Medical Tourism Market Size, Share, Growth Analysis, By Treatment Type(Cosmetic Tourism, Cardiovascular and Orthopedic), By Service Provider(Public, Private), By Destination(Domestic, International), By Region - Industry Forecast 2024-2031

Global Medical Tourism Market size was valued at USD 17.35 Billion in 2022 and is poised to grow from USD 20.7 Billion in 2023 to USD 84.29 Billion by 2031, growing at a CAGR of 19.2% in the forecast period (2024-2031).

The major players of the market are continuously applying different growth strategies so that they can increase their presence. To become successful in this highly competitive market, the market leaders are using tactics like mergers & acquisitions, collaborations, extensive R&D, and product launches. To offer the market the most affordable and efficient treatment solutions for various diseases the companies are continuously focusing on research and development. These types of initiatives will enhance the medical tourism market in various countries. Furthermore, better focus on international tourists getting cosmetic treatments at an affordable price in countries like Malaysia and South Korea is also driving the progression of medical tourism market.   'MOHW Hengchun Tourism Hospital (Taiwan)  ', 'Apollo Hospitals Enterprise Ltd. (India)  ', 'Bumrungrad International Hospital (Thailand)  ', 'Mount Elizabeth Hospitals (Singapore)  ', 'Dr. B. L. Kapur Memorial Hospital (India)  ', 'Kasemrad Hospital International Rattanathibet (Thailand)  ', 'Mission Hospital (Thailand)  ', 'Bangkok Hospital (Thailand)  ', 'Miot Hospital (India)  ', 'Penang Adventist Hospital (Malaysia)  ', 'Samitivej Pcl. (Thailand)  ', 'Barbados Fertility Center (Barbados) ', 'KPJ Healthcare Berhad (Malaysia)  ', 'Aditya Birla Memorial Hospital (India)  ', 'Prince Court Medical Centre (Malaysia)  ', 'Fortis Healthcare Limited (India) '

The Asia Pacific region is witnessing the maximum growth in the medical tourism market. This is mainly because recently this region has become an appealing destination for medical services. One of the major reasons for this is the cost-efficiency of medical treatments in countries such as Thailand, Malaysia, and India. Nowadays, medical treatment is extremely affordable in these areas compared to Western countries without compromising on quality. Furthermore, the region is also proud of their immensely talented medical professionals and outstanding medical facilities acknowledged by international bodies. Advanced medical technologies and treatments along with less waiting times for procedures, boosts the growth of medical tourism market in the region. Moreover, government bodies are also taking initiatives and implementing policies for enhancing medical tourism market revenue with smooth visa processes and promotional activities.