Medical tourism market to grow by USD 16.88B from 2023-27

The global medical tourism market size is estimated to grow by USD 16.88 bn from 2023 to 2027, according to Technavio. The market is estimated to grow at a CAGR of 16.04% during the forecast period. North America held the largest share of the global market in 2022, and the market in the region is estimated to witness an incremental growth of 32%.

Market sizing
Medical tourism refers to the practice of traveling to other countries for cost-effective and efficient elective medical procedures. The market for this non-essential health sector is segmented based on treatment types, including cardiovascular, cosmetic, fertility, orthopedics, and others, and geographical regions: APAC, Europe, North America, MEA, and South America. Consultations, diagnostics, rehabilitation, recovery, and income drive the demand for medical tourism. Travel costs are a significant consideration. Market growth is influenced by the availability of advanced medical technologies and the economic impact of recessions in home countries.

Geographic landscape
The medical tourism market in North America attracts cost-conscious individuals seeking affordable healthcare options. High-quality healthcare services, including elective procedures and cosmetic surgeries, are available in Canada and the US. Market dynamics are driven by incentives such as advanced technology and hospitality culture. However, the high cost of healthcare in the US, compared to affordable options in Asia, presents a significant challenge. For instance, an angioplasty treatment costs four times more in the US than in India. Insurance coverage and cost savings are key considerations for those considering medical tourism.

Market segmentation by service type
The medical tourism market encompasses international travel for elective and cosmetic procedures, health tourism, and medical travel. This industry’s volume has grown significantly due to the increasing prevalence of cardiovascular diseases, such as rheumatic heart disease, hypertension, obesity, and diabetes, in both developed and developing countries. Patients seek specialized medical interventions, including coronary artery bypass grafting and arrhythmia treatment, which utilize coronary stents and catheters for therapeutic and diagnostic purposes. Crossing international borders for complex surgeries and pre-operative and post-operative care is a common trend, offering cost savings and access to advanced treatments. Technavio