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North America Outbound Medical Tourism Services Market – Insights

Medical tourism is defined as traveling of patients to various destinations, seeking medical treatment. Medical tourism can be classified as inbound medical tourism, intra bound medical tourism, and outbound medical tourism. Outbound medical tourism is defined as traveling of patients outside their country to avail 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 2027

North America Outbound Medical Tourism Services Market: Drivers

High cost of treatment 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 American Heart Association 2019 Heart Disease and Stroke Statistics, mean hospital charge for heart transplant in the U.S. was US$ 808,770.

Moreover, 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 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.

North America Outbound Medical Tourism Services  | Coherent Market Insights

North America Outbound Medical Tourism Services Market: Restraints

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.

Moreover, rampant medical malpractices are also expected to limit 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.  

North America Outbound Medical Tourism Services Market: Opportunities 

Growing medical tourism in developing economies is expected to offer 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, increasing funding in public and private hospitals in developing economies is also expected to aid in 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.

North America Outbound Medical Tourism Services  | Coherent Market Insights

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.

Regulations

  • The offered financial benefits and incentives in order to travel outside the U.S. for availing medical treatment should not restrict therapeutic alternatives and diagnostic procedures prescribed to patients
  • Medical travelers based in the U.S. should be referred only to U.S. government recognized institutions or healthcare setups accredited by recognized international accrediting bodies such as JCI for medical care
  • In order to ensure continual care for patient after treatment outside the country, patients should be in contact with local follow up care and coordinate with financing agency before traveling out of the U.S.

North America Outbound Medical Tourism Services  | Coherent Market Insights

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 

Major players in the market are focused on enhancing their expertise. For instance, in February 2020, Bumrungrad International Hospitalattended the 51st International Training Course for Full-Endoscopic Operations of the Lumbar, Thoracic, and Cervical Spine.

Major players in the market are also focused on expanding their services. For instance, in January 2020, Christus Muguerza Hospital acquired the Signa Voyager 1.5 Tesla Magnetic Resonance of the General Electric brand.

Infoimg

Outbound medical tourism is defined as traveling of patients outside their country to avail various medical treatments. The preferred countries by U.S. outbound medical patients for weight loss treatment are Jordan, Poland, India, and Mexico. Increasing rate of uninsured population is expected to boost growth of North America outbound medical tourism services market over the forecast period. Moreover, increasing rate of health insurance premiums, increasing funding in public and private hospitals in developing economies is also expected to aid in growth of the market.

Key features of the study:

  • This report provides in-depth analysis of the North America Outbound Medical Tourism Services market  and provides market size (US$ million) and compound annual growth rate (CAGR %) for the forecast period (2019–2027), considering 2018 as the base year
  • It elucidates potential revenue opportunities across different segments and explains attractive investment proposition matrices for this market
  • This study also provides key insights about market drivers, restraints, opportunities, new product launches or approval, market trends,  regional outlook, and competitive strategy adopted by key players
  • It profiles key players in the North America Outbound Medical Tourism Services market  based on the following parameters – company overview, financial performance, product portfolio, market presence, distribution strategies, key developments, strategies, and future plans
  • Key companies covered as a part of this study include, Apollo Hospital Enterprise Limited, Bumrungrad International Hospital, KPJ Healthcare Berhad, Christus Muguerza Hospital, WorldMed Assist, Mednamaste, and Global Medical Tourism Inc.
  • Insights from this report would allow marketers and the management authorities of the companies to make informed decisions regarding their future product launches, technology up-gradation, market expansion, and marketing tactics
  • The North America Outbound Medical Tourism Services market report caters to various stakeholders in this industry including investors, suppliers, product manufacturers, distributors, new entrants, and financial analysts
  • Stakeholders would have ease in decision-making through various strategy matrices used in analyzing the North America Outbound Medical Tourism Services market

Detailed Segmentation:

  • North America Outbound Medical Tourism Services Market, By Therapeutic Application:
    • Cosmetic Surgery Treatment 
    • Dental Treatment 
    • Cardiovascular Treatment 
    • Orthopedic Treatment 
    • Cancer Treatment 
    • Fertility Treatment 
    • Weight Loss Treatment 
    • Spinal Surgery Treatment 
    • Neurology Treatment 
    • Other General Treatment
  • North America Outbound Medical Tourism Services Market, By Country:
    • U.S.
      • By Therapeutic Application:
          • Cosmetic Surgery Treatment 
          • Dental Treatment 
          • Cardiovascular Treatment 
          • Orthopedic Treatment 
          • Cancer Treatment 
          • Fertility Treatment 
          • Weight Loss Treatment 
          • Spinal Surgery Treatment 
          • Neurology Treatment 
          • Other General Treatment
    • Canada
      • By Therapeutic Application:
          • Cosmetic Surgery Treatment 
          • Dental Treatment 
          • Cardiovascular Treatment 
          • Orthopedic Treatment 
          • Cancer Treatment 
          • Fertility Treatment 
          • Weight Loss Treatment 
          • Spinal Surgery Treatment 
          • Neurology Treatment 
          • Other General Treatment
  • Company Profiles
    • Apollo Hospital Enterprise Limited *
      • Company Overview
      • Product Portfolio
      • Key Highlights
      • Financial Overview
      • Strategies
    • Bumrungrad International Hospital
    • KPJ Healthcare Berhad
    • Christus Muguerza Hospital
    • WorldMed Assist
    • Mednamaste
    • Global Medical Tourism Inc.
  •  “*” marked represents similar segmentation in other categories in the respective section.

