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, at a CAGR of 18.41% during the forecast period (2024-2029).

The key factors propelling the market's growth include the high treatment costs in developed countries, technological advancements in medical devices and healthcare services offered in developing countries, and growing compliance with international quality standards.

The significantly lower medical treatment costs are expected to drive market growth in developing countries compared to the high treatment costs in developed countries. This is due to lower medical treatment costs in developing countries than in developed countries. Moreover, healthcare costs in countries like Germany and France are lower than in the United States. For instance, according to a report published by the World Economic Forum in February 2023, in Germany, healthcare costs were 40% lower than in the United States in 2022. Moreover, healthcare costs are slightly lower, around USD 5,000 per capita, in France, Canada, the United Kingdom, Australia, and Japan. Additionally, in developed nations, per-capita healthcare costs were the lowest in Eastern Europe.

According to the data published by the Peterson-Kff Health System Tracker Organization in January 2024, US healthcare expenses are higher than in other countries, resulting in fewer angioplasty surgeries and more knee replacements than in different countries, leading to shorter hospital stays. Due to the high healthcare costs associated with such procedures, patients are likely to adopt other countries and contribute to market growth. Moreover, the United States spends more than USD 4,000 per person on administrative costs, four times the average for other wealthy countries and about the same amount as it spends on preventive and long-term care.

The increasing focus on research and development to foster innovation in healthcare is projected to support market growth during the study period. Developing countries are expected to attract foreign patients looking for advanced treatments like robotic surgery and oncology treatments that are not readily available in their home countries. 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 significant barriers preventing access and growth in medical tourism. Such efforts to foster the development of advanced medical devices are projected to augment the attraction of foreign patients to seek advanced medical care in the country, thereby supporting market growth.

Hence, the high treatment and healthcare costs in developed countries increase the demand for medical tourism, which are expected to propel market growth during the forecast period. However, issues with patient follow-up, post-procedure complications, and medical record transfer are expected to restrain the development of the gait trainer market during 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 and geography. The treatment type is further segmented into cosmetic treatment, dental treatment, cardiovascular treatment, orthopedics treatment, bariatric surgery, fertility treatment, ophthalmic treatment, and other treatment types. The geography segment is further segmented into North America, Europe, Asia-Pacific, Middle East and Africa, And South America. The report offers the value (USD) for the above segments.