Medical Tourism Market in Latin America and Middle East Forecast 2032
- sachi toshniwal
- 3 hours ago
- 4 min read
The medical tourism market involves people traveling to other countries to receive medical care, often at a lower cost or with shorter waiting times than in their home country. Common treatments sought through medical tourism include cosmetic surgery, dental care, fertility treatments, and major surgeries like cardiac or orthopedic procedures. The market is growing rapidly due to rising healthcare costs in developed countries, improved medical infrastructure in emerging nations, and increasing availability of high-quality services abroad. Countries in Asia-Pacific, such as India, Thailand, and Malaysia, are leading destinations due to affordability and skilled healthcare professionals.
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 led the market with a 36.41% share.
📍 Key Industry Development
In October 2024, KPJ Healthcare partnered with Malaysia International Healthcare to host the “Malaysia International Healthcare Megatrends 2024” event at the Kuala Lumpur Convention Centre. The conference showcased the latest innovations in medical technology and healthcare solutions, reinforcing KPJ’s leadership in the region.
🎯 Top Companies in the Market
Bumrungrad International Hospital (Thailand)
Apollo Hospitals Group (India)
Bangkok Chain Hospital Public Company Limited (Thailand)
Fortis Healthcare (India)
Asian Heart Institute (India)
KPJ Healthcare (Malaysia)
Gleneagles Hospitals (India)
Livonta Global (India)
Market Overview & Report Coverage
Fortune Business Insights defines medical tourism as individuals traveling internationally to receive medical treatments at lower cost and comparable quality. The report covers the period from 2025 to 2032 (base year 2024), with historical data and forecast estimates.
The key numbers are:
Market size in 2024: USD 31.23 billion
Projected size in 2025: USD 38.20 billion
Forecast for 2032: USD 162.80 billion
CAGR from 2025 to 2032: 23.0%
Market Drivers & Restraints
Market Drivers
A primary driver is the soaring cost of medical treatments in developed countries. Patients increasingly seek affordable alternatives in developing economies like Thailand, India, and Malaysia that offer world-class care at significantly lower prices. Additionally, rising prevalence of chronic diseases—such as cardiovascular disorders, cancer, and dental issues—fuels demand for accessible quality treatments abroad.
Market Restraints
While cost savings attract patients, barriers remain. These include regulatory complexities, legal uncertainties related to malpractice laws, and concerns over continuity of care post‑treatment. In some regions, inconsistent quality standards and follow‑up protocols pose challenges to patient confidence.
Market Segments
By Service Type
Medical treatment (e.g., cardiac surgery, orthopedics, oncology, dentistry)—this dominates market share due to high demand for specialized procedures across borders.
Wellness and cosmetic procedures are also growing, especially elective surgeries and rejuvenation services.
By Service Provider
The report highlights both public and private providers. Private hospitals and specialist clinics lead the medical tourism space, as they often offer more advanced infrastructure, shorter wait times, and tailored foreign‑patient services than public institutions.
Competitive Landscape
The market is highly fragmented, with many service providers based in Asia Pacific and the Middle East. Key players maintain competitive advantage through curated, low‑cost yet high‑quality service portfolios, broadening treatment options, and international patient‑centric offerings.
Major players like Bumrungrad International, Apollo Hospitals, Fortis Healthcare, and KPJ Healthcare are notable for their accreditation, international partnerships, and continuous innovation in delivery models and patient experience.
Regional Insights
In 2024, Europe held the largest market share at approximately 36.41%, benefiting from its reputation for medical excellence and established private clinics serving international patients.
The Asia Pacific region is growing rapidly as well, with countries like Thailand, India, and Malaysia becoming top destinations due to affordability, accreditation, and service breadth.
Explore the full research report with detailed insights and TOC:https://www.fortunebusinessinsights.com/industry-reports/medical-tourism-market-100681
Future Market Scope
Looking ahead to 2032, the global medical tourism market is projected to grow to USD 162.80 billion. This exponential rise will be powered by higher patient mobility, telemedicine integration, accreditation drives, and enhanced cross‑border partnerships.
Emerging opportunities include telehealth follow‑ups, AI‑powered diagnostics, blockchain‑based patient records, and bundled wellness‑plus‑medical packages. Governments and hospital groups are expected to invest in marketing, strategic alliances, and event‑based showcases (such as KPJ’s 2024 event) to attract more international patients.
Summary
In summary, the medical tourism market is at a critical inflection point. From USD 31.23 billion in 2024 to a forecasted USD 162.80 billion by 2032, growth is being driven by cost arbitrage, clinical quality, and rising patient demand. Europe currently dominates in share, yet the Asia‑Pacific region—led by Thailand, India, and Malaysia—is rapidly gaining ground. Service providers are competing fiercely through innovation, accreditation, and patient‑centric experiences. With technology and global collaboration shaping the future, medical tourism is firmly establishing itself as an essential trend in global healthcare.
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