North America Outbound Medical Tourism Services Market Size to Expand at Highest Revenue US$ 190,670.8 Million with Growth Rate at 24.2% CAGR by 2027
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.
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
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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.
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 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.
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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.
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.
- 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 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.
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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.About Us:
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