The Business Research Company’s global market reports are now updated with the latest market sizing information for the year 2023 and forecasted to 2032

The global medical tourism market is expected to grow from $35.77 billion in 2022 to $39.95 billion in 2023 at a compound annual growth rate (CAGR) of 11.7%. The market size of the global medical tourism is expected to grow to $59.67 billion in 2027 at a CAGR of 10.5%.

North America held the largest medical tourism market share, and Western Europe was the fastest-growing region in 2022.

Medical Tourism Market Driver
High healthcare cost in developed countries is driving growth in the medical tourism market as developing countries are able to provide cheaper treatment. Patients usually travel to developing countries with quality healthcare infrastructure and low healthcare costs. According to a study conducted by the Centres for Disease Control and Prevention, approximately 0.75 -1.6 million people from the USA travel out of the country for medical care to avoid high treatment cost. For instance, a hip replacement surgery in the USA costs approximately $39,299 while the same surgery in India, Costa Rica or other developing countries would cost between $7000 and $15,000 including logistics.

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Prominent Medical Tourism Market Trend
Patients traveling across countries for medical treatment are increasingly using electronic health records to store information related to health in digital format. An electronic health record is the systematic collection of patient health and medical examination reports stored electronically. These health records can be accessed instantly and securely by authorized users. Electronic health records eliminate the need to carry heavy medical records for patients travelling long distances for treatment. Some of the major electronic health records software include eClinicalWorks, Allscripts, Cerner.

Medical Tourism Market Prominent Players
Major players in the medical tourism market report are Apollo Hospital Enterprise Limited, Prince Court Medical Centre, Bumrungrad International Hospital, KPJ Healthcare Berhad, Fortis Health Ltd., Raffles Medical Group, Bangkok Hospital Medical Centre, Samitivej PCL., Min-Sheng General Hospital and Asian Heart Institute.

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Key Medical Tourism Market Segments
The global medical tourism market is segmented –
1) By Treatment Type: Cosmetic Treatment, Dental Treatment, Cardiovascular Treatment, Orthopedics Treatment, Bariatric Treatment, Fertility Treatment, Opthalmic Treatment, Other Treatments
2) By Type: Domestic, International
3) By Healthcare Service: Medical Treatment, Wellness, Alternative Treatment
4) By Service Providers: Public, Private

The Medical Tourism Global Market Report 2023  provides a comprehensive overview on the medical tourism market size, trends and drivers, opportunities, strategies, and companies analysis. The countries covered in the medical tourism market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, the UK, and the USA, and the major seven regions are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, the Middle East, and Africa.

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