North America Medical Tourism Market Overview:
The North America medical tourism market accounted for $20,279 million in 2016, and is estimated to reach $52,786 million by 2023, registering a CAGR of 14.4% from 2017 to 2023. Medical tourism can be defined as travel across international borders with the purpose of availing medical treatment of some form, which may or may not be available in the travelers home country. This treatment may include a wide array of medical services; however, the most frequently availed services include cancer treatment, orthopedic treatment, neurological disease treatment, elective surgery, fertility treatment, and others.
The growth of North America medical tourism market is driven by factors such as geographical convenience of Mexico for Mexico-bound health travelers who reside in South, North & Central America, and the Caribbean, recent Joint Commission International (JCI) accreditations in Mexico, government involvement for the growth of medical tourism in Mexico, lower treatment costs in Mexico, and technological advancements in healthcare facilities in North America However, difficulties associated with travel, language barriers, documentation, and VISA approval issues, and lack of medical training and non-acceptance of healthcare insurances in Mexico limit the market growth. Conversely, rise in geriatric population due to baby boomers in North America, and increase in R&D activities in the field of healthcare provide lucrative opportunities to the market players.
North America Medical Tourism Market Segmentation
The North America medical tourism market is segmented based treatment type and country. By treatment type, the market is divided into cardiovascular treatment, orthopedic treatment, neurological treatment, cancer treatment, fertility treatment, and other treatments. By country, the market is analyzed across U.S., Canada, and Mexico.
Segment review
According to AMR analysis, cancer treatment is one of the most sought-after medical services in North America. There have been significant advances in oncology over the past two decades. Research in cancer treatment is one of the most funded avenues, which attracts participants in the healthcare industry. