Medical Tourism
Medical Tourism
Business Model Description
Invest in integrated dental tourism services that combine accredited and internationally certified dental care with tailored value-added travel experiences, including accommodation, airport transfers, bilingual support, and cultural or wellness activities to attract foreign and domestic clients seeking affordable healthcare.
Expected Impact
Investments in dental tourism boost Moldova’s health exports, expand affordable care, create skilled jobs, and reduce rural-urban health gaps.
How is this information gathered?
Investment opportunities with potential to contribute to sustainable development are based on country-level SDG Investor Maps.
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Country & Regions
- Republic of Moldova: Central Development Region
Sector Classification
Services
Development need
Tourism accounts for only 6.5% of GDP (2024), below regional peers, limiting rural job creation and cultural heritage promotion. Wine tourism can revitalize rural economies, while medical tourism can boost service exports. Both face underinvestment, weak infrastructure, and risk of inequality in access and benefits. (1)
Policy priority
The National Program “Turism-2028” (2024–2028) aims to make tourism a competitive, sustainable growth sector. Priorities include strengthening the new National Tourism Office, upgrading deficient infrastructure, and diversifying offers (wine, gastronomic, rural, medical). Targets align with SND 2030 and EU Association goals. (2)
Gender inequalities and marginalization issues
Dental tourism development risks reinforcing inequities: urban clinics focus on foreign patients, while women, rural households, and low-income Moldovans may remain excluded from affordable, quality dental services unless safeguards such as subsidies, social insurance integration, inclusive hiring are in place. (4)
Investment opportunities introduction
“Turism-2028” identifies tourism as a growth engine through diversified offers. Opportunities lie in developing wine and gastronomic routes, cultural and rural experiences, and wellness/medical tourism. Combining Moldova’s vineyards, cultural heritage, and competitive health services can position the country as a regional niche destination. (2)
Key bottlenecks introduction
Systemic barriers such as outdated transport and hospitality infrastructure, weak international branding, fragmented coordination, and lack of global certifications. In medical tourism, limited accredited clinics and regulatory gaps constrain competitiveness. (5)
Consumer Services
Development need
Moldova's public dental care system is underfunded and unevenly accessible, while rising global demand for affordable dental services has positioned Moldova as a competitive destination. In 2024, medical tourism exports reached $64.4M, with dental care being a leading segment. Rural-urban disparities and unmet domestic demand remain high. (3)
Policy priority
The Tourism Development Program (2023–2028) prioritizes medical tourism as a strategic export segment. It aims to enhance Moldova's image as a safe, affordable healthcare destination, supporting clinics, equipment upgrades, and service quality.(2)
Gender inequalities and marginalization issues
Women, particularly in rural areas, face higher unmet oral health needs due to income inequality and lack of insurance coverage. Affordable dental tourism clinics tend to be urban and privately run, limiting inclusivity unless models are adapted. (4)
Investment opportunities introduction
Investments in affordable high-quality dental clinics catering to international patients can generate export revenue and improve service quality for locals. Opportunities exist in digital dentistry, cross-border insurance partnerships, and training centers for dental assistants, improving skills and access alike. (4)
Key bottlenecks introduction
Challenges include lack of international accreditation, weak brand recognition, and limited digital presence of local clinics. Dental education is strong but underfunded for technological upgrades. The absence of a unified platform for medical tourists lowers visibility and trust. Border logistics and post-treatment support also limit competitiveness. (4)
Professional and Commercial Services
Pipeline Opportunity
Medical Tourism
Invest in integrated dental tourism services that combine accredited and internationally certified dental care with tailored value-added travel experiences, including accommodation, airport transfers, bilingual support, and cultural or wellness activities to attract foreign and domestic clients seeking affordable healthcare.
Business Case
Market Size and Environment
USD 50 million - USD 100 million
Medical services provided to foreign patients generated approximately USD 64.4 million in 2024.
