NORTH AMERICA OUTBOUND MEDICAL TOURISM SERVICES MARKET ANALYSIS

North America Outbound Medical Tourism Services MarketSize and Trends

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).

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

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