Medical tourism refer to patients travelling to abroad for medical treatment. It is classified into inbound medical tourism, intra bound medical tourism, and outbound medical tourism. Outbound medical tourism refer to traveling of patients outside their country for various medical treatments.
Statistics:
North America outbound medical tourism services market is estimated to account for US$ 190,670.8 Mn in terms of value by the end of 2029
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Market Drivers:
High cost of medical treatment in the U.S. is driving growth of North America outbound medical tourism services market. For instance, according to American Heart Association 2019 Heart Disease and Stroke Statistics, mean hospital charge for heart transplant in the U.S. was US$ 808,770.
Moreover, growing rate of health insurance premiums is again projected to support growth of the market. For instance, according to The National Conference of State Legislatures, in 2018 the average annual premium for employer-based family coverage increased 5% to US$ 19,616 for single coverage, premiums increased 3% to US$ 6,896 compared to that in 2017.
Statistics:
U.S. held dominant position in North America outbound medical tourism services market in 2019, accounting for 97.2% share in terms of value.
Market Restraints:
Lack of effective follow-up care on returning home is projected to restrict growth of the market. Patients face difficulty in getting follow-up treatment in their home country after receiving medical care in medical tourism destinations. One of the major issues patients deal with is management of post-operative complications that occur after returning to their home country.
Moreover, rampant medical malpractices are again expected to hinder growth of the market. In certain countries, there is lack of strong medico legal support for foreign patients and privacy and security of patient information records is comparatively weak.
Market Opportunities:
Expanding medical tourism in developing economies is projected to provide lucrative growth opportunities for players in the market. For instance, according to India Brand Equity Foundation’s January 2019 press release, the estimated Foreign Tourist Arrivals (FTAs) in India on medical purpose during the years 2015, 2016 and 2017 were 2,33,918, 4,27,014, and 4,95,056 respectively.
Moreover, growing funding in public and private hospitals across developing economies is again projected to suppirt growth of the market. For instance, according to Australian Institute of Health and Welfare’s Hospitals at a glance 2017–18 report updated in August 2019, funding for hospital services increased between 2016-2017 and 2017-2018 by 1.8% per year on average in public hospitals and by 2.9% per year on average in private hospitals in Australia.
Market Trends/Key Takeaways:
The number of Joint Commission International (JCI)-accredited hospitals in emerging economies is increasing significantly. For instance, as of October 2019, there were 34 JCI accredited hospitals in India.
High waiting time has led to increase in the number of patients opting for treatment outside Canada. For instance, according to Fraser Institute’s Waiting Your Turn: Wait Times for Health Care in Canada, 2019 Report, the waiting time in ‘from referral by a general practitioner to consultation with a specialist’ segment increased from 8.7 weeks in 2018 to 10.1 weeks in 2019. This wait time was 173% longer than in 1993, when it was 3.7 weeks.
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Major Point cover in this North America Outbound Medical Tourism Services Market report are: –
• Who are Opportunities, Risk and Driving Force of North America Outbound Medical Tourism Services? Knows Upstream Raw Materials Sourcing and Downstream Buyers
• Who are the key manufacturers in space? Business Overview by Type, Applications, Gross Margin and Market Share
• What are the opportunities and threats faced by the vendors in the global North America Outbound Medical Tourism Services Market?
• What will the Market growth rate, Overview and Analysis by Type of North America Outbound Medical Tourism Services in 2028?
• What are the key factors driving, Analysis by Applications and Countries Global industry?
• What is Dynamics, This Overview Includes Analysis of Scope and price analysis of top Manufacturers Profiles?
Reasons to buy this North America Outbound Medical Tourism Services Market Report
◘ Save time carrying out entry-level research by identifying the size, growth, and leading players in the emerging North America Outbound Medical Tourism Services Market
◘ Use the Five Forces analysis to determine the competitive intensity and therefore attractiveness of the emerging North America Outbound Medical Tourism Services Market
◘ Leading company profiles reveal details of key North America Outbound Medical Tourism Services Market players emerging five operations and financial performance
◘ Add weight to presentations and pitches by understanding the future growth prospects of the emerging North America Outbound Medical Tourism Services Market with five year historical forecasts
◘ Compares data from North America, South America, Asia Pacific Europe and Middle East Africa, alongside individual chapters on each region
The next part also sheds light on the gap between supply and consumption. Apart from the mentioned information, growth rate of North America Outbound Medical Tourism Services Market in 2028 is also explained. Additionally, type wise and application wise consumption tables and figures of North America Outbound Medical Tourism Services Market are also given.
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Table of Content
Chapter 1 Industry Overview
1.1 Definition
1.2 Assumptions
1.3 Research Scope
1.4 Market Analysis by Regions
1.5 North America Outbound Medical Tourism Services Market Size Analysis from 2022 to 2028
11.6 COVID-19 Outbreak: North America Outbound Medical Tourism Services Industry Impact
Chapter 2 Global North America Outbound Medical Tourism Services Competition by Types, Applications, and Top Regions and Countries
2.1 Global North America Outbound Medical Tourism Services (Volume and Value) by Type
2.3 Global North America Outbound Medical Tourism Services (Volume and Value) by Regions
Chapter 3 Production Market Analysis
3.1 Global Production Market Analysis
3.2 Regional Production Market Analysis
Chapter 4 Global North America Outbound Medical Tourism Services Sales, Consumption, Export, Import by Regions
Chapter 5 North America North America Outbound Medical Tourism Services Market Analysis
Chapter 6 East Asia North America Outbound Medical Tourism Services Market Analysis
Chapter 7 Europe North America Outbound Medical Tourism Services Market Analysis
Chapter 8 South Asia North America Outbound Medical Tourism Services Market Analysis
Chapter 9 Southeast Asia North America Outbound Medical Tourism Services Market Analysis
Chapter 10 Middle East North America Outbound Medical Tourism Services Market Analysis
Chapter 11 Africa North America Outbound Medical Tourism Services Market Analysis
Chapter 12 Oceania North America Outbound Medical Tourism Services Market Analysis
Chapter 13 South America North America Outbound Medical Tourism Services Market Analysis
Chapter 14 Company Profiles and Key Figures in North America Outbound Medical Tourism Services Business
Chapter 15 Global North America Outbound Medical Tourism Services Market Forecast (2022-2028)
Chapter 16 Conclusions
Research Methodology….
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