Medical Tourism Market
The medical tourism market is estimated to be valued at USD 14.56 Bn in 2024, growing at a compound annual growth rate (CAGR) of 13.2% from 2024 to 2031. Medical tourism refers to the practice of traveling across international borders to obtain private medical care. Rising healthcare costs, long wait times in home countries, and availability of high-quality but lower-cost treatment in other countries are the major factors driving the growth of medical tourism. Countries, such as India, Thailand, Singapore, and Mexico, have emerged as popular global destinations for medical tourism due to their world-class facilities, qualified doctors and paramedics who are trained abroad, and significantly lower costs compared to treatments in Western countries. While certain types of surgery such as cosmetic, cardiac, and orthopedic procedures are the most common services sought through medical tourism, it also includes specialty treatments like fertility enhancement, dentistry, and cancer therapy. The global medical tourism market is projected to exhibit strong growth during the forecast period due to increasing healthcare affordability and accessibility.
Market Dynamics:
The global medical tourism market is driven by rising healthcare costs, long waiting times, and limited availability of specialized treatments in developed nations. High costs of procedures in countries like the U.S. coupled with the growing burden of non-communicable diseases is a key factor pushing patients to seek affordable treatment options abroad. Countries in Asia and Latin America have emerged as popular destinations as they provide world-class infrastructure and medical expertise at nearly half to one-third of the costs incurred in other regions. Furthermore, medical tourism facilitators offer additional assistance for travel, accommodation, and cost comparison enabling customers to plan their medical trips overseas with ease. However, language and cultural barriers, concerns over quality and post-treatment care, lack of health insurance recognition, and potential medical errors pose challenges for the industry. Nevertheless, advancements in digital healthcare and teleconsultations are helping alleviate such issues. Overall, the global medical tourism market is expected to witness lucrative opportunities with growing health awareness and rising popularity of wellness travel worldwide.
Key Features of the Study:
Market Segmentation
Table of Contents
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