Medical Tourism Market Size (2024 - 2029)

The market size for medical tourism is expected to see substantial growth in the coming years, despite being significantly impacted by the COVID-19 pandemic. The pandemic led to a decrease in medical tourism due to travel restrictions and other related factors. However, as restrictions ease and international travel resumes, the market is expected to recover. Several factors, including lower treatment costs in developing countries, the availability of the latest medical technologies, and growing compliance with international quality standards, are driving this market growth. Various government initiatives are also helping to boost the medical tourism market. However, issues such as patient follow-up, post-procedure complications, and medical record transfer issues could potentially hinder this market growth.

Market Size of Medical Tourism Industry

Medical Tourism Market Summary
Study Period 2019 - 2029
Market Size (2024) USD 84.92 Billion
Market Size (2029) USD 239.37 Billion
CAGR (2024 - 2029) 23.03 %
Fastest Growing Market Asia Pacific
Largest Market North America

Major Players

Medical Tourism Market Major Players

*Disclaimer: Major Players sorted in no particular order

setting-icon

Need a report that reflects how COVID-19 has impacted this market and its growth?

Medical Tourism Market Analysis

The Medical Tourism Market size is estimated at USD 84.92 billion in 2024, and is expected to reach USD 239.37 billion by 2029, growing at a CAGR of 23.03% during the forecast period (2024-2029).

The Medical Tourism Market size is estimated at USD 84.92 billion in 2024, and is expected to reach USD 239.37 billion by 2029, growing at a CAGR of 23.03% during the forecast period (2024-2029).

The COVID-19 pandemic has significantly impacted the medical tourism markets, including popular medical tourism destinations such as India, China, and other emerging countries, due to restrictions in movement, supply chain disruption, travel bans, etc. Travel restrictions in the first two years of the pandemic had an adverse impact on medical tourism in India. For instance, as per Fortis Healthcare's annual report, in 2021, restrictions on global travel substantially impacted the medical tourism segment as the flow of visiting patients from neighboring countries halted. Furthermore, according to an article published by Business Standards in November 2022, medical tourism is expected to increase in India after being nearly reduced to zero during the two years hit by the COVID-19 pandemic as international flights opened in March-April 2022 and international travel comes to pre-COVID levels. Various governments are taking the initiative to bring medical tourism back into the country to overcome the situation. For instance, to entice tourists, Mexico introduced the #Come2MexicanCaribbean campaign in mid-June 2022, which offers gifts and passes to travelers, such as free hotel stays, discounted vehicle rentals, and discounts at tourist attractions. Thus, with the upliftment of government restrictions and initiatives toward medical tourism, the market is expected to recover from the effects of COVID-19 in the next few years.

Factors such as lower treatment costs in developing countries, availability of the latest medical technologies, growing compliance with international quality standards and service, and advertising and marketing of medical tourism are expected to drive market growth over the forecast period. For instance, in September 2022, the MoHFW of the Indian Government commenced new initiatives to boost medical tourism in the country. Such as providing medical visas for tourists traveling to India for healthcare purposes in 165 countries, setting up a feedback mechanism to obtain testimonials from medical tourists, and the 'Heal in India' initiative to position India as a global hub for medical tourism. Also, according to an article published by the government of Boao Lecheng, China, in December 2021, efforts were taken by the Hainan Boao Lecheng International Medical Tourism Pilot Zone to promote the research progress on stem cell, immune cell, and gene therapy, plus other new techniques in the biomedical sector. The medical pilot zone encouraged people from 15 countries, such as Australia, Brunei, Cambodia, China, Indonesia, Japan, Laos, Malaysia, Myanmar, New Zealand, Philippines, Singapore, South Korea, Thailand, and Vietnam, to join the RCEP to come for treatment. Such an initiative in medical tourism is expected to drive growth.

In addition, high healthcare costs in developed countries are expected to be a significant driving factor for the market growth in developing countries. For instance, according to World Population Review 2022, healthcare is financed through taxes, private insurance, or subsidized by private organizations in most developed countries. The United States uniquely uses all these payment methods in its healthcare system. Other developing countries participate in a single-payer system, in which essential healthcare costs are paid for by taxes collected through government programs. Furthermore, as per the November 2022 report of AMA, pharmaceutical spending per capita was USD 1,443 in the United States, whereas it ranges from USD 466 to USD 939 in other countries. Thus, people visit developing countries for medical treatment because of the low cost compared to developed countries, eventually driving the market's growth. Therefore, the medical tourism market is expected to grow over the forecast period due to the abovementioned factors. However, issues with patient follow-up, post-procedure complications, and medical record transfer issues are expected to hinder market growth over the forecast period.

Medical Tourism Industry Segmentation

As per the scope of the report, medical tourism refers to individuals traveling abroad to receive medical treatment. The market is segmented by treatment type (cosmetic treatment, dental treatment, cardiovascular treatment, orthopedics treatment, bariatric treatment, fertility treatment, ophthalmic treatment, and other treatments) and geography (North America, Europe, Asia-Pacific, Middle East and Africa, and South America). The report also covers the estimated market sizes and trends for 17 different countries across major regions globally. The market sizes and forecasts are provided in terms of value (USD million) for all the above segments.