Table of Contents

  1. Research Objectives and Assumptions
    • Research Objectives
    • Assumptions
    • Abbreviations
  2. Market Purview
    • Report Description
      • Market Definition and Scope
    • Executive Summary
      • Market Snippet, By Therapeutic Application
      • Market Snippet, By Country   
      • Coherent Opportunity Map (COM)
  3. Market Dynamics, Regulations, and Trends Analysis
    • Market Dynamics
      • Drivers
      • Restraints
      • Market Opportunities
    • Impact Analysis
    • Key Highlights
    • PEST Analysis
    • Regulatory Scenario
    • Mergers and Acquisitions
  4. 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)
  5. North America Outbound Medical Tourism Services Market, By Country, 2019 – 2027, (US$ Mn)
    • Introduction
      • Market Share Analysis, By Region, 2019 and 2027 (%)
      • Y-o-Y Growth Analysis, For Regions, 2017–2026
    • U.S.
      • Market Size and Forecast, By Therapeutic Application, 2016 – 2027, (US$ Mn)
    • Canada
      • Market Size and Forecast, By Therapeutic Application, 2016 – 2027, (US$ Mn)
  6. Competitive Landscape
    • Company Profiles
      • Apollo Hospital Enterprise Limited
        • Company Overview
        • Product Portfolio
        • Financial Overview
        • Key Highlights
        • Market Strategies
      • Bumrungrad International Hospital
        • Company Overview
        • Product Portfolio
        • Financial Overview
        • Key Highlights
        • Market Strategies
      • KPJ Healthcare Berhad
        • Company Overview
        • Product Portfolio
        • Financial Overview
        • Key Highlights
        • Market Strategies
      • Christus Muguerza Hospital
        • Company Overview
        • Product Portfolio
        • Financial Overview
        • Key Highlights
        • Market Strategies
      • WorldMed Assist
        • Company Overview
        • Product Portfolio
        • Financial Overview
        • Key Highlights
        • Market Strategies
      • Mednamaste
        • Company Overview
        • Product Portfolio
        • Financial Overview
        • Key Highlights
        • Market Strategies
      • Global Medical Tourism Inc.
        • Company Overview
        • Product Portfolio
        • Financial Overview
        • Key Highlights
        • Market Strategies
  7. Section
    • References
    • Research Methodology
    • About us and Sales Contact

*Browse 18 market data tables and 14 figures on “Outbound Medical Tourism Services Market - Global forecast to 2027”.

Research Methodology

Coherent Market Insights followsa comprehensive research methodology focused on providing the most precise market analysis. The company leverages a data triangulation model which helps company to gauge the market dynamics and provide accurate estimates. Key components of the research methodologies followed for all our market reports include:

  • Primary Research (Trade Surveys and Experts Interviews)
  • Desk Research
  • Proprietor Data Analytics Model

In addition to this, Coherent Market Insights has access to a wide range of the regional and global reputed paid data bases, which helps the company to figure out the regional and global market trends and dynamics. The company analyses the industry from the 360 Degree Perspective i.e. from the Supply Side and Demand Side which enables us to provide granular details of the entire ecosystem for each study. Finally, a Top-Down approach and Bottom-Up approach is followed to arrive at ultimate research findings.


Data Triangulation Methodology | Coherent Market Insights

Coherent Market Insights desk research is based on a principle set of research techniques:

  • National level desk research: It Includes research analysis of regional players, regional regulatory bodies, regional trade associations, and regional organization.
  • Multinational level desk research: The research team keeps a track of multinational players, global regulatory bodies, global trade associations, and global organization.

Coherent Market Insights has a large amount of in-house repository of industry database. This is leveraged as a burner for initiating a new research study. Key secondary sources include:

  • Governmental bodies, National and international social welfare institutions, and organizations creating economic policies among others.
  • Trade association, National and international media and trade press.
  • Company Annual reports, SEC filings, Corporate Presentations, press release, news, and specification sheet of manufacturers, system integrators, brick and mortar - distributors and retailers, and third party online commerce players.
  • Scientific journals, and other technical magazines and whitepapers.

Market Analysis | Coherent Market Insights

Preliminary Data Mining

The raw data is obtained through the secondary findings, in house repositories, and trade surveys. It is then filtered to ensure that the relevant information including industry dynamics, trends, and outlook is retained for further research process.

Data Standardization

Holistic approach is used to ensure that the granular and uncommon parameters are taken into consideration to ensure accurate results. The information from the paid databases are further combined to the raw data in order to standardize it.

Coherent Statistical model

We arrive at our final research findings through simulation models. Coherent Data Analytics Model is a statistical tool that helps company to forecast market estimates. Few of the parameters considered as a part of the statistical model include:

  • Micro-economic indicators
  • Macro-economic indicators
  • Environmental indicators
  • Socio-political indicators
  • Technology indicators

Data Processing

Once the findings are derived from the statistical model, large volume of data is process to confirm accurate research results. Data analytics and processing tools are adopted to process large chunk of collected informative data. In case, a client customizes the study during the process, the research finding till then are benchmarked, and the process for new research requirement is initiated again.

Data Validation

This is the most crucial stage of the research process. Primary Interviews are conducted to validate the data and analysis. This helps in achieving the following purposes:

  • It provides first-hand information on the market dynamics, outlook, and growth parameters.
  • Industry experts validates the estimates which helps the company to cement the on-going research study.
  • Primary research includes online surveys, face-to face interviews, and telephonic interviews.

The primary research is conducted with the ecosystem players including, but not limited to:

  • Raw Material Suppliers
  • Manufacturers
  • System Integrators
  • Distributors
  • End-users

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