From Treatment to Healing... The Era of 2 Trillion Won for K-Medical Tourism Approaches

The medical tourism market in Korea, driven by the country’s outstanding medical services, is experiencing explosive growth. Medical tourism is emerging as a key industry for the government’s ‘Tourism Powerhouse 2030’ initiative.

According to the Korea Tourism Organization on October 29, last year marked the first time the medical tourism market surpassed 1 trillion won in revenue. Spending by foreign medical tourists nearly doubled from 683.4 billion won in 2023 to 1.2583 trillion won last year. This year, the figure already exceeded 1 trillion won by July, reaching 1.4285 trillion won as of September, putting the annual total close to 2 trillion won.

The number of medical tourists also reached an all-time high for the second consecutive year, ushering in the era of 1 million annual visitors. In 2023, there were 605,768 medical tourists, which nearly doubled to 1,170,467 last year.

Combining Patient and Companion Treatment with Tourism... A Core Industry for ‘Tourism Powerhouse 2030’

Medical tourism refers to a model in which patients and their companions receive medical services-such as consultations, treatments, and surgeries-while also enjoying tourism. With global aging and wellness becoming a central lifestyle trend, the medical tourism market is expected to continue its rapid growth.

According to market research firm Fortune Business Insights, the global medical tourism market was estimated at approximately $31.3 billion (about 43.28 trillion won) last year and is projected to grow to $162.8 billion by 2032. This implies a high average annual growth rate of 23% from this year through 2032. Korea’s medical tourism market is attracting global attention due to its advanced medical technology and the growing influence of K-culture. In August, American influencer Kim Kardashian drew attention by posting photos on social media of her receiving cosmetic procedures in Korea.

Medical tourism, along with wellness tourism and MICE (Meetings, Incentives, Conferences, and Exhibitions) tourism, is considered one of the three major high value-added tourism industries. Medical tourists tend to stay longer and spend 20-30% more per person on average than general tourists. The Korea Institute for Industrial Economics & Trade estimated that last year’s 1.17 million foreign medical tourists and their companions spent a total of 7.5039 trillion won in Korea.

In response, the government set a target at the 10th National Tourism Strategy Meeting held last month: attracting 30 million inbound tourists and achieving 75 trillion won in total spending by 2030. The government emphasized that it would focus on nurturing the three high value-added tourism industries to increase per capita spending by inbound tourists.

Participants are taking a group photo at the Russia Medical Tourism Expo held in Moscow, Russia, last June.
Photo by Korea Tourism Organization

Concentration in Dermatology and Plastic Surgery... Calls for Customized Marketing

However, 60% of medical tourists in Korea are from Japan and China, and about 79% of all treatments are concentrated in dermatology and plastic surgery, indicating a significant imbalance. As a result, there are calls for customized marketing strategies tailored to each overseas market and target group to ensure sustained market growth.

The Korea Tourism Organization is responding to this feedback by segmenting the inbound medical tourism market and pursuing targeted marketing. Japan and China, which have large numbers of inbound tourists, are classified as ‘mature markets’; Mongolia and Russia, with high per capita spending, are ‘high value-added markets’; and Indonesia and the Middle East, with high growth potential, are classified as ‘potential markets.’ The organization is also diversifying medical tourism content by introducing a variety of aesthetic medical specialties-such as ophthalmology, dentistry, and Korean medicine-beyond just dermatology and cosmetic procedures.

This year, the Korea Tourism Organization held ten events-including the Korea Medical Tourism Expo, Korea Tourism Roadshow, and various exhibitions-to promote Korean medical institutions and services in the United States, China, Russia, Kuwait, and other countries. Approximately 10,000 consultations were conducted, with estimated sales reaching about 17.6 billion won.

Last month, the organization pioneered new markets by holding roadshows in Ulaanbaatar and Erdenet, Mongolia, and plans to continue promoting medical tourism with a K-Tourism Roadshow in Abu Dhabi from November 6 to 8.

Kim Jonghun, Acting Executive Director of the International Tourism Division at the Korea Tourism Organization, stated, “Medical tourism is a high value-added industry that is driving qualitative growth in inbound tourism to Korea. Korea is highly competitive in a wide range of aesthetic medical fields-including dermatology, cosmetic procedures, ophthalmology, dentistry, and Korean medicine-thanks to its advanced medical technology.” He added, “We will continue to strengthen the competitiveness of Korea’s medical tourism through market- and target-specific marketing and by diversifying content.”

This content was produced with the assistance of AI translation services.