Astute Analytica sees significant growth in medical tourism well up to 2033

Indian research firm Astute Analytica reports that the total value of the global medical tourism industry could be as high as US$46.66 billion by 2033.

The average growth rate per annum (CAGR) could go as high as 11.9 percent between now and 2033.

The report shows that the medical tourism market has exploded in growth. With millions of people traveling each year for medical practices, the demand for this type of healthcare has undergone a significant upward surge. 

With millions of individuals traveling internationally each year to access medical processes, the global interest in this form of healthcare has witnessed an unprecedented surge.

What is driving the demand for medical tourism?

This rising demand is boosted by a combination of factors, including the growing cost of healthcare in certain countries, long waiting times for treatments, and the availability of high-quality medical services abroad at more affordable prices. 

Patients are increasingly looking for procedures such as dental treatments, fertility services, cosmetic surgeries, and even complex surgeries in destinations renowned for their skilled professionals and modern healthcare facilities. 

The convergence of advanced technology, competitive pricing, and the promise of shorter recovery periods have propelled the medical tourism market into a thriving global industry, attracting both patients and investors alike.

How many people are travelling for medical reasons and where do they go?

Also, Astute Analytica’s research shows that there are about 14 to 16 million people who travel internationally each year for medical care objectives alone.

This statistic clearly emphasizes just how much individuals currently depend on this industry. 

Among the countries seen as primary venues for medical tourism are Thailand, India, Singapore, Malaysia, and Mexico.

Thailand alone attracts more than one million newcomers every single year, generating more than US$330 million in revenue from them. 

Over the past decade alone, the Indian sector brought in more than US$7.4 billion, seeing how operations performed at leading hospitals in the country could be up to 80 percent cheaper than most procedures in the US.

A coronary bypass surgery, for example, might cost a patient somewhere above US$123,000 in the States but drop down to below US$15,000 when done overseas.

A transformative era in medical tourism

This type of convergence describes a transformative trend in the global medical tourism market because research indicates that people want complete experiences that give them both physical and mental well-being. 

It then pushes advantages to locations concentrating on combined services so they have an economic incentive to keep doing this. 

Thailand and India are two countries at the frontlines of this trend; blending old practices with new ones to create exceptional value for health-conscious tourists. 

This holistic approach sees Thailand welcome more than 1.2 million wellness tourists annually who contribute significantly to its US$18 billion medical tourism industry. 

India’s wellness sector roots itself in Ayurvedic and yoga practices then brings in about two million international visitors each year who seek body rejuvenation and spiritual growth.

India’s wellness sector is deeply embedded in its ancient traditions of Ayurvedic medicine and yoga, practices that date back thousands of years and highlight holistic healing and balance between the body, mind, and spirit. 

This rich cultural heritage has positioned India as a global leader in wellness tourism, attracting around two million international visitors annually.

Travelers flock to the country not only for treatments and detox programs but also to engage themselves in spiritual practices that promise rejuvenation and self-discovery. 

Renowned wellness retreats and ashrams across India deliver tailored experiences that combine Ayurvedic therapies, meditation, yoga, and dietary regimens prepared to advance physical and mental well-being. 

For many visitors, the appeal lies not just in the treatments themselves but in the authenticity of practicing these ancient healing arts in their place of origin. 

As a result, India’s wellness tourism thrives as a special blend of tradition and modernity, attracting health-conscious individuals from all corners of the world seeking transformative experiences.

Cancer care is becoming an “attraction” in its own right

By treatment type, the global medical tourism market is led by oncology treatments, which is set to grow at 14.4 percent from 2024 to 2032. 

This is because of the pressing requirement for specialised cancer care and the growing demand for advanced treatments such as proton therapy and immunotherapy, which are usually not widely available or prohibitively expensive in patients’ home countries. 

Top destinations for oncology treatments like India and Mexico have proven their abilities to treat both local and international patients with advanced technology at cost-effective pricing. 

The financial aspect also plays a substantial role in the global medical tourism market, with treatments costing up to 50 percent less than in Western countries. 

Moreover, patient satisfaction rates surpassing 85 percent in top medical tourism destinations highlight the quality of care received. 

This unique combination of factors cements the oncology treatment segment’s position as the fastest-growing within the medical tourism market and highlights its role in democratising access to vital cancer care for a global patient population.