Medical Tourism Market Size

Statistics for the 2023 & 2024 Medical Tourism market size, created by Mordor Intelligenceā„¢ Industry Reports. Medical Tourism size report includes a market forecast to 2029 and historical overview. Get a sample of this industry size analysis as a free report PDF download.

Market Size of Medical Tourism Industry

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Medical Tourism Market Summary
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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

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