Inbound Medical Tourism Market Overview, 2023-28

Medical tourism is described as planned international travel for the purpose of receiving cutting-edge medical care. Medical tourists cross international borders in order to maintain, enhance, or restore their health by utilizing affordable healthcare services and procedures that are available in other countries but are expensive in their own. Many other types of treatments are available to medical tourists, including dental, neurological, and cardiovascular care. Some of the primary benefits of medical tourism include improved healthcare, cutting-edge technology, ground-breaking medications, sophisticated technologies, improved hospitality, and personalized treatment. Medical tourism is expanding much more quickly now that the healthcare sector is becoming more global. The worldwide medical tourism sector has grown as a result of the straightforward cross-border movement of patients, healthcare professionals, medical technologies, and money. Additionally, one of the key factors contributing to the rising demand for medical tourism is the growing awareness of the field and the rising accessibility of cutting-edge medical procedures. The government's expanding investments in the development of reliable and state-of-the-art healthcare facilities are boosting the medical tourism business. Favorable government regulations, greater investments in the improvement of air connectivity and other modes of transportation, and government initiatives to promote medical tourism are the key forces behind industry growth. The availability of information on the costs, ideal places for care, and effective approaches to curing various ailments also contributes significantly to the increased awareness of medical tourism. Additionally, the shortage of specialized medical professionals contributes to the expanding medical tourism industry. Healthcare professionals participate in tourist activities in order to perform specific surgeries that require specialist knowledge.

According to the research report, “Global Inbound Medical Tourism Market Overview, 2023-2028” the market is expected to cross USD 317.43 Billion market size, increasing from USD 98.63 Billion in 2022. The global market is forecasted to grow with 22.09% CAGR from 2023-28. The cost of high-quality therapy is lower in developing nations like Thailand and Malaysia than it is in industrialized nations. Despite the low cost of treatments in underdeveloped nations, the quality of the procedure is not affected because there are resources available for relatively less money. This causes an inflow of people to use the healthcare systems in these nations. Additionally, there are prominent surgeons in emerging nations that draw in millions of patients each year for a variety of therapies. Malaysia offers medical services at 30% to 40% less cost than comparable economies in the United States, the United Kingdom, and other parts of Europe. In these nations, a sizable foreign population pursues surgical procedures like dental implants and facial aesthetic procedures. The expansion of the global market will be fueled by advancements in healthcare infrastructure and the provision of reasonably priced, high-quality healthcare services. In addition, as more nations make technological advancements, the global market for inbound medical tourism is growing. The market for international inbound medical tourism is also expanding as cosmetic surgery becomes more popular. Due to a growth in the prevalence of cancer and other serious illnesses, there will likely be a greater demand for healthcare services, which will in turn feed the market for medical tourism. The availability, affordability, and accessibility of high-quality healthcare services, as well as the assistance and support given by regional authorities and tourism organizations, are other elements that contribute to the market's expansion.

Based on the region, Europe is growing with significant CAGR in global Inbound Medical Tourism market.

The availability of qualified medical professionals and improved access to state-of-the-art technology are the main forces behind the growth of the inbound medical tourism business. The quality of care is also improved by these factors. The latest innovations in healthcare delivery, such as telemedicine, remote surgery, and post-surgical follow-ups, have an impact on the patient's decision to get cross-border medical services. Thanks to the incorporation of connected technologies, surgeons can keep an eye on their patients' progress even when they are far away. Modern medical institutions have an advantage in terms of patient volume in the European medical tourism market. Higher-quality medical care helps increase patients' faith in using the healthcare systems in those countries, with the cooperation of the local governments in the destination countries. A nation like Turkey is implementing strategies to bolster the health tourism business. Turkish Airlines patients receive discounts from the government. Turkey has developed into a top and well-liked location for medical visitors looking for less challenging procedures. Additionally, the government plans to create tourist-friendly healthcare tax-free zones. Numerous medical facilities in Europe offer services in a variety of medical specialties, including cardiology, orthopedics, oncology, infertility treatments, neurology, ophthalmology, and others. Patients seeking treatment for various medical conditions have a variety of options open to them across the continent. Europe is at the forefront of medical innovation and technology. Many hospitals and clinics perform surgery, provide therapy, and conduct diagnostics using contemporary instruments and techniques.