In 2020, medical services provided to foreign patients generated USD 25.1 million, while by 2024 revenues had reached approximately USD 64.4 million.Experts estimate that the country is currently utilizing only around 5% of its potential, with the capacity to reach an annual export volume of medical services worth USD 1.5 billion. (6)
Over 36,000 international patients come to Moldova for medical services every year. 60% of them come to fix their teeth.The medical tourism sector is expected to grow by 30% in 2024, bringing over 50 million euros into the economy. (13)
Indicative Return
> 25%
According to the experts, the average clinic receives around 50 patients each month, and each patient generates between USD 7K–10K To remain conservative, a value of USD 7K per patient is applied. Operating costs represent 60% of revenues, in line with the global average for dental clinics. (24)
The experts also noted that staff doctors typically receive 20%–25% of gross revenue (revenue minus operating costs). Based on this assumption, the financial breakdown is as follows: (24) Revenue: USD 4,200,000 Operating Costs: USD 2,520,000 Gross Revenue: USD 1,680,000 Staff Doctors’ Share: USD 336,000 Net Profit: USD 1,344,000, reflecting a gross margin of approximately 32% (24)
Investment Timeframe
Short Term (0–5 years)
Dental Clinics in Moldova have most of their cost in CAPEX (Dental equip. Scanners, etc.) and given their low operating costs they have a short payback period of 3 years. Hospitals can be higher between 5-7 years. (24)
Ticket Size
USD 500,000 - USD 1 million
Market Risks & Scale Obstacles
Market - Highly Regulated
Business - Supply Chain Constraints
Capital - Limited Investor Interest
Impact Case
Sustainable Development Need
Moldova’s healthcare exports remain underdeveloped despite high-value potential in dental tourism. Outbound medical spending by Moldovans exceeds inbound, signaling missed revenue and employment opportunities, especially in urban private clinics. (27)
Affordability barriers and uneven access to dental and health services in rural Moldova continue to highlight inequalities in coverage and infrastructure, with rural populations facing limited service availability and higher out-of-pocket costs compared to urban centers. (8,25,26)
Gender & Marginalisation
Women and elderly in rural Moldova face affordability and access barriers to quality dental care. Unequal urban-rural distribution of clinics limits marginalised communities’ ability to benefit from the sector's development. (8)
Expected Development Outcome
Development of dental tourism hubs is expected to increase healthcare exports, create skilled jobs, improve infrastructure, and foster cross-border partnerships. It can also stimulate reinvestment in health standards and innovation.
Gender & Marginalisation
Inclusion of underserved groups through affordable care packages, workforce training for women in dental health, and rural outreach can reduce geographic and income-based healthcare disparities.
Primary SDGs addressed
3.8.1 Coverage of essential health services
Proportion of the population covered by essential health services in Moldova is 71% (9)
Proportion of the target population covered by essential health services in Moldova: 100%
Secondary SDGs addressed
Directly impacted stakeholders
People
Gender inequality and/or marginalization
Corporates
Public sector
Indirectly impacted stakeholders
People
Gender inequality and/or marginalization
Planet
Corporates
Public sector
Outcome Risks
Some clinics may not meet international standards, leading to patient dissatisfaction or health complications.
Focus on foreign patients may divert resources away from local populations, limiting access for vulnerable groups.
Improper disposal of biomedical waste could harm soil, water, and air quality.
Overreliance on medical tourists makes the sector vulnerable to external shocks (e.g., pandemics, geopolitical crises).
Gender inequality and/or marginalization risk: Low-income groups may remain excluded from advanced dental services as clinics prioritize foreign patients, deepening health inequities.
Impact Risks
Lack of consistent, high-quality data on treatment outcomes and patient satisfaction may hinder reliable impact measurement.
Regional instability, pandemics, or travel restrictions could disrupt medical tourism flows.
Patients and local communities may feel excluded from decision-making, reducing trust and adoption.
Clinics may fail to deliver promised service quality or international accreditation, reducing impact.
Gender inequality and/or marginalization risk: Women and marginalized groups may not benefit equally from new jobs if recruitment focuses on male professionals.
Impact Classification
What
Moldova’s dental sector has growing export demand but local access gaps.
Who
Direct beneficiaries are foreign patients (affordable quality care), local clinics, dentists.
