastest growth rate over the forecast period. This is attributed to the growing number of private hospitals, availability of specialized doctors along with the lower cost of treatment when compared to the developed countries. Also, the government is fostering medical tourism by offering several visa policies to the patient as well as to their companions. Countries such as India, Singapore, Thailand, South Korea accounts for significant revenue share in the region and is expected to register fastest growth rate over the coming years.
Some of the private hospitals encouraging medical tourism are Bumrungrad International Hospital, Asian Heart Association, Bangkok Hospital, Samitivej PCL, Yanhee International Hospital, Apollo Hospitals Enterprise Ltd., Fortis Hospital Limited, Artemis Hospitals, Mexicali Bariatric Center, Sunway Medical Centre, NTT Medical Center Tokyo, Singapore Vita Agency, and Wooridul Spine Hospital.
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Key Segments of the Global Medical Tourism Market
Treatment Type Overview, 2015-2025 (USD Million)
Regional Overview, 2015-2025 (USD Million)
Rest of Europe
Rest of Asia Pacific
Rest of Latin America
Middle East & Africa
Rest of MEA
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