Medical Tourism Market to Record CAGR of 23.0% Over 2025-2032; Increase in Healthcare Spending to Improve Infrastructure and Healthcare Facilities Drives Market Growth

The global medical tourism market size was valued at USD 31.23 billion in 2024 and is predicted to reach USD 38.20 billion in 2025. The market is anticipated to touch USD 162.80 billion by 2032, recording a CAGR of 23.0% over 2025-2032.

Fortune Business Insights™ presents this information in its latest report titled “Medical Tourism Market Size, Share & Industry Analysis, By Healthcare Services (Medical Treatment {Cardiac Procedures, Oncology Procedures, Orthopedic & Spine Procedures, Dental Procedures, and Others}, Wellness Treatment {Cosmetic Procedures, Rejuvenation Procedures, and Others}, and Alternative Treatment), By Service Provider (Public and Private), and Regional Forecast, 2025-2032”.

Medical tourism involves individuals traveling abroad to obtain medical care. One of the key reasons driving the expansion of this market is the significant savings individuals can achieve due to the lower treatment costs found in healthcare facilities located in developing nations.

The COVID-19 pandemic had an adverse effect on the global market in 2020, leading to lockdowns and the postponement of elective surgeries. The scarcity of medical supplies and interruptions in the supply chains for medical devices further diminished procedures within healthcare facilities. Key players in the industry experienced a drop in revenues as the number of international patients seeking treatment fell. However, the relaxation of lockdown measures in 2021 resulted in an uptick in international patients pursuing medical care, encompassing dental, cardiac, and cosmetic treatments.

Increase in Healthcare Spending to Improve Infrastructure and Healthcare Facilities Drives Market Growth

Nations such as India, Thailand, and Malaysia are witnessing an increase in healthcare spending, resulting in better infrastructure and more healthcare facilities to accommodate the expanding patient base. These facilities are increasing their bed capacity and improving service quality, which is luring more medical tourists in search of cost-effective, high-quality treatments. This trend is anticipated to attract an even more significant number of international patients for both medical and wellness care.

However, issues such as transparency in services, expenses related to treatment, healthcare qualifications, and language obstacles can lead to lower patient satisfaction and poorer health results, restraining the medical tourism market growth.

Gleneagles Hospital Partnered with NOVO RÉSERVE KUALA LUMPUR to Enhance Medical Tourism

In July 2024, Gleneagles Hospital Kuala Lumpur joined forces with NOVO RÉSERVE KUALA LUMPUR to elevate the accommodation experience for medical tourists and their families, further solidifying Malaysia’s reputation as a leading destination for medical tourism.

Key Players to Offer Wide Array of Services for Medical Tourists to Drive Market Growth

The global market is significantly diverse, featuring many participants providing various medical services. Bumrungrad International Hospital stands out as one of the largest medical facilities in Southeast Asia, catering to a wide array of services for medical tourists. The hospital's increasing emphasis on upholding high standards of care and obtaining international accreditations plays a crucial role in driving its growth in the industry.

Notable Industry Development

• October 2024 - KPJ Healthcare partnered with Malaysia International Healthcare to host an event called The Malaysia International Healthcare Megatrends 2024. This event took place at the Kuala Lumpur Convention Centre, showcasing advancements in medical technology aimed at enhancing healthcare quality

List of the Companies Profiled in the Report

• Bumrungrad International Hospital (Thailand)
• Apollo Hospitals Group (India)
• Bangkok Chain Hospital Public Company Limited (Thailand)
• Fortis Healthcare (India)
• Asian Heart Institute (India)
• KPJ Healthcare (Malaysia)
• Gleneagles Hospitals (India)
• Livonta Global (India)

To get a detailed report summary and research scope of this market, click here:

https://www.fortunebusinessinsights.com/industry-reports/medical-tourism-market-100681

Further Report Findings

• Europe took the lead in the medical tourism market, reaching a valuation of USD 11.37 billion in 2024. The growth is driven by the increasing influx of medical tourists to countries such as France, Spain, and Turkey, attracted by superior healthcare services. Additional factors contributing to market expansion include the rising number of skilled professionals and private clinics across the region.
• The North America market is expected to grow significantly in the coming years. This growth is mainly due to advanced healthcare facilities, cutting-edge medical technology, and high-quality services available in the U.S. and Canada.
• Based on service provider, the private segment accounted for the major medical tourism market share in 2024. Key factors contributing to the growth of this segment include the increasing initiatives by private hospitals and clinics to enhance their facilities and broaden the range of services available for various treatments.

Table of Segmentation