Outbound medical tourism in North America is seeing significant growth, as more individuals seek cross-border treatments to benefit from lower costs. Countries outside the U.S. provide medical services at considerably reduced prices. A 2014 study by the International Medical Tourism Journal highlighted that treatments in the U.S. are 85% more expensive compared to nations like India and Mexico. For example, knee replacement surgery, costing between USD 35,000 to USD 60,000 in the U.S., can be performed for under USD 20,000 in Costa Rica and India, including accommodation and airfare. This trend is boosting the North American outbound medical tourism market, which is expected to grow at a CAGR of 25% and reach USD 605.3 billion by 2032.
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 USD 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 USD 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.
North American Outbound Medical Tourism Services Market 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
Report Preview: https://www.futuremarketinsights.com/reports/north-america-outbound-medical-tourism-services-market
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