The global medical tourism market was valued at USD 24.14 billion in 2023 and is expected to grow to USD 29.26 billion in 2024, reaching USD 137.71 billion by 2032. This growth represents a robust compound annual growth rate (CAGR) of 21.4% during the forecast period from 2024 to 2032. In 2023, North America led the global medical tourism market, accounting for a 25.81% market share.
The Medical Tourism Association (MTA) reports that approximately 14 million people travel internationally each year to receive medical care. Significant advancements in the healthcare sector, such as the introduction of cutting-edge medical devices and non-invasive surgical procedures, have played a pivotal role in driving this trend. Over the past few years, medical tourism has seen significant uptake, particularly among high-income countries like the U.S., where patients seek cost-effective and high-quality treatments abroad.
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In February 2024, the Ministry of Tourism announced a unified health tourism platform, offering both healing and medical services. This initiative will partner with international experts to identify Egypt’s healthcare tourism destinations and outline a comprehensive strategy to attract investments and boost the medical tourism market in the region.
The rising cost of healthcare services in developed countries is a significant factor driving the growth of the medical tourism market. Patients from the U.S., Europe, and other developed regions are traveling to countries like Thailand, India, and Malaysia to access affordable yet high-quality medical treatments.