The Future Market Insights (FMI) has released a groundbreaking report forecasting the remarkable growth of the North America Outbound Medical Tourism Services Industry. In 2022, the industry is expected to surpass the US$65 billion mark, marking a significant milestone in the healthcare sector. The report, titled “North America Outbound Medical Tourism Services Industry: Analysis and Opportunity Assessment, 2016-2026,” projects an extraordinary 25% Compound Annual Growth Rate (CAGR) in the market.
According to the findings, the North American outbound medical tourism services industry’s size is anticipated to reach a market valuation of US$15.53 billion by the end of 2016. This valuation is projected to escalate substantially, reaching an impressive US$150.36 billion by 2026. FMI attributes this exponential growth to several key factors, including a large ageing baby boomer population, a significant uninsured demographic, and advancements in technology leading to a broader range of treatment options.
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Economic factors such as the rising rate of health insurance premiums, the high cost of medical treatments in the U.S., and parallel tourism with medical treatment are expected to boost the growth of the North America Outbound Medical Tourism Services Industry between 2016 and 2026. The other factors impacting the North American outbound medical tourism services markets are long waiting times for specialist appointments in the U.S. and increasing preference for non-conventional treatment options.
The demand for cosmetic correction procedures and dental treatments has been significantly high in the U.S. market in recent years, making North America the most lucrative regional market for outbound medical tourism services. According to the International Society of Aesthetic Plastic Surgery, the U.S. was the largest market for cosmetic procedures in 2015.
Lack of effective follow-up care on returning home, rampant medical malpractices in medical tourism destinations, proliferation of superbugs in medical tourism destinations, problems associated with language barriers, and privacy concerns are some of the challenges anticipated to restrict revenue growth of the North American’s Outbound Medical Tourism Industry over the forecast period.
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Segmentation highlights
The North America Outbound Medical Tourism Services Industry is segmented into the following therapeutic applications – Cosmetic Surgery Treatment, Dental Treatment, Cardiovascular Treatment, Orthopaedic Treatment, Cancer Treatment, Fertility Treatment, Weight Loss Treatment, Spinal Surgery Treatment, Neurology Treatment, and Other General Treatment.
The Cosmetic Surgery Treatment segment is estimated to be valued at US$ 3,760.9 Mn by 2016 end The Cancer Treatment segment is anticipated to register a CAGR of 22.0% over the forecast period The Orthopaedic Treatment segment is estimated to create an absolute $ opportunity of US$ 1,658.9 Mn in 2017 over 2016
Regional forecast:
The North American outbound Medical Tourism Services Industry is segmented into the two top countries of the U.S. and Canada. The U.S. is projected to occupy a major share of the North American outbound Medical Tourism Services Industry in terms of value.
The U.S. market is anticipated to be valued at US$ 14.98 Bn by the end of 2016. In terms of value, the U.S. is expected to be the dominant regional market by 2026 end and is expected to register a CAGR of 25.7% over the forecast period.
Canada is expected to have comparatively less market potential for outbound medical tourism services, registering a CAGR of 18.1% over the forecast period.
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Vendor insights:
The report profiles some top companies operating in the North America Outbound Medical Tourism Services Industry.
Leading market players featured in the report are Apollo Hospital Enterprise Limited, Bumrungrad International Hospital, KPJ Healthcare Berhad, Christus Muguerza Hospital, WorldMed Assist, Mednamaste, and Global Medical Tourism Inc.
Major market players are adopting strategies such as market expansion and strategic alliances to maintain their market share.
Some of these companies are also adopting strategies such as backward integration to support their core business of medical tourism.
Companies are offering services such as insurance and financing for medical tourism and are looking to expand their global footprint by enhancing their foreign customer base.
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North America’s Outbound Medical Tourism Industry segmentation
By Therapeutic Application:
- Cosmetic Surgery Treatment
- Dental Treatment
- Cardiovascular Treatment
- Orthopaedic Treatment
- Cancer Treatment
- Fertility Treatment
- Weight Loss Treatment
- Spinal Surgery Treatment
- Neurology Treatment
- Other General Treatment
By Region:
- U.S
- Canada
Author
Sabyasachi Ghosh (Associate Vice President at Future Market Insights, Inc.) holds over 12 years of experience in the Healthcare, Medical Devices, and Pharmaceutical industries. His curious and analytical nature helped him shape his career as a researcher.
Identifying key challenges clients face and devising robust, hypothesis-based solutions to empower them with strategic decision-making capabilities come naturally to him. His primary expertise lies in Market Entry and Expansion Strategy, Feasibility Studies, Competitive Intelligence, and Strategic Transformation.
Holding a degree in Microbiology, Sabyasachi has authored numerous publications and has been cited in journals, including The Journal of mHealth, ITN Online, and Spinal Surgery News.
About Future Market Insights (FMI)
Future Market Insights, Inc. (ESOMAR certified, recipient of the Stevie Award, and a member of the Greater New York Chamber of Commerce) offers profound insights into the driving factors that are boosting demand in the market. FMI is the leading global provider of market intelligence, advisory services, consulting, and events for the Packaging, Food and Beverage, Consumer Technology, Healthcare, Industrial, and Chemicals markets. With a vast team of over 5,000 analysts worldwide, FMI provides global, regional, and local expertise on diverse domains and industry trends across more than 110 countries.
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