Based on the treatment type, cancer treatment is expected to grow at fastest rate in the Global Inbound Medical Tourism Market.

There are a number of aspects that come together to produce a powerful appeal for patients looking for effective and comprehensive care, which can be used to explain why cancer treatment is becoming more and more prominent within the global inbound medical tourism market. The incredible diversity and ingenuity displayed by diverse treatment modalities, which cater to a broad spectrum of cancer types and stages, is one important determinant. Patients are increasingly attracted to overseas locations known for their cutting-edge facilities and specialized skills as medical technologies develop and research consistently reveals fresh therapeutic techniques. In addition, the globalization of medical knowledge has prompted the construction of renowned cancer hospitals and centers in important medical tourism locations. These facilities take a multidisciplinary approach, assembling a team of knowledgeable oncologists, surgeons, radiologists, and other medical specialists to jointly develop individualized treatment plans. Patients wanting a thorough and all-encompassing cancer management strategy benefit from this collaborative approach's ability to build trust and confidence. The rise of cancer treatment in the inbound medical tourism sector is significantly influenced by economic factors. Medical tourism hotspots provide patients who could be faced with high expenditures or protracted waiting periods in their own countries with an enticing alternative due to the cost differences across countries, which are frequently accompanied by improved medical outcomes and cutting-edge facilities. An international flood of patients seeking high-quality cancer treatment at a fraction of the expense they may spend at home is caused by this affordability aspect paired with the promise of first-rate care.

Based on the service providers, public service providers are expected to grow at CAGR of more than 23% in Global Inbound Medical Tourism Market.

The expansion of public service providers in the international market for inbound medical tourism can be attributed to a number of interrelated variables that combine to strongly appeal to individuals looking for healthcare services overseas. One important factor is the standing and legitimacy of public healthcare facilities, which are frequently run or supported by governmental entities. These organizations frequently have a long history of delivering high-quality treatment, abiding by rigid regulatory requirements, and placing a priority on the safety and wellbeing of their patients. The wide variety of medical services offered by public service providers, which cover a wide spectrum of specialties and subspecialties, appeals to patients looking for integrated and holistic healthcare solutions. Medical tourists who value comprehensive and coordinated care benefit from the multidisciplinary approach used by public healthcare institutions, which involves teams of highly qualified medical specialists working together on patient cases. A key component of the expansion of public service providers in medical tourism is affordability. The financial burden on patients seeking medical care overseas can be greatly reduced by the subsidized or government-regulated healthcare services provided by many public healthcare systems around the world. Public service providers are an appealing choice for international patients who may be faced with expensive fees or protracted waiting times in their home countries due to this cost advantage and the certainty of high-quality care.

Market Drivers

• The burgeoning prevalence of chronic diseases: Patients are compelled to seek out the cutting-edge therapies, sophisticated procedures, and specialist knowledge accessible in well-known medical tourism locations because of the rising frequency of chronic diseases and complex medical problems globally. These locations frequently have cutting-edge facilities and a multitude of medical experts skilled in a variety of disciplines, meeting the various healthcare requirements of visitors from around the world.
• Economic factor: Patients are lured to medical tourism by the possibility of receiving high-quality healthcare treatments for a fraction of the price they could pay in their native nations, which is a key economic consideration. Medical tourism is a financially realistic and alluring option for patients who may be struggling with high healthcare costs or protracted wait times in their domestic healthcare systems because of the significant cost differences and the promise of better outcomes and shorter wait periods.

Market Restraints

• Regulatory Complexities: The smooth delivery of cross-border healthcare services is frequently hampered by regulatory complexity and diverse healthcare standards across several nations. Along with uncertainty about the quality of care they will receive, potential medical tourists may be discouraged from seeking treatment overseas by worries about patient safety, quality control, and legal repercussions.
• Language and cultural barriers: Effective communication between patients and healthcare practitioners abroad might be hampered by linguistic and cultural difficulties. Patient discontent and inferior treatment outcomes might result from miscommunication or misinterpretation of medical information. Additionally, it may be difficult for patients to feel comfortable and healthy during their medical journey if they must adjust to various cultural customs and traditions.

