Global medical tourism market to nearly triple, surging to $273.7b by 2032

This will be driven by demand for low-cost care.

The global medical tourism market, valued at $97.3b in 2022, is projected to reach $273.7b by 2032, registering a compound annual growth rate of 10.1%.

According to Allied Market Research, major growth drivers include low-cost, high-quality medical care, the availability of highly skilled medical professionals, and the integration of traditional healthcare therapies.

The maxillofacial segment is the fastest-growing portion of cancer treatment, whilst the cosmetic treatment has the highest revenue share in elective procedures.

Moreover, dental tourism is soaring as patients from the West are visiting places such as Thailand for implants, veneers, and full-mouth reconstructions.

Further, fertility treatments are expected to be the fastest-growing treatment type sub-segment throughout the forecast period.

According to World Health Organisation data, about one in six adults around the world experience infertility, making international IVF clinics, egg donation facilities and surrogacy providers have an influx of foreign patient requests.

By provider, private healthcare dominates globally due to better infrastructure, lesser waiting times, customised care models, and international patient outreach programmes.

On a regional basis, Asia-Pacific accounted for over one-third of global medical tourism in 2022 and is anticipated to expand at the fastest CAGR of 10.8%.

The report attributes this to competitive healthcare costs, top-notch infrastructure, specialised practitioners and government aid.

In 2024, Thailand received more than 1.2 million foreign patients, and South Korea received at least 1.17 million patients from abroad, with dermatology accounting for 56.6% of the volume.

Meanwhile, Singapore was servicing the top end with 30,000 overseas oncology and cardiac patients admitted, with an average value of less than $25,000.