The medical tourism market involves patients traveling across countries to receive medical care, often due to cost advantages, shorter waiting times, or access to advanced treatments not easily available in their home country. Popular services include cosmetic surgery, dental procedures, fertility treatments, cardiac care, and wellness therapies. Countries such as India, Thailand, Turkey, and South Korea are leading destinations, offering high-quality healthcare with modern facilities at competitive prices. Growing demand for affordable healthcare, combined with supportive government initiatives and improvements in hospital infrastructure, continues to drive the market’s expansion. However, concerns such as treatment risks, post-operative care, and varying regulatory standards remain challenges for the industry.
According to Fortune Business Insights, the global medical tourism market was valued at USD 31.23 billion in 2024 and is projected to grow from USD 38.20 billion in 2025 to USD 162.80 billion by 2032, exhibiting a compound annual growth rate (CAGR) of 23.0% during the forecast period. In 2024, Europe dominated the market with a 36.41% share.
A significant milestone in recent industry developments was observed in October 2024, when KPJ Healthcare joined hands with Malaysia International Healthcare to organize the Malaysia International Healthcare Megatrends 2024 event. Held at the Kuala Lumpur Convention Centre, the event highlighted the latest breakthroughs in medical technologies and healthcare innovations — a prime indicator of regional commitment to elevating the medical tourism ecosystem.
The Fortune Business Insights report offers extensive coverage, including market size and forecast analysis, segmentation by both healthcare service types—such as Medical Treatment (encompassing cardiac procedures, oncology, orthopedic & spine, dental, and others), Wellness Treatment (covering cosmetic, rejuvenation, and other services), and Alternative Treatment—as well as by service providers (public versus private), and regional forecasts stretching from 2025 to 2032.
As per Fortune Business Insights, several factors are fueling the growth of medical tourism: high treatment costs in developed countries, lengthy wait times, and rising demand for affordable yet quality medical and wellness procedures. The intrinsic value proposition of cost savings combined with access to specialized services plays a critical role in market expansion.
Conversely, challenges such as regulatory hurdles, quality assurance, variations in infrastructure and patient safety, and differences in standardization across regions can restrain growth. While these specific restraints are generally acknowledged in the broader industry discourse, the core drivers remain deeply rooted in economic and access-based advantages.