According to a report published by Allied Market Research, the North America medical tourism market contributed to $20.27 billion in 2016, and is expected to garner $52.78 billion by 2023, growing at a CAGR of 14.4% from 2017 to 2023.
The process in which residents of a country travel into another country for availing the medical treatment or care is called as medical tourism. Various treatments including fertility treatment, cancer treatment, neurological treatment, cardiovascular treatment, and others are availed by medical tourists. The higher healthcare costs in developed countries enforce individuals to opt for other less cost incurring alternatives, which in turn, boosts the medical tourism market.
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Convenience in travelling to Mexico for residents living in North, South, & Central America, and Caribbean fuel the market growth. Moreover, recent Joint Commission International (JCI) accreditations offered by Mexico, government regulations favoring the medical tourism in Mexico, lower healthcare costs in Mexico as compared to other countries, and technological advancements in healthcare facilities in North America drive the growth in the market. However, adversities related to travel, documentation, language barriers, and VISA approval issues along with non-acceptance of insurances related to healthcare services hinder the market growth. In addition, surge in geriatric population in North America and rise in R&D activities in healthcare provide opportunities to the market players.
The cancer treatment segment is expected to maintain its dominance in the market throughout the study period, owing to surge in the number of cross-border travelers who need high quality care and treatment. Moreover, cancer treatments take a lot of time to finish procedures and are expensive, so tourists opt for the places where good quality treatment can be availed at affordable prices.
Moreover, the neurological disorders treatment segment is expected to register the highest growth rate with a CAGR of 14.9% from 2017 to 2023. This is due to factors including rise in prevalence of neurological conditions and increase in geriatric population.
Based on country, Mexico dominated the market with more than half of the North America medical tourism market in 2016. This is due to the presence of low cost medical treatments for various disease conditions and geographical proximity to the U.S.
Key Findings of the North America Medical Tourism Market Study:
- In 2016, the cancer treatment garnered the highest market share, contributing nearly one-third of the total share and is projected to register a CAGR of 14.7% during the forecast period.
- The neurological treatment is expected to register the fastest CAGR of 14.9% during the forecast period.
- Mexico contributed for more than half of the total market share in 2016.
- Canada is expected to become the largest growing market during the forecast period, followed by Mexico.
Leading market players analyzed in the research include Angeles en Lnea, Galenia Hospital, Centro Mdico ABC, Mdica Sur, Hospital San Jos, SA de CV, and Star Mdica.
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