By Treatment Type
Cosmetic Treatment
Dental Treatment
Cardiovascular Treatment
Orthopedics Treatment
Bariatric Surgery
Fertility Treatment
Ophthalmic Treatment
Other Treatments
Geography
North America
United States
Canada
Mexico
Europe
Germany
United Kingdom
France
Italy
Spain
Rest of Europe
Asia-Pacific
China
Japan
India
Australia
South Korea
Rest of Asia-Pacific
Middle East and Africa
GCC
South Africa
Rest of Middle East and Africa
South America
Brazil
Argentina
Rest of South America

Medical Tourism Market Size Summary

The medical tourism market is experiencing significant growth, with an estimated market size that is expected to increase considerably over the forecast period. The market growth is driven by factors such as lower treatment costs in developing countries, the availability of the latest medical technologies, growing compliance with international quality standards and services, and the promotion of medical tourism. However, the COVID-19 pandemic has had a substantial impact on the market, with travel restrictions and supply chain disruptions affecting medical tourism in popular destinations such as India and China. Despite the challenges posed by the pandemic, the market is expected to recover in the coming years due to the lifting of government restrictions and initiatives aimed at revitalizing medical tourism. The medical tourism market is also influenced by trends in specific segments, such as cosmetic treatment tourism. This segment is witnessing a surge in demand as patients seek cosmetic surgery overseas to avoid waiting lists, access cost constraints, or legal requirements in their home countries. High healthcare costs in developed countries are also a significant driving factor for market growth in developing countries. However, issues with patient follow-up, post-procedure complications, and medical record transfer problems are expected to hinder market growth over the forecast period. The Asia-Pacific region is anticipated to hold a significant market share due to the preference for medical tourism across the region's developing countries, government initiatives, and the low cost of medical treatment in this region.

Explore More

Medical Tourism Market Size - Table of Contents

  1. 1. MARKET DYNAMICS

    1. 1.1 Market Overview

    2. 1.2 Market Drivers

      1. 1.2.1 High Treatment Cost in Developed Countries

      2. 1.2.2 Availability of Latest Medical Technologies and High Quality of Service

      3. 1.2.3 Growing Compliance of International Quality Standards

    3. 1.3 Market Restraints

      1. 1.3.1 Issues with Patient Follow Up and Post-procedure Complications

      2. 1.3.2 Medical Record Transfer Issues

    4. 1.4 Porter's Five Forces Analysis

      1. 1.4.1 Threat of New Entrants

      2. 1.4.2 Bargaining Power of Buyers/Consumers

      3. 1.4.3 Bargaining Power of Suppliers

      4. 1.4.4 Threat of Substitute Products

      5. 1.4.5 Intensity of Competitive Rivalry

  2. 2. MARKET SEGMENTATION (Market Size by Value - USD million)

    1. 2.1 By Treatment Type

      1. 2.1.1 Cosmetic Treatment

      2. 2.1.2 Dental Treatment

      3. 2.1.3 Cardiovascular Treatment

      4. 2.1.4 Orthopedics Treatment

      5. 2.1.5 Bariatric Surgery

      6. 2.1.6 Fertility Treatment

      7. 2.1.7 Ophthalmic Treatment

      8. 2.1.8 Other Treatments

    2. 2.2 Geography

      1. 2.2.1 North America

        1. 2.2.1.1 United States

        2. 2.2.1.2 Canada

        3. 2.2.1.3 Mexico

      2. 2.2.2 Europe

        1. 2.2.2.1 Germany

        2. 2.2.2.2 United Kingdom

        3. 2.2.2.3 France

        4. 2.2.2.4 Italy

        5. 2.2.2.5 Spain

        6. 2.2.2.6 Rest of Europe

      3. 2.2.3 Asia-Pacific

        1. 2.2.3.1 China

        2. 2.2.3.2 Japan

        3. 2.2.3.3 India

        4. 2.2.3.4 Australia

        5. 2.2.3.5 South Korea

        6. 2.2.3.6 Rest of Asia-Pacific

      4. 2.2.4 Middle East and Africa

        1. 2.2.4.1 GCC

        2. 2.2.4.2 South Africa

        3. 2.2.4.3 Rest of Middle East and Africa

      5. 2.2.5 South America

        1. 2.2.5.1 Brazil

        2. 2.2.5.2 Argentina

        3. 2.2.5.3 Rest of South America

Medical Tourism Market Size FAQs

The Medical Tourism Market size is expected to reach USD 84.92 billion in 2024 and grow at a CAGR of 23.03% to reach USD 239.37 billion by 2029.

In 2024, the Medical Tourism Market size is expected to reach USD 84.92 billion.

Medical Tourism Market Size & Share Analysis - Growth Trends & Forecasts (2024 - 2029)