Industry Outlook

The Medical Tourism Market accounted for USD 42.8 Billion in 2024 and is expected to reach USD 468.5 Billion by 2035, growing at a CAGR of around 24.3% between 2025 and 2035. Medical tourism refers to the practice of traveling to different countries to receive medical procedures, such as cardiac, orthopedic, dental and plastic surgeries that are not easily accessible or affordable in one's own country. This market is driven by the cost differences, quality of care, access to advanced technology and reduced waiting times in the destination countries. The market's expansion is fueled by rising healthcare costs in developed countries, increased availability of affordable and high-quality treatment options in developing countries and greater awareness among patients. Key destinations include countries in Asia, Europe and Latin America with countries like India, Thailand, Mexico and Turkey leading the market due to their cost-effective and high-quality healthcare services.

Report Scope:

Market Dynamics

Government Initiatives and Infrastructure Development 

Expansion of the medical tourism market is due to the government and enhanced investments in the construction of superior and sound healthcare infrastructure. Government policies that support the concept of micro-holidays along with the investments in enhancing the air connectivity and other means of transportation are some of the factors that contribute to the market growth. The government initiatives are helping in its growth as they are working in favor of medical tourism. Material containing data on treatments available for diseases, their costs and the best centers for getting them also helps in raising awareness about medical tourism. There is scarcity of specialized health care professionals a factor that is causing health care specialists to travel for specialized surgeries a factor that constitutes medical tourism.

Prime Minister Narendra Modi announced the ‘Heal in India’ the initiative that aims to boost medical tourism in India will feature special desks at 10 airports, a multi-lingual portal and simplified visa norms for the incoming international passengers, visiting India for medical purposes.

Additional expenses beyond medical treatment

Beyond the cost of medical treatment medical tourists incur several additional expenses. Travel costs, including flights and local transportation are significant especially for long-distance journeys. Accommodation is another major expense as patients often need to stay in the destination country for an extended period before and after treatment. Meals and daily living expenses also add up during their stay. Other costs include medical insurance which may or may not cover treatment abroad and post-operative care or rehabilitation services which might be necessary after the procedure. Patients may also need to pay for a companion's travel and accommodation if they are not traveling alone. Also some countries may require visas or special travel permits adding to the overall cost of medical tourism.

Emerging Markets for Affordable Cosmetic Procedures

Emerging markets for affordable cosmetic procedures in the medical tourism sector are rapidly gaining attention. Countries like Mexico, Brazil, Turkey, Thailand, and India have become popular destinations due to their cost-effective and high-quality cosmetic surgeries. These countries offer procedures like rhinoplasty, liposuction, breast augmentation and facelifts at a fraction of the cost compared to the U.S. or Europe. The growth in these markets is driven by well-trained surgeons, state-of-the-art facilities and lower operational costs. Governments in these countries are increasingly investing in healthcare infrastructure and promoting medical tourism to boost their economies. The ease of travel coupled with the appeal of combining treatment with a vacation has made these destinations attractive for international patients seeking affordable cosmetic procedures.

Industry Experts Opinion

“The medical tourism industry is experiencing significant growth due to the rising costs of healthcare in developed countries and the availability of world-class medical facilities in emerging markets.”

• Dr. Prem Jagyasi, Tourism expert and entrepreneur

“Medical tourism is no longer just about cost savings. It's about accessing quality healthcare quickly, as more countries improve their healthcare standards and regulatory frameworks, patients are more confident in traveling abroad for procedures ranging from elective surgeries to complex treatments.”

• Josef Woodman, CEO of Patients Beyond Borders

Segment Analysis

Based on the Treatment Type: Based on treatment type, the medical tourism market is segmented into cosmetic, dental, cardiovascular, orthopedics, bariatric, fertility, ophthalmic, and others. The cosmetic segment dominated the market in 2022 due to improved facilities and services in low-cost countries, especially across India, Singapore, and Thailand. These countries are expected to hold profitable shares over the forecast period. The demand for cosmetic procedures such as plastic surgery, facial rejuvenation, and body contouring has grown significantly worldwide. The increasing emphasis on physical appearance and beauty standards has led to a growing desire among individuals to improve their aesthetic qualities.

