According to the report North America Medical Tourism Market, published by Market Data Forecast, the global market is projected to reach USD 11.85 billion by 2021, at a CAGR of 19.2% from 2016 to 2021.
Medical Tourism refers to people who travel to different places for the medical treatment at an affordable costs that they receive at home which may or may not be available in the travelers’ home country. Medicinal tourism is the most developing business today. This treatment may include a wide array of medical services; however, the most frequently availed services include dental care, cosmetic surgery, elective surgery, and fertility treatment.
The motives for making the travel could be one or more among the following major factors like High cost or affordability of medical services including the one the customer needs to avail. Non-availability or low quality of the necessary treatment due to lack of healthcare infrastructure or skilled service providers. Less waiting time for the available treatment such as organ transplant.
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North America Medical Tourism Market: Drivers & Restraints
Long waiting time’s circumstances for medical procedures, high treatment costs, advancements in technology, and development of market are the major factors boosting the growth of the market. Stringent documentation forms, issues related with visa endorsement, and limited protection scope are the restraining the growth of the market. Developing countries with evolving innovation and technology is fueling the market.
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North America Medical Tourism Market: Segmentation
- Cancer Treatment
- Y-o-Y Growth Analysis, By Type
- Market Attractiveness Analysis, By Type
- Market Share Analysis, By Type
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North America Medical Tourism Market: Overview
As developing countries are progressively heading toward technological advancements and quality administrations in the medical and healthcare area, the North America medical tourism market is foreseen to witness powerful development during the forecast period. Developing healthcare services by different private and government sectors are likewise expected to further support the market development.
India is known for its specialization in cardiac surgeries while Singapore specializes in complex surgical procedures. Malaysia has been gaining popularity due to the availability of modern healthcare infrastructure and the presence of highly skilled medical professionals. Government support and cost-effective treatments are likely to make Malaysia the leading destination for medical treatment by the end of the forecast period. In 2016, 671,000 patients were treated in the country, which is expected to grow to 2 million by 2021.
North America Medical Tourism Market: Region-wise Outlook
On the basis of geography, the North America market is analyzed under various regions namely U.S and Canada. North America is anticipated to be the fastest developing regional North America, has the highest market share for Medical Tourism and will hold its position over the forecast period. The USA leads the market in this region with a share of almost 65% in North America.
Key Questions Answered
- What is the current and future Medical Tourism Market outlook in North America? What trends are affecting the North America market?
- What are the major market drivers, challenges and opportunities of the Medical Tourism market and their use cases?
- What are the primary Medical Tourism trends and key developments for different Medical Tourism systems?
- What is the competitive landscape and market share of major players in the Medical Tourism space in North America?
- What are the key, high growth markets that Medical Tourism manufacturers should expand into? Which market segments are growing the fastest?
- What are the unmet needs with the Medical Tourism currently on the market? How will emerging technologies fulfil these unmet needs?
- What is physician perception and market outlook of Medical Tourism?
- What are the challenges and barriers that have hindered widespread adoption of Medical Tourism?
North America Medical Tourism Market: Key Players
Some of the major players in the market are Min-Sheng General Hospital, Apollo Hospitals Enterprise Limited, Samitivej Sukhumvit, Fortis Healthcare Ltd., Prince Court Medical Center, Bangkok Hospital Medical Center, Asian Heart Institute KPJ Healthcare Berhad, Raffles Medical Group, and Bumrungrad International Hospital.
Reasons to buy North America Medical Tourism Market Report:
- Global, regional and country-level analysis and forecasts of the study market; providing Insights on the geographical areas in which this industry is prospering
- Segment-level analysis on basis of product type, application, colour along with market size forecasts and y-o-y estimations to detect key areas of industry growth in detail
- Identification of key drivers, restraints, opportunities, and challenges (DROC) in the market and their impact on shifting market dynamics
- Study of macro and micro environmental factors that affect the market presented in an extensive strategic analyses section containing PESTLE and Porter’s Five Forces Analyses
- A comprehensive listing of key market players along with company overview, product portfolios, key financial information (subjected to availability), SWOT analysis and Analyst overview to study and sustain the market environment
- Competitive landscape analysis listing out the mergers, acquisitions, collaborations in the field along with new product launches, comparative financial studies and recent developments in the market by the major companies
- Expertly devised Market Outlook along with Investment opportunities to provide both individuals and organizations a strong financial foothold in the market
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