Medical Tourism Market Size

Medical Tourism Market Size

Medical Tourism Market size was valued at USD 26.4 billion in 2023 and is expected to exhibit growth at a CAGR of 16.3% from 2024 – 2032 period. The increasing demand for surgeries and treatment procedures that are not covered by insurance is anticipated to drive the market growth globally.

Furthermore, the availability of high-quality treatment in developing countries at lower cost as compared to developed countries will foster the market growth. Also, various government initiatives focusing on promoting medical tourism in their countries through various strategies will boost the market growth.

 

Moreover, the global increase in chronic diseases such as diabetes, cardiovascular diseases, and cancer drives the demand for specialized medical treatments and interventions. Patients may seek medical tourism options to access comprehensive care for managing chronic conditions and improving long-term health outcomes. For instance, according to the National Association of Chronic Disease Directors, in 2022, nearly 60% of adults in the U.S. have at least one chronic disease, indicating a substantial burden of chronic diseases in the country.

 

Medical tourism, also known as medical travel or health tourism, refers to the practice of patients traveling to a foreign country, primarily to obtain medical treatment. It encompasses a wide range of medical services, including preventive and health-conducive treatments, elective surgical procedures, telerehabilitation, as well as complex surgeries, among others. Medical tourists often seek advanced medical treatment provided by skilled professionals at cost-effective rates, both in developed and developing countries.