Medical tourism continues its exponential growth worldwide
09-01-24
The global medical tourism market, valued at US$93.27 billion in 2022, is expected to witness substantial growth, with a projected compound annual growth rate (CAGR) of 10.7% in revenue over the forecast period, to reach US$254.54 billion by 2032.
This growth is driven by rising medical treatment costs in developed countries, coupled with the increase in chronic diseases, limited insurance coverage, and long waiting periods for medical procedures.
The market is segmented into various medical procedures, with the cosmetic procedures segment leading the way in 2022. India's emergence as a sought-after destination for cosmetic procedures, driven by cost-effectiveness, modern healthcare infrastructure, skilled surgeons, and shorter waiting times, has contributed significantly to the dominance of this segment.