Medical tourism market to be worth $70.18 billion in 2032
Key contributing factors to growth include the rising cost of healthcare in developed economies, as well as better standards in many countries
The global medical tourism industry is expected to be worth US$70.18 billion by 2032, according to market research firm SNS Insider, up from $10.78 billion in 2023.
This represents a compound annual growth rate (CAGR) of 24.52% over the 2024–32 period.
The growth is expected to be driven by the rising cost of healthcare in many developed countries – leading many patients to travel abroad in search of more affordable, but still high-quality, medical services.
Other key factors driving this change include the development of new medical devices, as well as improvements to healthcare service regulations in many countries in compliance with international quality standards.
India’s health insurance industry is expected to grow at a CAGR of 12.8% over the next four years.