07/08/2026
The Medical Tourism Association, a non-profit that helps promote and facilitate medical tourism, estimated the global industry to be worth more than $100 billion as of 2024 and growing at an annual rate of 15 to 25%.
The financial incentive in becoming a medical tourism destination is evident in South Korea, which welcomed more than 2 million foreign patients last year, its third consecutive record-breaking year. Those tourists and their companions spent more than $8 billion and generated more than $15 billion in domestic production, according to the Korea Institute for Industrial Economics and Trade.
Visitors from the United States, the largest cohort after those from China, Japan and Taiwan, increased by 70.4% to 173,363 patients year on year, the nation’s Ministry of Health and Welfare said.
As medical technology in the region improves, and western healthcare costs climb, other nations including China, Vietnam and the Philippines are competing to rebrand themselves as medical tourism hubs too. Executives at medical facilities in Asia said their success will likely hinge on marketing and government efforts to appeal to patients overseas.
Nations like China, Vietnam and the Philippines are trying to attract more medical tourists to boost local economies as wait times and costs elsewhere climb.