Based on By Service Provider: Based on service provider, the market is classified into private and public. The private segment is expected to lead the medical tourism market over the forecast period. The segment is experiencing strong growth due to tourists being attracted to the world-class medical facilities offered by private providers. In addition, private providers have the power to offer access to advanced medical systems, digital systems, and value-based care at lower costs. The surging adoption of advanced healthcare technologies and the availability of internationally reclaimed and accredited private care providers are supporting the growth of the segment.

Regional Analysis

The Asia Pacific region is a major hub for medical tourism, attracting patients from around the world due to its combination of high-quality healthcare, advanced medical technology, and significantly lower costs compared to Western countries. Key destinations like India, Thailand, Malaysia, Singapore, and South Korea are popular for a variety of treatments, including complex surgeries, cosmetic procedures, and wellness therapies. India and Thailand lead in offering cost-effective surgeries, while South Korea is known for its advanced cosmetic surgery and cancer treatments. Singapore is recognized for its high-end medical facilities and expertise in complex medical procedures. The region's growth in medical tourism is supported by government initiatives, increasing international accreditation of hospitals, and improving healthcare infrastructure. The growing demand from Western countries, where healthcare costs are rising, is boosting the influx of medical tourists to Asia Pacific.

In North America, the medical tourism market is primarily driven by patients traveling to countries like Mexico and Costa Rica for affordable treatments, especially for dental, cosmetic, and elective surgeries. High healthcare costs in the U.S. push many patients to seek more cost-effective options abroad. Canada sees a similar trend, with residents often seeking quicker access to treatments that have long wait times domestically. U.S. is also a destination for medical tourists due to its advanced healthcare infrastructure and specialized treatments, the overall outbound medical tourism is more prominent. The market is expected to grow steadily as more people become aware of international healthcare options and as insurance companies and employers increasingly consider covering medical tourism as a cost-saving measure.

Competitive Landscape

The competitive landscape of the medical tourism market features several key players, including Bumrungrad International Hospital, MOHW Hengchun Tourism Hospital, Apollo Hospitals Enterprise Ltd, Mount Elizabeth Hospitals, Dr. B. L. Kapur Memorial Hospital and Penang Adventist Hospital.

MOHW Hengchun Tourism Hospital in Taiwan aims to attract medical tourists by leveraging several strategic approaches. They focus on offering high-quality healthcare services combined with a unique tourist experience, capitalizing on Taiwan's reputation for excellent medical care and friendly service. The hospital promotes its services through international partnerships and digital marketing, emphasizing its specialized treatments and state-of-the-art facilities. They also offer tailored packages that include medical treatment and tourism experiences, making the destination more appealing. MOHW Hengchun Tourism Hospital invests in staff training to ensure high standards of care and customer service and they maintain competitive pricing to attract cost-conscious patients from abroad.

Apollo Hospitals Enterprise Ltd focuses on several key strategies to tap into the medical tourism market. They emphasize enhancing their international reputation by maintaining high standards of healthcare and acquiring global accreditations. The hospital network invests in advanced medical technologies and infrastructure to attract international patients. Apollo also offers comprehensive packages that include medical, travel, and accommodation services, making it easier for patients from abroad. They establish partnerships with international insurance companies and travel agencies to streamline the process for foreign patients. By promoting these offerings through global marketing and attending international medical conferences, Apollo aims to boost its visibility and appeal in the medical tourism sector.

Medical Tourism Market, Company Shares Analysis, 2024

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Recent Developments:

• In February 2024, the governments of Thailand and Saudi Arabia entered a memorandum of understanding to develop the medical tourism industry in both countries, as Thailand is a popular destination for seeking medical treatments for international patients, including Saudi Arabia, the developments in medical tourism in Thailand are expected to promote medical tourism in the country.
• In July 2024, Mastercard and the Medical Tourism Association join forces to revolutionize cross-border health care payments. The Medical Tourism Association will launch a one-stop platform with Mastercard payment capabilities to bring more convenience, flexibility, and trust to the medical tourism industry.

Frequently Asked Questions (FAQs)