Mexico and Caribbean countries observe the majority of U.S. outbound medical patients undergoing dental treatment. India and Thailand are major countries performing cardiovascular treatment, whereas Mexico, India, and Singapore are major countries performing cardiovascular treatment. For weight loss treatment, the preferred countries by U.S. outbound medical patients are Jordan, Poland, India, and Mexico.
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
Increasing rate of uninsured population is expected to boost growth of North America outbound medical tourism services market over the forecast period. 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.
North America Outbound Medical Tourism Services Market: Opportunities
Significant developments in telemedicine is expected to offer 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
High 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.
Moreover, problems associated with language barriers and privacy concerns are also expected to limit growth of the market.
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 dominant 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. Growing medical tourism in developing economies is expected to assist the growth of the market during the forecast period.
High 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.
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
Scope of the report