According to a new report published by Future Market Insights titled “Outbound Medical Tourism Services Market: North America Industry Analysis and Opportunity Assessment, 2016–2026”, the North America outbound medical tourism services market is expected to reach a market valuation of US$ 15.53 Bn by 2016 end and this is likely to increase to US$ 150.36 Bn by 2026.
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According to Future Market Insights, factors such as a large ageing baby boomer population, large uninsured population, and better technology and wider treatment options are expected to drive the revenue growth of the North America outbound medical tourism services market over the forecast period. Economic factors such as rising rate of health insurance premiums, high cost of medical treatments in the U.S., and parallel tourism with medical treatment are expected to boost the growth of the North America outbound medical tourism services market between 2016 and 2026.
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The other factors impacting the North America outbound medical tourism services market are long waiting time 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 America outbound medical tourism services market over the forecast period.
The North America 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 absolute $ opportunity of US$ 1,658.9 Mn in 2017 over 2016
The North America outbound medical tourism services market is segmented into the two top countries of U.S and Canada. U.S. is projected to occupy a major share in the North America outbound medical tourism services market 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, 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.
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The report profiles some of the top companies operating in the North America 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.