Statistics: Medical Tourism Market

Creator: Erin D.
Published: 2024-04-25T09:54:23+00:00

Mike Kaine, MD

Written by Erin D. Updated on 1 May 2024

Key Statistics

Since the end of the pandemic, the medical tourism industry has been on the rise once again. As a leading online platform for hair transplants abroad, serving over 100,000 monthly users, we at Medihair have compiled the latest statistics related to the medical tourism market.

Most Important Findings

Expected Market Growth	CAGR of 23.25%
Top Medical Tourism Treatments	Cosmetics...
Reasons	Lower Cost

Key Medical Tourism Statistics

The medical tourism market was valued at $47 billion in 2024.
The medical tourism market is forecast to grow at a CAGR of 23.25% in the next 5 years.
According to the Medical Tourism Association, 63.7% of patients believe accreditation to be a significant factor in their decision to look abroad for medical operations.
The value of the medical tourism market in Latin America alone is forecast to grow from $7.36 billion in 2022 to $12.21 billion in 2025.

Medical Tourism Market Size

The global medical tourism market was valued at $47 billion in 2024. This is an immense growth, considering the same market was valued at $19.28 billion in 2022 and $24.14 billion in 2023.

It is also projected to grow at a CAGR (compounded annual growth rate) of 23.35% in the next 5 years, meaning its estimated value could be $111 billion in 2029.

Year	Market Size in USD
2022	USD 19.28 billion
2023	USD 24.14 billion
2024	USD 47 billion
2025	USD 55.83 billion
2026	USD 63.33 billion
2027	USD 78.88 billion
2028	USD 93.61 billion
2029	USD 111.2 billion

Top Medical Tourism Treatments

As the size of the global medical tourism market continues to grow, let’s take a look at the top treatments dominating the market right now.

Medical Procedure	Percentage Share in the Medical Tourism Market
Cosmetic Procedures (e.g. hair transplants)	25%
Dental Procedures	15%
Fertility Treatments	12%
Ophthalmic Procedures	10%
Orthopedic Surgeries	10%
Cardiac Treatments	8%
Cancer Treatments	8%
Bariatric Surgery	7%
Neurological Treatments	6%
Gastric Procedures	5%

Reasons for Medical Tourism

After travel restrictions were eased towards the end of the pandemic period, inbound medical tourism increased rapidly for developing countries like India, Turkey, and Thailand.

Here are some of the reasons why.

Lower Cost

As the cost of medical procedures in developed countries like the U.S. and Canada continue to rise, more patients are opting to go abroad for their procedures, just for the lower cost.

Moreover, developing countries like Turkey and Thailand have started offering all-inclusive medical tourism packages to international patients, including travel, surgery, and post-op costs. All for a price lower than the cost of the surgery alone in developed countries.

Let’s take hair transplants as an example. According to a hair transplant cost analysis we conducted, the most expensive country for a hair transplant is Canada, where the average cost of the procedure is USD 17,500.

Comparatively, a developing country like Turkey is the cheapest for a hair transplant, with an average cost of USD 2,675 per procedure. The same goes for a myriad of other cosmetic procedures.

Trust and Accreditation

Due to lower living costs, many accredited and certified surgeons have settled in developing countries.

Additionally, they are utilizing their experience and recognition to grow the medical tourism market in these countries. As patients find it easier to leave their procedure in the hands of accredited medical professionals who have a history of satisfied patients.

The technological advancement of the telecommunications industry has played a significant role in growing the medical tourism market as well. Since patients can now have detailed free consultations with international medical institutes to develop trust before agreeing to travel out for the surgery.

In fact, according to a survey conducted by the Medical Tourism Association, 97.2% of medical tourists view trust as a paramount factor in their decision to go abroad for procedures.

The Opportunity to Combine Medical Care with a Vacation

The majority of medical procedures require a significant amount of post-op care to ensure the results are as effective as they can be. Plus, it is also necessary to ensure the procedures do not cause any adverse side effects that could harm the patient’s quality of life.

Seeing how necessary post-op care is, medical tourists have started using it to their advantage by combining their medical care with a mini-vacation.

In fact, the opportunity to take a vacation alone has become a significant factor influencing patients’ decisions in choosing a country for their procedure.

Sources