The increase in privatization has led to the development of health cities that specialize in providing diverse and affordable health facilities under one roof.
PORTLAND, OR, UNITED STATES, October 20, 2021 /EINPresswire.com/ – UPDATE AVAILABLE ON DEMAND (The medical tourism market will establish a new growth cycle)
The process of traveling outside the country of residence for the purpose of receiving treatment and medical care is known as medical tourism. Medical tourists benefit from various treatments such as cancer treatment, cardiovascular treatment, neurological treatment, fertility treatment and others. The escalation of healthcare costs associated in developed countries has forced individuals to seek affordable alternatives, and therefore has imperatively contributed to complementing the medical tourism market.
The medical tourism market in North America was worth $ 20,279 million in 2016, and is expected to reach $ 52,786 million by 2023, registering a CAGR of 14.4% from 2017 to 2023. The report offers a detailed analysis key segments, main investment pockets. , changing dynamics, market size and estimates, and competitive scenario.
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1) The Covid-19 pandemic and followed by containment has affected several manufacturing industries.
2) The prolonged containment has resulted in a disruption of the supply chain and an increase in the prices of raw materials.
3) However, as the world recovers from the pandemic, the market is expected to get back on track.
Mexico’s geographic convenience for health travelers to Mexico who reside in South, North and Central America and the Caribbean is driving the market. In addition, recent Joint Commission International (JCI) accreditations in Mexico, government involvement in the growth of medical tourism in Mexico, falling costs in Mexico, and technological advancements in healthcare facilities across North America are increasing. still market growth. However, difficulties with travel, language barriers, documentation and VISA approval issues, along with lack of medical training and non-acceptance of health insurance in Mexico are restraining market growth. In addition, the increase in the geriatric population due to baby boomers in North America and the increase in R&D activities in the health field offer lucrative opportunities to market players.
The cancer treatment type segment is expected to continue to dominate the market throughout the analysis period owing to the increase in the number of cross-border travelers seeking high quality cancer treatment. In addition, cancer treatments are expensive and time-consuming procedures; therefore, good quality treatment available at affordable prices motivates many patients to choose medical tourism.
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In addition, neurological disorders treatment segment is expected to be the fastest growing treatment type segment with a CAGR of 14.9% from 2017 to 2023, owing to factors such as growth in disease prevalence neurological and the increase in the geriatric population.
Depending on the country, the market was dominated by Mexico, which accounted for more than half of the overall medical tourism market in North America in 2016. This growth is attributed to the availability of affordable medical treatments for several diseases and to geographic proximity. the United States.
The main key players are:
â¢ Angeles in LnÃ©e
â¢ Center MÃ©dico ABC
â¢ GalÃ©nia Hospital
â¢ San JosÃ© Hospital
â¢ MÃ©dica Sud
â¢ SA de CV
â¢ Ãtoile MÃ©dica.
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Key Findings of the North America Medical Tourism Market Study:
â¢ In 2016, Cancer Treatment generated the highest revenue, accounting for about one-third of the overall market revenue and is expected to grow at a CAGR of 14.7% during the forecast period.
â¢ Neurological treatment is expected to grow with the highest CAGR of 14.9%
â¢ Mexico accounted for more than half of the medical tourism market in North America in 2016.
â¢ Canada is expected to be the fastest growing medical tourism market during the analysis period, followed by Mexico.
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