The North American Outbound Medical Tourism Service Industry is poised for a staggering surge, presenting a lucrative opportunity for forward-thinking healthcare providers and service facilitators. A recent report by FMI forecasts the market to reach a colossal US$605.36 billion by 2032, reflecting a phenomenal Compound Annual Growth Rate (CAGR) of 25%. This exponential growth trajectory surpasses the US$65.0 billion mark achieved in 2022, signifying a market primed for significant expansion.
Pioneering Growth Factors
The robust growth of the North American outbound Medical Tourism Services Market can be attributed to several pivotal factors, as noted by FMI. A large aging baby boomer population, a substantial uninsured demographic, and advancements in medical technology coupled with a broader array of treatment options are anticipated to steer revenue growth throughout the forecast period.
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2026: A Defining Milestone
The market valuation of the North America Outbound Medical Tourism Services Industry is poised for remarkable progression. In 2016, it was valued at US$ 15.53 billion, and this figure is forecasted to surge to a remarkable US$ 150.36 billion by 2026.
For further insights and a comprehensive understanding of the North America Outbound Medical Tourism Services Industry, the complete report by FMI, titled “Outbound Medical Tourism Services Market: North America Industry Analysis and Opportunity Assessment, 2016-2026,” is now available.
Economic factors such as rising rate of health insurance premiums, 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 America outbound medical tourism services Industrys are long waiting time for specialist appointments in the U.S. and the 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 America outbound medical tourism services markets 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 absolute $ opportunity of US$ 1,658.9 Mn in 2017 over 2016
Regional forecast:
The North America outbound medical tourism services Industry is segmented into the two top countries of U.S and Canada. U.S. is projected to occupy a major share in the North America outbound medical tourism services markets 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, 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 of the 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.
North America Outbound Medical Tourism Services 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
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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 faced by clients and devising robust, hypothesis-based solutions to empower them with strategic decision-making capabilities come naturally to him. His primary expertise lies in areas such as 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 stands as 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 400 analysts worldwide, FMI provides global, regional, and local expertise on diverse domains and industry trends across more than 110 countries.
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