The Finance World Magazine| Edition: October 2023

In recent years, the global healthcare
industry has transformed with
the rise of the Medical Tourism
Market, offering top-notch medical
treatments and exciting travel
experiences. This sector provides
high-quality healthcare at a fraction
of home country costs, making it a
win-win. Whether it’s complex surgery,
dental work, or a wellness retreat, the
market offers diverse options, from
Thailand’s beaches to India’s yoga
retreats, and from Saudia’s history to
Dubai’s modernity.
The Global Medical Tourism Market,
which was valued at USD 4.5 Billion
in 2022, is on dynamic growth and is
expected to reach a substantial value
of USD 43.7 Billion by 2030, reflecting a
Compound Annual Growth Rate (CAGR)
of 32.9% between 2023 and 2030. This
remarkable expansion underscores the
increasing significance and opportunities
within the medical tourism sector. As
per reports, the largest segment in the
medical tourism market for 2022 was
cosmetic procedures, commanding a
significant 23.9% of the revenue share.
Dental treatments followed with 18.8%.
Other prominent segments included
orthopaedic procedures (12.2%), cardiovascular
treatments (10.6%), and
infertility services (8.5%).
Governments around the world have
recognized the potential of medical
tourism as an economic driver and have
taken various initiatives to promote
their countries as attractive medical
tourism destinations. Here are some
examples of government efforts and
their impact:
Thailand:
The Thai government actively supports
the industry by offering special
visas for medical tourists and providing
infrastructure for healthcare services.
Since 2003, the Thai Government has
attempted to make Thailand a global
centre for medical tourism through
a Centre of Excellent Health Care of
Asia initiative. This strategic approach
has resulted in remarkable growth in
the industry. As per reports, sales of
Thailand’s medical tourism market
are forecasted to increase at a robust
18.4% CAGR. Total sales of Thailand’s
medical tourism market now represent
2%-7% of the global medical tourism
market. Thailand’s advanced medical
facilities, coupled with its beautiful
beaches and rich cultural heritage, make
From healing
to exploring,
medical
tourism is
redefining the
boundaries
of healthcare,
making
the world
a wellness
destination.
it a popular destination for medical
tourists seeking treatments ranging
from cosmetic surgery to advanced
medical procedures.
India has become a prominent medical
tourism destination due to its cost-effective
healthcare services and highly
trained medical professionals. The Indian
government has been actively promoting
the country’s ancient traditional
medicine systems such as Ayurveda and
Yoga, which attract wellness-focused
tourists. Additionally, India’s “Heal
in India” initiative seeks to provide
“integrated and holistic treatment” to
the world and enhance patient mobility
for access to world-class, affordable,
and quality healthcare services. This
initiative has further solidified India’s
position as a top choice for medical
tourists. India’s Medical Tourism Market
is currently valued at USD 6.2 billion
and is expected to register a CAGR
greater than 11% by 2028, demonstrating
the country’s growing prominence in
the global medical tourism industry.
United Arab Emirates:
The UAE, particularly Dubai, has
emerged as a hub for medical tourism
in the Middle East. The government of
Dubai has launched the “Dubai Health
Experience” (DXH) initiative, which
aims to position the city as a leading
medical tourism destination. The
initiative provides seamless services
to medical tourists, including visa
assistance, transportation, and accommodation.
Dubai’s luxurious lifestyle
and modern attractions complement
its medical offerings. In this dynamic
landscape, it’s worth noting that the size
of the MEA Medical Tourism Market
is projected to be USD 1.35 billion by
2026, growing at a CAGR of 8.5% from
2021 to 2026. This underscores the
region’s increasing importance in the
global medical tourism sector, with
Dubai playing a pivotal role in driving
this growth.
Saudi Arabia
Saudi Arabia is rapidly becoming a
medical tourism hub in the GCC, with
investments in healthcare infrastructure,
including specialized zones and
medical cities. Innovations like Clinique
La Prairie’s ‘health resort’ concept are
reshaping the landscape. The country
has also pipelined projects like King
Fahad Medical City in Riyadh, King
Abdullah Medical City in Makkah, and
King Khalid Medical City in Dammam
that aim to provide world-class healthcare
services to millions of visitors.
Saudi Arabia also plans to blend
religious and medical tourism, with a
focus on destinations like the Knowledge
Economic City (KEC) Hub project,
featuring shops, restaurants, cafes, and
five-star hotels. With a projected 4.6%
CAGR from 2022 to 2028, Saudi Arabia
is poised to attract more international
patients seeking quality healthcare and
rich cultural experiences.
With cost-effective options, specialized
care, reduced waiting times,
and the opportunity to create lasting
memories, medical tourism has become
a compelling choice for those seeking
healthcare beyond their borders. As
this trend continues to grow, it redefines
how we approach healthcare and
travel, ultimately enriching our lives
in unexpected ways.
October 2023 www.thefinanceworld.com 79