Risk
Tourism-driven dental services risk prioritizing foreign patients, raising costs for locals.
Contribution
Investment catalyzes health exports while addressing access and equity gaps.
How Much
Medical tourism exports reached US$64.4m in 2024; with reforms and investment, potential to double by 2030 (6)
Impact Thesis
Investments in dental tourism boost Moldova’s health exports, expand affordable care, create skilled jobs, and reduce rural-urban health gaps.
Enabling Environment
Policy Environment
National Health Strategy 'Health 20230' recognizes health tourism as a priority. (11)
"Tourism 2028” Program aims to allocate up to 0.26% of the state budget to tourism, with the goal of increasing the sector’s contribution to GDP to 6.3% by 2028. Key strategies include strengthening the policy framework and promoting a diverse tourism product. (12)
Financial Environment
Financial incentives: Programs supported by EBRD, EU, and IFC provide concessional credit lines through local banks for SMEs, including healthcare providers (clinics, dental centers). Example: EBRD’s EU4Business credit lines with interest subsidies. (18)
Fiscal incentives: Import of certain medical devices, pharmaceuticals, and equipment enjoys VAT or customs duty exemptions (under Ministry of Finance rules). (19, 20)
Regulatory Environment
Law No. 352/2006 on Tourism defines tourism activity in Moldova, criteria for quality of tourist services, safety, international cooperation. (14)
Law No. 9-01/2001 on Accreditation of Medical Service Providers establishes evaluation and accreditation procedures for healthcare providers (includes dental clinics). (15)
Order of Government No. 702 (2018) governs how medical/dental related medical products are placed/imported. Important for dental clinics using imported devices/materials. (16)
Marketplace Participants
Private Sector
Medical Tourism Association of Moldova, National Association for Inbound and Outbound Tourism, Entrepreneurship Development Organisation(21)
Government
Ministry of Culture, Ministry of Infrastructure and Regional Development, Ministry of Finance, Ministry of Economic Development and Digitalisation
Multilaterals
EBRD in Moldova, Global Medical Tourism Council (20, 21)
Target Locations
Republic of Moldova: Central Development Region
References
- (1) World Travel &Tourism Council (WTTC). 2025. Moldova Travel & Tourism Economic Impact Research. https://researchhub.wttc.org/product/moldova-economic-impact-report
- (2) Ministry of Culture of the Republic of Moldova. 2023. Conceptul Programului național de dezvoltare a turismului “Turism-2028” (2024–2028). https://particip.gov.md/index.php/ru/download_attachment/26585
- (3) Invest Moldova. 2025. Moldova’s Medical and Educational Service Exports Have Doubled Over the Past Five Years. https://invest.gov.md/en/moldovas-medical-and-educational-service-exports-have-doubled-over-the-past-five-years/
- (4) Lazzari, A., & Bianco, G. 2025. Dental tourism in Moldova: Economic catalyst, medical considerations, and broader tourism development potential. Social Sciences, 6(4), 185. https://doi.org/10.3390/tourhosp6040185
- (5) IPN News Agency (2024). Andrei Revenco: Infrastructure is the most important challenge for tourism, including medical tourism, in Moldova.https://www.old.ipn.md/en/andrei-revenco-infrastructure-is-most-important-challenge-for-tourism-including-8004_1105236.html
- (6) Invest Moldova. 2025. Moldova’s Medical and Educational Service Exports Have Doubled Over the Past Five Years. https://invest.gov.md/en/moldovas-medical-and-educational-service-exports-have-doubled-over-the-past-five-years/
- (7) Invest Moldova. 2024. More health tourists are coming to Moldova, and the world is taking note. https://invest.gov.md/en/more-health-tourists-are-coming-to-moldova-and-the-world-is-taking-note/
