The global medical tourism market will reach €180 billion by 2025
A recent study has shown that global medical tourism is expected to grow to a value of over 180 billion euros by 2025. According to the study, such growth can be achieved in the next three years provided that medical markets developing healthcare to take patients from more developed and wealthy countries.
The term medical tourism refers to people traveling abroad to obtain specialist medical treatment. In the past, it usually referred to people traveling from less developed countries to highly developed countries to receive treatment that was not available at home.
However, in recent years, medical tourism refers to people from developed countries traveling to developing countries to receive medical treatment at lower prices.
The data shows that citizens of the United Kingdom and the United States of America mainly traveled to developing countries for medical treatment. This means that the British, as well as the Americans, are turning to health tourism.
According to Consultancy-me, the medical tourism market was valued at 105 billion euros in 2019. However, due to the COVID-19 pandemic and the restrictions that have been imposed around the world, its value has decreased to 71 billion euros in 2020.
In 2021, the medical tourism market was valued at 82 billion euros, while this year it was predicted to reach the value of 97 billion euros.
As for 2023, 2024 and 2025, the data shows that the value of the medical tourism market will increase significantly. It has been estimated that in 2023 the medical tourism market will be valued at €120 billion, with more than 27 million people wishing to travel abroad for medical treatment.
As for 2024, the medical tourism market is anticipated to be valued at €148 billion and in 2025 it is expected to be valued at €182 billion.
The same source notes that although health tourism is often dominated by cosmetic surgery, it also increasingly includes treatments for various critical illnesses. It revealed that last year, neurology, cardiovascular and oncology treatments accounted for the largest share of medical tourism.
Even though the number of patients receiving these treatments was less compared to others, they generated more revenue due to higher costs. In 2021, the average cost for neurology was €13.559; for cardiovascular treatments, it was 17.597 euros; and for oncological treatments it was €16.581.