NORTH AMERICA OUTBOUND MEDICAL TOURISM SERVICES MARKET ANALYSIS

The North America outbound medical tourism services market is estimated to be valued at US$ 77.7 billion in 2023 and is expected to exhibit a CAGR of 25.3% during the forecast period (2023-2030).

Analysts’ Views on North America Outbound Medical Tourism Services Market:

The North America outbound medical tourism services market is rising substantily as result of an increasing number of people from U.S. opting for cross border treatment in that offered in countries such as India, Mexico, and so on. Improved healthcare services, medical diagnostic laboratories, private-public collaborations, and the health insurance sector are projected to drive this expansion.

Figure 1. North America Outbound Medical Tourism Services Market Share (%), by Theraprutic Application, 2023

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North America Outbound Medical Tourism Services Market  – Driver

High cost of treatment of heart disease and stroke in the U.S.

High cost of treatment of heart disease and stroke in the U.S. is expected to propel growth of North America outbound medical tourism services market over the forecast period. For instance, according to an article published in American Heart Association in January 2022, reported Heart Disease and Stroke Statistics, mean hospital charge for heart transplant in the U.S. were US$ 808,770.

Increasing rate of health insurance premiums

Increasing rate of health insurance premiums is also expected to aid in growth of the market. For instance, according to the National Conference of State Legislatures, in October 2022, the average annual premium for employer-based family coverage increased 5% to US$ 22,463 for single coverage, premiums increased 3% to US$ 6,106 compared to that in 2022. Annual family premiums for employer-sponsored health insurance average US$ 22,463 this year, similar to last year (US $22,221), the 2022 benchmark KFF Employer Health Benefits Survey finds. On average, workers this year are contributing US$ 6,106 toward the cost of family premium, with employers paying the rest in the U.S.

Figure 2. North America Outbound Medical Tourism Services Market Value (US$ Billion), by Country, 2023

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North America Outbound Medical Tourism Services Market – Impact of Coronavirus (COVID-19) Pandemic

Since the COVID-19 virus outbreak in December 2019, the disease spread to over 100 countries across the globe, and the World Health Organization declared it a public health emergency on January 30, 2020.

COVID-19 affected the economy in three main ways: by directly affecting the production and demand of drugs, by creating disruptions in distribution channels, and through its financial impact on firms and financial markets. Due to nationwide lockdowns, several countries such as China, India, Saudi Arabia, the U.A.E., Egypt, and others are facing problems with the transportation of peoples from one place to another.

However, the COVID-19 pandemic had a positive impact on the North America Outbound Medical Tourism Services market. For instance, in October 2021, UZ LEUVEN UZ Leuven is a university hospital, where patients can count on specialised care and innovative treatments in North America, opened a COVID testing center in various places, especially for travellers. This has helped the company reach out to new consumers and expand the business, especially during Ontario Hockey League, organized by the GP association Khobra.

North America Outbound Medical Tourism Services Market Segmentation:

The North America Outbound Medical Tourism Services market report is segmented into Therapeutic Application,

By Therapeutic Application, the market is segmented into Cosmetic Surgery Treatment, Dental Treatment, Cardiovascular Treatment, Orthopedic Treatment, Cancer Treatment, Fertility Treatment, Weight Loss Treatment, Spinal Surgery Treatment, Neurology Treatment and Other General Treatment. Out of which, the Cancer Treatment segment is expected to hold a dominant position in the north america outbound medical tourism services market during the forecast period and this is attributed to the Increasing awareness of Cancer treatment.

North America Outbound Medical Tourism Services Market Cross Sectional Analysis:

Cancer treatment segment accounted largest revenue share and is estimated to sustain its dominance during the forecast period is expected to boost demand for Medical Tourism Services in North America region which is attributed to hidh cost of cancer treatment. For instance, In December 2020, according to the International Agency for Research on Cancer, around 19.3 million new cancer cases and around 10 million cancer related deaths were reported in the year 2020, across the globe. Prevalence of breast cancer in the female population is surging, accounting for around 11.7% of the new cancer cases followed by the lungs cancer that accounted for 11.4% and colorectal cancer accounted for 10.0% in 2020. The rapid emergence of various effective treatment for cancer such as targeted therapeutics, chemotherapy, and radiation therapy among others is boosting the growth of the medical tourism market across the North America.

North America Outbound Medical Tourism Services Market: Key Developments

On March 30, 2023, Bumrungrad Urology Center in Thailand announced level up to  to offer hydrogel spacers, which reduce the complications associated with prostate cancer treatment. According to Thailand’s National Cancer Institute, over 3,700 new cases of prostate cancer are seen each year and the Ministry of Public Health reports that prostate cancer causes 1,700 deaths annually.

On April 05, 2023 Samsung Electronics Co., Ltd. is an electronics corporation headquartered in Yeongtong-gu, Suwon, South Korea. and KPJ Healthcare is a specialist hospital providing comprehensive care and treatment to a wide range of specialtie in U.S., entered into a collaboration for advancing precision medicine and diagnostics in North America. This was formalized through a Memorandum of Understanding, which outlines the commitment of both organizations to collaborate on clinical ventures, the advancement of medical technology, and the development and deployment of innovative solutions that improve patient care and outcomes.

In December 2022, Pulmostics Limited is developing a diagnostic system that detects early breast cancer based on Breath Analysis in the U.S. announced that in conjunction with the prestigious CHRISTUS Muguerza Alta Especialidad Hospital and the CHRISTUS CEI Clinical Research Center in Monterrey, Nuevo León, México, Has begin a clinical trial to validate the use of a Pulmostics Limited breath to detect breast cancer in women.

North America Outbound Medical Tourism Services Market: Key Trends

High waiting time has led to increase in the number of patients opting for treatment

High waiting time has led to increase in the number of patients opting for treatment outside Canada. For instance, in December 2021, according to Fraser Institute’s Times for Health Care in Canada, 2021 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 2021. This wait time was 173% longer than in 1993, when it was 3.7 weeks.

North America Outbound Medical Tourism Services Market: Restraint

Lack of effective follow-up care on returning home

Lack of effective follow-up care on returning home is expected to hinder 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. For instance, according to an article published in National Library of Medicine, in March 2022, reported considerations related to medical tourism upon returning home, patients may experience a lack of easy access to follow up care. Patients may encounter a high level of difficulty in finding a doctor who would be willing to treat a patient whose complications stem from a surgery performed abroad. It seems that the main reason for doctors to not willingly get involved in treatment of complications is the fact that they do not know what was done and what else can potentially go wrong. Such corrective procedures may also become a great unforeseen financial burden.

Hospitals are taking intiative to continueous follow up care on returning home.

North America Outbound Medical Tourism Services Market - Key Players

Major players operating in the 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.