Medical Tourism Market Size (2024 - 2029)

Medical Tourism Market Analysis

The Medical Tourism Market size is estimated at USD 79.15 billion in 2024, and is expected to reach USD 184.23 billion by 2029, growing at a CAGR of 18.41% during the forecast period (2024-2029).

The COVID-19 pandemic outbreak became a major challenge to the medical tourism market growth. Travel restrictions in the first two years of the pandemic had an adverse impact on medical tourism, globally. With the return of international travel during the post-pandemic period, the medical tourism sector attained growth due to the increased demand for large medical travel waitlists. For instance, according to the report by Kasikorn Research Center, in 2021, there was a 90% decline in medical tourist arrivals in Thailand during the pandemic with visitors from the Middle East, the Association of Southeast Asian Nations countries, and China. Furthermore, 8.9 million foreign tourists arrived in Thailand in 2022, which was considered a high percentage compared to the pandemic year. Thus, COVID-19 restrictions for traveling and the halt of medical procedures other than COVID-19 treatments adversely impacted the medical tourism market during the pandemic. However, with the increased number of medical tourists during the post-pandemic period due to relaxed restrictions and resumed healthcare services, the market attained growth over the post-pandemic period.

People seek medical tourism owing to the expensive treatment in their home country or the non-availability of any treatment. Therefore, people opt for medical tourism for immediate medical attention and affordable medical treatment. Medical tourism witnessed huge traction owing to the healthcare market globalization. The high treatment cost in developed countries, the availability of the latest medical technologies and high quality of service, and the growing compliance with international quality standards are leading to medical tourism market growth.

The healthcare costs in countries like Germany and France are lower compared to the United States. For instance, as per the report published by the World Economic Forum in February 2023, in Germany, healthcare costs are 40% lower when compared to the United States in 2021. In addition, as per the same source, the healthcare costs are a bit lower, around USD 5,000 per capita, in France, Canada, the United Kingdom, Australia, and Japan. Additionally, among developed nations, per-capita healthcare costs were the lowest in Eastern Europe. Hence, the comparative data shows lower healthcare costs in developing countries than in developed countries like the United States, which likely boost the market growth over the forecast period.

The new strategic activities, like collaborations and agreements by the market players for improving the technologies in medical tourism, likely increase the demand for medical tourism. For instance, in March 2023, the Medical Tourism Association, in collaboration with Global Healthcare Resources and the International Healthcare Research Center, launched the first Medical Tourism Moonshot to break down the major barriers preventing access and growth in medical tourism.

However, issues with patient follow-up post-procedure complications and medical record transfer are the major factors hindering the market growth over the forecast period.

Medical Tourism Industry Segmentation

As per the scope of the report, medical tourism (also called medical travel, health tourism, or global healthcare) is a term used to describe the rapidly growing practice of traveling across international borders to seek healthcare services. The Medical Tourism Market is Segmented by Treatment Type (Cosmetic Treatment, Dental Treatment, Cardiovascular Treatment, Orthopedic Treatment, Bariatric Surgery, Fertility Treatment, Ophthalmic Treatment, and Other Treatments), and Geography (North America, Europe, Asia-Pacific, Middle-East and Africa, and South America). The market report also covers the estimated market sizes and trends for 17 different countries across major regions, globally. The report offers the value in USD for the above segments.