MEDICAL TOURISM MARKET ANALYSIS

Medical Tourism Market Size and Trends

The medical tourism market is estimated to be valued at USD 14.56 Bn in 2024 and is expected to reach USD 34.69 Bn by 2031, growing at a compound annual growth rate (CAGR) of 13.2% from 2024 to 2031. 

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The market has been witnessing steady growth over the past few years driven by factors such as availability of different treatment options at lower costs compared to domestic healthcare, no waiting time for treatments abroad, and availability of advanced medical facilities and treatments across various countries globally. Countries in South-East Asia like Thailand, Singapore, and India have especially gained popularity among medical tourists looking for quality healthcare and treatment in a cost-effective manner. Growing medical expenditures and rising out-of-pocket payments in developed nations have further boosted the global medical tourism industry.

Low cost of treatment

One of the major drivers for the growing medical tourism industry globally is the significantly lower cost of medical treatments in various popular destinations compared to developed countries. Patients from countries like the U.S., Canada, the U.K., and other Western European nations travel abroad for affordable treatments as costs for many routine and elective procedures within their home country's healthcare system continue to rise steeply. Countries like India, Thailand, Mexico, and Turkey have seen a big uptake in medical tourists arriving for procedures and surgeries as the treatment expenditure can be five to 10 times lower for the same quality of care. While developed countries struggle with inflated healthcare budgets owing to escalating costs of new technology, medicines, and an aging population, many destination countries have maintained costs comparatively very low by having less regulatory barriers and lower labor costs. This is enabling doctors and hospitals in these markets to offer highly competitive packaged prices for common orthopedic, cardiac, dental, cosmetic, and fertility treatments which were previously unaffordable for masses

Another important driver attracting medical tourists globally is the wide access to modern medical facilities, advanced technologies, and skilled doctors available in leading tourism destinations. While concepts like robot-assisted surgeries, proton therapy cancer treatment, and stem cell therapies were limited to only tier one hospitals in developed nations until some years back, these are now also available in countries like India, Thailand, and Turkey due to focused investments to promote medical value travel. Besides competency in general procedures, many countries are now specializing in niche areas and offering superior outcomes through their experience in specific therapies. For example, India has emerged as a leader in bone marrow transplant, joint replacements, and cardiac bypasses with world-class multispecialty hospital chains offering latest technologies. Similarly, countries like Thailand, Singapore, and South Korea are attracting patients for organ transplants, cancer surgeries, and in-vitro fertilization procedures by providing internationally certified medical infrastructure at par with western countries but at fraction of costs. Growing internet connectivity and remote consults have also helped medical tourists comparing global options and verifying quality standards more easily before deciding on a destination. Medical value travel is thus rising conspicuously as more countries invest in healthcare infrastructure and human capital to be preferred spots for advanced treatments.