According to a new report published by Future Market Insights titled “Outbound Medical Tourism Services Market: Industry Analysis and Opportunity Assessment in North America, 2016-2026“, the North America Outbound Medical Tourism Services Market is expected to reach a market valuation of US$15.53 billion by the end of 2016 and it is expected to reach US$150.36 billion by 2026.
According to Future Market Insights, factors such as a large aging population of baby boomers, large uninsured population, better technology and wider treatment options are expected to drive the growth of medical tourism services market revenue in the future. overseas in North America during the forecast period.
Economic factors such as increasing rate of health insurance premiums, high cost of medical treatment in the United States and parallel tourism for medical treatment are expected to drive the growth of the overseas medical tourism services market in North America between 2016 and 2026.
Other factors impacting the North America overseas medical tourism services market are long waiting times for specialist appointments in the US and growing preference for treatment options unconventional.
The demand for cosmetic corrective procedures and dental treatments has been significantly high in the US 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 United States was the largest market for cosmetic procedures in 2015.
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Lack of effective follow-up care upon return home, medical malpractice endemic in medical tourism destinations, proliferation of superbugs in medical tourism destinations, issues associated with language barriers and privacy issues are some of the -one of the challenges that should limit North America’s revenue growth. outbound medical tourism services market over the forecast period.
The North America outbound medical tourism services market is segmented into following therapeutic applications – cosmetic surgery treatment, dental treatment, cardiovascular treatment, orthopedic treatment, cancer treatment, fertility treatment, loss of body treatment weight, spine surgery treatment, neurology treatment and other general treatment.
- Cosmetic surgery treatment segment estimated at US$3,760.9 million by the end of 2016
- Cancer Treatment segment is expected to register a CAGR of 22.0% during the forecast period
- The orthopedic treatment segment is estimated to create an absolute dollar opportunity of US$1,658.9 million in 2017 compared to 2016
The North America outbound medical tourism services market is segmented into the two major countries of United States and Canada. The United States is expected to occupy a significant share of the North America outbound medical tourism services market in terms of value.
The US market is expected to be valued at $14.98 billion by the end of 2016. In terms of value, the US is expected to be the dominant regional market by the end of 2026 and is expected to register a CAGR of 25 .7% over the forecast period. .
Canada is expected to have relatively less market potential for outbound medical tourism services, registering a CAGR of 18.1% over the forecast period.
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The report profiles some of the major companies operating in the North American Outbound Medical Tourism Services market.
Major market players profiled 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.
The companies offer services such as insurance and financing of medical tourism and seek to expand their global presence by developing their foreign clientele.
By therapeutic application
- Cosmetic Surgery Treatment
- dental treatment
- Cardiovascular treatment
- orthopedic treatment
- Cancer treatment
- Fertility treatment
- weight loss treatment
- Spine surgery treatment
- Neurological treatment
- Other general treatment
About Future Market Insights (IMF)
Future Market Insights (ESOMAR certified market research organization and member of the Greater New York Chamber of Commerce) provides in-depth insights into the driving factors that increase demand in the market.
It reveals opportunities that will drive market growth in various segments on the basis of source, application, sales channel, and end-use over the next 10 years.
Future Market Outlook
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