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North America Outbound Medical Tourism Services Market

June 27, 2019

North America Outbound Medical Tourism Services Market, By Treatment Type (Cardiovascular Treatment, Cosmetic Surgery Treatment, Dental Treatment, Weight Loss Treatment, Spinal Surgery Treatment, Orthopedic Treatment, Neurological Treatment, Cancer Treatment, Fertility Treatment, and Others), By Application (Diagnostic Applications, Therapeutic Applications), By Country (U.S. and Canada). - Global Forecast, 2020-2025.

Report Code :FMR626      
Pages :199 Pages
Format :   PPT Format   PDF Format

The North America outbound medical tourism services market was valued at US$ xx million in the year 2019. This market is estimated to be valued at US$ xx million in the year 2020, and is expected to reach US$ xx million by the year 2025, with an estimated CAGR of xx% during the forecast period (2020-2025). Medical tourism is explained as traveling of patients to several destinations for aspiring medical treatment. Medical tourism can be divided into three types namely, inbound medical tourism, intra bound medical tourism, and outbound medical tourism. Outbound medical tourism is explained as traveling of patients outside their country to get assistance of several medical treatments.

Table 1. North America Outbound Medical Tourism Services Market Synopsis

Parameters

Description

Market Value (US$ Mn) for the Period

2018-2025

Base Year

2019

Forecast Period

2020-2025

Market Segmentation (By Treatment Type)

Cardiovascular Treatment, Cosmetic Surgery Treatment, Dental Treatment, Weight Loss Treatment, Spinal Surgery Treatment, Orthopedic Treatment, Neurological Treatment, Cancer Treatment, Fertility Treatment, and Others

Market Segmentation (By Application)

Diagnostic Applications, Therapeutic Applications

Country Covered

U.S. and Canada

Key Players Coverage

Bumrungrad International Hospital, Apollo Hospital Enterprise Limited, KPJ Healthcare Berhad, WorldMed Assist, Mednamaste, Christus Muguerza Hospital, and Global Medical Tourism Inc., among others.

Key Insights

  • Latest Updates
  • Analyst Views
  • Future Outlook of the Market

Market Dynamics

Huge cost of treatment in the U.S. is predicted to steer growth of North America outbound medical tourism services market over the forecast period. For instance, as per the American Heart Association 2019, average hospital invoice for heart transplant in the U.S. was US$ 808,770 approx. Furthermore, rising rate of health insurance premiums is also anticipated to contribute to the growth of the market. For instance, as per report of The National Conference of State Legislatures, in 2018, the mean yearly premium for employer-based family coverage has raised 5% to US$ 19,616 for single protection, where premium has gone up 3% to US$ 6,896 compared to that in 2017.

However, absence of regular follow-up care after returning home is estimated to restrict growth of the North America outbound medical tourism services market. Mostly, patients experience trouble in getting follow-up treatment in their home nation after acquiring medical care in other medical tourism destinations.

Figure 1. PORTER’S Analysis

Note: The above figure is shown for illustrative purposes only, the actual data may vary and will be incorporated in the report.

North America, shows dominant share in growth of outbound medical tourism services market is expected to propel. Lofty waiting span has resulted in rising number of patients selecting for treatment outside some countries like Canada. For instance, as per Fraser Institute’s Report in 2019, the waiting time in Canada from a general practitioner to the specialist consultation segment has now increased from 8.7 weeks in 2018 to 10.1 weeks in 2019 and it is been calculated that this waiting time is 173% longer than it was in 1993 as in 1993 it was 3.7 weeks.

Furthermore, rising investment in public and private hospitals in Australia is also predicted to contribute growth of the market. For instance, as per the Australian Institute of Health and Welfare’s Hospitals report issued in August 2019, funding for hospital services has increased between 2016-2017 and 2017-2018by an average of 1.8% per annum in public hospitals and by average 2.9% per annum in private hospitals in Australia.

Competitve Landscape

Key players in the North America medical tourism services market include: Bumrungrad International Hospital, Apollo Hospital Enterprise Limited, KPJ Healthcare Berhad, WorldMed Assist, Mednamaste, Christus Muguerza Hospital, and Global Medical Tourism Inc., among others.

Increasing medical tourism in developing countries is predicted to provide profitable growth prospects for key competitors in the market. For instance, as per the India Brand Equity Foundation’s, in January 2019, the projected Foreign Tourist Arrivals (FTAs) in India for medical reasons throughout the years 2015, 2016 and 2017 were approximately 233,918, 427,014, and 495,056 [1] respectively. Significant market players are mainly focused on magnifying their expertise. For instance, in February 2020, Bumrungrad International Hospital participated, the 51st International Training Course for Full-Endoscopic Operations of the Lumbar, Thoracic, and Cervical Spine to intensify its expertise.

Additionally, vital players in the market are also pivoting 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. All such efforts of key market players are expected to boost their product portfolio in forecast period.

Figure 2. Market Share of Key Players, 2019

Note: The above figure is shown for illustrative purposes only, the actual data may vary and will be incorporated in the report.

By Treatment Type

  • Cardiovascular Treatment
  • Orthopedic Treatment
  • Cosmetic Surgery Treatment 
  • Dental Treatment 
  • Weight Loss Treatment 
  • Spinal Surgery Treatment 
  • Neurological Treatment
  • Cancer Treatment
  • Fertility Treatment
  • Others

By Application

  • Diagnostic Applications
  • Therapeutic Applications

By Country

  • U.S.
  • Canada
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Note: This report provides in-depth analysis of the North America medical tourism services market and provides market size (US$ Million) and compound annual growth rate (CAGR %) for the forecast period (2020-2025), considering 2019, as the base year.

  • What are the trends adopted by key players in the North America medical tourism services market?
  • What key factors are expected to increase the demand for North America medical tourism services market during the forecast period 2020-2025?
  • What are the major challenges inhibiting the growth of the North America medical tourism services market?
  • What is the total market value (US$ Mn) generated in North America medical tourism services market by treatment type in 2019 and what are the forecasts by 2025?
  • Which application is expected to dominate the North America medical tourism services market in the coming years?
  • What was the total revenue generated by the North America medical tourism services market across different regions (North America, Europe, Asia-Pacific, Latin America, and Middle East and Africa) in 2019, along with CAGR (%) for the period (2020-2025)?
  • Who are the key players contributing to the growth of the North America medical tourism services market, and what are the new strategies adopted by them to retain a market share in the industry?
  • What is the competitive strength of the key players in the North America medical tourism services market?
  • What are the major outcomes derived from the Porter’s five forces?
  • What new products are going to be approved or launched in the coming years which may have huge impact on the market?
  • What insights are derived through the analysis of key players on following parameters: company overview, financial performance, product portfolio, geographical presence, key highlights, and strategies?

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