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The global medical tourism market size will be valued at $31.91 billion in 2023 and is expected to grow at a compound annual growth rate (CAGR) of 14% during 2023-2027. The adoption of medical tourism will be supported by affordable healthcare and reduced wait time in foreign countries, along with access to quality healthcare and advanced treatments.

Rising healthcare costs and the unavailability of advanced treatments in the home country will help the market grow during the forecast period. The increasing healthcare costs in the US and China have resulted in American and Chinese medical tourists comprising a large portion of total medical tourists globally. An angioplasty procedure in the US costs around $47,000, while the same procedure costs around $12,000 in Mexico. The patients can afford both treatment and travel costs at a fraction of what they will spend in their home countries.

Medical tourism enables patients to access treatments that may not be available in their home country due to legal or ethical constraints. For example, regulations for fertility treatment vary across countries and medical tourism provides an opportunity for patients to seek fertility treatments in a country where regulations permit the same.