Mexico and Caribbean countries witnessed the majority of U.S. outbound medical patients for dental treatment. Moreover, India and Thailand are major countries performing cardiovascular treatment, whereas India, Mexico, and Singapore are major countries involved in cardiovascular treatment. U.S. outbound medical patients prefer Jordan, Poland, India, and Mexico for weight loss treatment.
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 2027
North America Outbound Medical Tourism Services Market: Drivers
Growing rate of uninsured population is boosting North America outbound medical tourism services market growth. For instance, according to the U.S. Census Bureau’s report ‘Health Insurance Coverage in the United States: 2018’, published in November 2019, in 2018, 8.5% of people in the U.S. did not have health insurance at any point during the year. The uninsured rate and number of uninsured increased from by 7.9% compared to 2017.
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North America Outbound Medical Tourism Services Market: Opportunities
Increasing developments in telemedicine is projected to provide lucrative growth opportunities for players in the market. For instance, in March 2020, UK HealthCare launched a new telemedicine program to help prevent the spread of the novel coronavirus.
North America Outbound Medical Tourism Services Market: Restraints
Growing incidence of pandemic diseases can exert serious adverse impact on outbound medical tourism market. For instance, according to the World Health Organization, the coronavirus disease (COVID-19) affected 5354 people in Australia & New Zealand as of March 2020.
Additionally, concerns associated with language barriers and privacy concerns are also projected to hinder growth of the market.
Key Takeaways:
North America outbound medical tourism services market was valued at US$ US$ 33,739.1 Mn in 2019 and is forecast to reach a value of US$ 190,670.8 Mn by 2027 at a CAGR of 24.2%. Increasing rate of health insurance premiums is also expected to aid in growth of the market
Orthopedic Treatment segment held leading position in North America outbound medical tourism services market in 2019, accounting for 36.4% share in terms of value, followed by Cosmetic Surgery Treatment, respectively. Increasing medical tourism across developing economies is projected to support the growth of the market during the forecast period.
Market Trends
Growing incidence of pandemic diseases has led to collapse of outbound medical tourism. For instance, in March 2020, in wake of COVID-19 pandemic, the government of Australia imposed border closure.
According to The World Travel & Tourism Council’s November 2019, the U.S. is the world’s leading outbound medical tourism market, representing 20% of the market, with US citizens spending US$ 2.3 billion on medical tourism services abroad in 2017.
Regulations
- Necessary provision of coverage for follow-up care should be in place to ensure effective treatment outside the U.S.
- Outbound medical traveller must be informed about the regulations and rules for availing treatment outside the U.S.
- Patient health records should be well organized, protected and transferred from the countries outside the U.S. from where treatment is availed as per guidelines of Health Insurance Portability and Accountability Action (HIPAA)
- Patients travelling out of the U.S. for treatment should be aware about existing potential risks for surgical treatment and procedures
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North America Outbound Medical Tourism Services Market: Competitive Landscape
Major players operating in North America outbound medical tourism services market include, Apollo Hospital Enterprise Limited, Bumrungrad International Hospital, KPJ Healthcare Berhad, Christus Muguerza Hospital, WorldMed Assist, Mednamaste, and Global Medical Tourism Inc.
North America Outbound Medical Tourism Services Market: Key Developments
March 2020: Christus Muguerza Hospital participated in the forum “9M: Working together for equity”, which was organized by the Autonomous University of Nuevo León
November 2019: Bumrungrad Hospital launched a new business model of “Bumrungrad Health Network”, an intensive cooperation with allied hospitals
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Table of Contents
- Research Objectives and Assumptions
- Research Objectives
- Assumptions
- Abbreviations
- Market Purview
- Report Description
- Market Definition and Scope
- Executive Summary
- Market Snippet, By Therapeutic Application
- Market Snippet, By Country
- Coherent Opportunity Map (COM)
- Report Description
- Market Dynamics, Regulations, and Trends Analysis
- Market Dynamics
- Drivers
- Restraints
- Market Opportunities
- Impact Analysis
- Key Highlights
- PEST Analysis
- Regulatory Scenario
- Mergers and Acquisitions
- Market Dynamics
- North America Outbound Medical Tourism Services Market, By Therapeutic Application, 2019 – 2027, (US$ Mn)
- Introduction
- Market Share Analysis, 2019 and 2027 (%)
- Y-o-Y Growth Analysis, 2017 – 2027
- Segment Trends
- Cosmetic Surgery Treatment
- Introduction
- Market Size and Forecast, and Y-o-Y Growth, 2016 – 2027, (US$ Mn)
- Dental Treatment
- Introduction
- Market Size and Forecast, and Y-o-Y Growth, 2016 – 2027, (US$ Mn)
- Cardiovascular Treatment
- Introduction
- Market Size and Forecast, and Y-o-Y Growth, 2016 – 2027, (US$ Mn)
- Orthopedic Treatment
- Introduction
- Market Size and Forecast, and Y-o-Y Growth, 2016 – 2027, (US$ Mn)
- Cancer Treatment
- Introduction
- Market Size and Forecast, and Y-o-Y Growth, 2016 – 2027, (US$ Mn)
- Fertility Treatment
- Introduction
- Market Size and Forecast, and Y-o-Y Growth, 2016 – 2027, (US$ Mn)
- Weight Loss Treatment
- Introduction
- Market Size and Forecast, and Y-o-Y Growth, 2016 – 2027, (US$ Mn)
- Spinal Surgery Treatment
- Introduction
- Market Size and Forecast, and Y-o-Y Growth, 2016 – 2027, (US$ Mn)
- Neurology Treatment
- Introduction
- Market Size and Forecast, and Y-o-Y Growth, 2016 – 2027, (US$ Mn)
- Other General Treatment
- Introduction
- Market Size and Forecast, and Y-o-Y Growth, 2016 – 2027, (US$ Mn)
- Introduction
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