Market Trends

• Holistic wellness experiences: The growing importance of holistic wellness experiences, with medical tourists looking for not only cutting-edge medical care but also full wellness programs that include alternative therapies, mindfulness techniques, and restorative spa treatments A shift towards a more holistic and patient-centered approach is highlighted by the convergence of medical research and holistic well-being.
• Rise of niche medical tourism: The expansion of specialty medical tourism markets that cater to particular medical requirements or preferences is another noteworthy trend. This includes industries like fertility tourism, where people go for assisted reproductive treatments, and dental tourism, which provides top-notch and reasonably priced dentistry services in popular locations. This pattern indicates the rise in demand for specialized healthcare services that cater to specific patient needs.

Covid-19 Impacts

The COVID-19 epidemic has significantly and far-reaching altered the dynamics of the global inbound medical tourism market. A complex and varied situation has been created as a result of the viral outbreak, its quick global spread, the accompanying public health measures, and the resulting travel restrictions, which have had a substantial impact on different areas of medical tourism. Furthermore, the mobility of medical tourists was significantly hampered by the enactment of travel restrictions and lockdowns, both by individual nations and globally. Patients find it difficult to travel to their preferred medical tourism locations since many nations have closed their borders or imposed strict admission conditions. As a result, there was a substantial reduction in the number of medical tourists, which decreased patient flow and decreased financial support for hospitals. Medical tourism was negatively impacted as a result of the pandemic's use of healthcare resources and medical staff. Numerous medical facilities, particularly in areas where COVID-19 had a significant impact, were forced to shift their attention and resources away from treating COVID-19 patients, which led to a temporary suspension or reduction of non-essential medical services, including elective procedures that medical tourists frequently seek.

Market Players Insights

MD Anderson Cancer Center, Dana-Farber Cancer Institute, The Toronto General Hospital, The Queen Elizabeth Hospital Birmingham, Hospital Clínic de Barcelona , Albert, Einstein Israelite Hospital, Bumrungrad International Hospital, Seoul National University Hospital, The Charité -Universitätsmedizin Berlin , The San Raffaele Hospital.

Considered in this report

• Geography: Global
• Historic year: 2017
• Base year: 2022
• Estimated year: 2023
• Forecast year: 2028

Aspects covered in this report

• Global Inbound Medical Tourism with its value and forecast along with its segments
• Region-wise Inbound Medical Tourism market analysis
• Various drivers and challenges
• On-going trends and developments
• Top profiled companies
• Strategic recommendation

Regions & Countries covered in the report

• North America
• Europe
• Asia-Pacific
• South America
• Middle-East & Africa

By Treatment Type

• Cancer Treatment / Oncology
• Cosmetic Treatment
• Orthopedics Treatment / Spine Treatment
• Cardiovascular Treatment
• Fertility Treatment / IVF Treatments
• Neurological Treatment
• Organ Transplant
• Bariatric Treatment
• Dental Treatment
• Alternative Treatment (Acupuncture, Ayurveda, Homeopathy, Naturopathy, Chinese or Oriental medicine, Chiropractic and osteopathic medicine, Massage, Body movement therapies, Tai chi, Yoga, Dietary supplements, Herbal medicine, Nutrition/diet, Electromagnetic therapy, Reiki, Qigong, Meditation, Biofeedback, Hypnosis, Art, dance, and music, Visualization and guided imagery, etc.)
• Ophthalmology Treatment
• Other Treatments (Dermatological treatments, ENT (Ear, Nose, and Throat) treatments, Allergy and Immunology treatments, Sleep disorder treatments, Mental health and psychological treatments, Urology, diabetology, Proctology, Vascular Surgery, etc.)

By Service Providers

• Private
• Public

The approach of the report

This report consists of a combined approach of primary and secondary research. Initially, secondary research was used to get an understanding of the market and list the companies that are present in it. The secondary research consists of third-party sources such as press releases, annual reports of companies, and government-generated reports and databases. After gathering the data from secondary sources, primary research was conducted by conducting telephone interviews with the leading players about how the market is functioning and then conducting trade calls with dealers and distributors of the market. Post this; we have started making primary calls to consumers by equally segmenting them in regional aspects, tier aspects, age group, and gender. Once we have primary data with us, we can start verifying the details obtained from secondary sources.

Intended audience

This report can be useful to industry consultants, manufacturers, suppliers, associations and organisations related to the Inbound Medical Tourism industry, government bodies, and other stakeholders to align their market-centric strategies. In addition to marketing and presentations, it will also increase competitive knowledge about the industry.