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), and By Countries (U.S., Canada), 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), as highlighted in a new report published by Coherent Market Insights.
Key market players are focused on adopting inorganic growth strategies such as partnership, which is expected to drive the North America outbound medical tourism services market during forecast period. For instance, in April 2021, Health Travellers Worldwide (HTW), an independent health advisory, announced a strategic partnership with the medical tourism association, U.S., the World Medical Tourism & Global Healthcare Congress (WMTC) presents an exclusive opportunity for one-on-one networking with the buyers for sending patients for treatment abroad from U.S.
North America Outbound Medical Tourism Services Market– Impact of Coronavirus (COVID-19) Pandemic
The World Health Organization (WHO) designated the illness caused by the Severe Acute Respiratory Syndrome Coronavirus 2 (SARS-CoV-2), which first appeared in Wuhan (province of Hubei, China) in the last months of 2019 as "coronavirus disease 2019" or COVID-19. This virus spread quickly and had a serious negative impact on the economies, social behaviors, and healthcare of every country in the world.
COVID-19 affected the economy in three main ways: by directly affecting production and demand, by creating disruptions in distribution channels, and through its financial impact on firms and financial markets. Due to the lockdown, several countries such as India, China, Brazil, and others faced problems with regard to the transportation of equipment from one place to another.
COVID-19 had a positive impact on the North America Outbound Medical Tourism Services market. For instance, According to study published in Cardiology Journal in April 2022, stated that COVID-19 was associated with a risk of deep vein thrombosis. American Academy of Facial and Reconstructive surgery (AAFPRS) reported increased appointments and treatments for facelifts, eyelifts, and other procedures, despite the COVID-19 pandemic. People are more inclined to choose these procedures in countries with skilled specialists and high-quality care. This will positively impact the market's growth over the forecast period. Thus, an increase in Deep vein thrombosis (DVT) due to COVID-19 led to rising demand for medical tourisim after the pandemic.
North America Outbound Medical Tourism Services Market: Key Developments
In January 2020, North American Specialty Hospital (NASH) has developed the in U.S.-Mexico cross-border medical service aimed at self-insured employers. The company offers pre- and post-operative care in the U.S., with surgery performed in Mexico by U.S. doctors at internationally accredited hospitals.
In March 2020, Mayo Clinic is a nonprofit academic medical center focused on integrated health care, education, and research in U.S., has continued to expand its role there and in other countries. According to the International Relations Consultant at Mayo Clinic, many steps has been taken to increase Mayo Clinic’s image around the world.
In February 2020, Bumrungrad International Hospital is a private hospital founded in Bangkok, Thailand. attended the 51st International Training Course for Full-Endoscopic Operations of the Lumbar, Thoracic, and Cervical Spine.
Browse 34 Market Data Tables and 26 Figures spread through 176 Pages and in-depth TOC on “North America Outbound Medical Tourism Services Market”- Forecast to 2030, 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), and By Countries (U.S., Canada)
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Key Takeaways of the North America Outbound Medical Tourism Services Market :
- The North America Outbound Medical Tourism Services market is expected to exhibit a CAGR of 3% during the forecast period. The merger with emerging economies offers lucrative growth opportunities for players in the North America outbound medical tourism services market. The spread of outbound medical tourism services has been driven by high public awareness in developed economies such as the North America.
- Among Therapeutic Application, the Cancer Treatment is expected to dominate the market over the forecast period and this is attributed to the increasing development of cancer treatment by market players. For instance, in November 2022, Dana-Farber Cancer Institute in cancer research, education, and treatment in the U.S., introduced Dana-Farber's Mammography Van provides digital screening mammography to the women of Greater Boston.
- Major players operating in the 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.