- (8) World Health Organization. 2022. Oral Health Country Profile, Republic of Moldova. https://cdn.who.int/media/docs/default-source/country-profiles/oral-health/oral-health-mda-2022-country-profile.pdf?download=true&sfvrsn=c37924ce_4
- (9) World Bank. 2025. UHC service coverage index. https://data.worldbank.org/indicator/SH.UHC.SRVS.CV.XD
- (10) World Health Organization. 2024. Proportion of health facilities that have a core set of relevant essential medicines available and affordable on a sustainable basis. https://data.who.int/indicators/i/E645FC7/D2A45A5
- (11) Government of the Republic of Moldova. 2023. National Health Strategy "Health 2030" https://ageing-policies.unece.org/browse-policy/1634
- (12) ALDA. 2024. Tourism Perspectives in the Republic of Moldova: Analysing State Budget Allocations for Sector Development. https://www.alda-europe.eu/tourism-development-moldova-budget-allocations/
- (13) Medical Tourism Association of Moldova. 2025. https://www.facebook.com/medical.tourism.association.md/
- (14) Government of the Republic of Moldova. 2025. LAW No. 352 of November 24, 2006 on the Organization and Conduct of Tourism Activities in the Republic of Moldova https://turism.gov.md/en/legislatie/lege-nr-352-din-24-11-2006-cu-privire-la-organizarea-si-desfasurarea-activitatii-turistice-in-republica-moldova/
- (15) Government of the Republic of Moldova. 2025. Law No. 9-01/2001 on Assesment and Accreditation in Health Care System https://cis-legislation.com/document.fwx?rgn=5133
- (16) Government of the Republic of Moldova. 2018. ORDER OF THE GOVERNMENT OF THE REPUBLIC OF MOLDOVA. https://cis-legislation.com/document.fwx?rgn=144869
- (17) Invest Chisinau. 2025. Health. https://invest.chisinau.md/en/sector/sanatate/
- (18) EU4 Business-EBRD Credit Line. 2025. https://www.eu4business-ebrdcreditline.md/
- (19) KPMG US. 2025. Moldova: Legislation amending transfer pricing rules, exempting income derived by nonresident individuals from state securities, extending reduced VAT rate to medical devices. https://kpmg.com/us/en/taxnewsflash/news/2025/07/moldova--legislation-amending-transfer-pricing-rules--exempting-.html
- (20) Logos Press. 2025. Ministry of Finance proposes new VAT exemptions. logos-press.md https://logos-pres.md/en/news/ministry-of-finance-proposes-new-vat-exemptions/
- (21) National Inbound and Domestic Tourism Association of Moldova. 2025. https://antrim.md/
- (22) EBRD https://www.ebrd.com/home/what-we-do/where-we-invest/moldova.html
- (23) Medikal Teknik. 2024. Republic of Moldova designated to lead the Global Medical Tourism Council. https://www.medikalteknik.com.tr/republic-of-moldova-designated-to-lead-the-global-medical-tourism-council/
- (24) UNDP SDG Investor Map technical team consultations and discussions with Moldovan private sector stakeholders on 12/09/2025
- (25) World Health Organization. (2022). https://iris.who.int/bitstream/handle/10665/362346/9789289059176-eng.pdf
- (26) World Bank. (2022). https://documents1.worldbank.org/curated/en/099030424135522498/pdf/P1711301c978d5072182171ace16b12e3eb.pdf
- (27) Lazzari, A., & Bianco, G. 2025. Dental tourism in Moldova: Economic catalyst, medical considerations, and broader tourism development potential. Social Sciences, 6(4), 185. https://doi.org/10.3390/tourhosp6040185
- (28) Emerging Europe (2023). Health tourists are coming to Moldova, and the world is taking note. https://emerging-europe.com/community-content/health-tourists-are-coming-to-moldova-and-the-world-is-noticing/
- (29) Ministry of Health of the Republic of Moldova (1998). Regulations on Licensing Procedure for Delivery of Health Care.https://cis-legislation.com/document.fwx?rgn=9595
- (30) World Health Organization (WHO) (2022). Barriers and Facilitating Factors in Access to Health Services in the Republic of Moldova. https://cdn.who.int/media/docs/default-source/a-future-for-children/barriers-and-facilitating-factors-in-access-to-the-health-services-in-the-republic-of-moldova.pdf