LONDON, Jan. 16, 2017 /PRNewswire/ -- Outbound medical tourism in North America is rising substantially as a result of an increasing number of people from the region opting for cross border treatment. Cross border countries offer medical treatments at significantly low costs. According to a 2014 International Medical Tourism Journal study, the cost of treatment in the U.S. is 85% higher than that offered in countries like India, Mexico, etc. For instance, treatments such as knee replacement costing around US$ 35,000 to US$ 60,000 in the U.S. cost less than US$ 20,000 in Costa Rica and India, inclusive of lodging and airfare costs. This is prominently leading to a rise in potential for the North America outbound medical tourism services market. In terms of revenue, the North America outbound medical tourism services market is projected to register a CAGR of 25.5% during the forecast period and is expected to be valued at US$ 150.36 Bn by the end of 2026.
Rising patient preference for outbound medical services expected to boost market growth
Rising rate of health insurance premiums, high cost of medical treatments in the U.S, and parallel tourism with medical treatment are some of the main factors anticipated to drive revenue growth of the North America outbound medical tourism services market over the forecast period (2016 – 2026). Growth of the North America outbound medical tourism services market is further driven by a large ageing baby boomer population and a large uninsured population, long waiting time for appointments with specialists in the U.S, and an increasing preference for non-conventional treatment options.
However, 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 market growth of the North America outbound medical tourism services market over the forecast period.
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
Cosmetic Surgery Treatment therapeutic application segment anticipated to occupy a significant share of the North America outbound medical tourism services market through 2026
In terms of revenue share, the Cosmetic Surgery Treatment segment dominated the North America outbound medical tourism services market in 2015 and is expected to dominate throughout the forecast period, registering a high value CAGR of 32.9%. The Dental Treatment segment is expected to occupy substantial share in terms of volume in the North America outbound medical tourism services market and is anticipated to witness a CAGR of 27.2% in terms of value over the forecast period.
U.S. projected to occupy a major share in the North America outbound medical tourism services market in terms of value
In terms of value, U.S. is expected to be the dominant regional market by 2026 end and is estimated 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.
Top market players are focussing on increasing market penetration in emerging markets through strategic alliances with local healthcare providers
Some of the key players operating in the North America outbound medical tourism services market are Apollo Hospital Enterprise Limited, Bumrungrad International Hospital, KPJ Healthcare Berhad, Christus Muguerza Hospital, WorldMed Assist, Mednamaste, and Global Medical Tourism Inc. Some of these companies are 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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