The North America Outbound Medical Tourism Services Industry is poised for a remarkable surge, according to a new report by Future Market Insights (FMI). The market, currently valued at over US$65 billion in 2022, is projected to reach a staggering US$605.36 billion by 2032. This translates to a phenomenal Compound Annual Growth Rate (CAGR) of 25%, signifying a significant shift in healthcare consumer behavior.
Future Market Insights, titled, derives this forecast from a recent report ‘Outbound Medical Tourism Services Market: North America Industry Analysis and Opportunity Assessment, 2016-2026.’ The report indicates that the North American outbound medical tourism services market is expected to attain a market valuation of US$ 15.53 billion by the end of 2016, with a significant increase to US$ 150.36 billion by 2026.
Future Market Insights identifies several key factors driving this substantial growth, including the presence of a sizable aging baby boomer population, a significant uninsured population, advancements in medical technology, and a wider range of treatment options. These factors are expected to fuel revenue growth in the North American outbound medical tourism services market over the forecast period.
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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 American outbound medical tourism services market 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 outbound medical tourism services markets over the forecast period.
Segmentation highlights
The North American outbound medical tourism services market 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 market is segmented into the two top countries of the U.S. and Canada. The U.S. is projected to occupy a major share in the North American 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, 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.
Vendor insights:
The report profiles some of the top companies operating in the North American outbound medical tourism services market.
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 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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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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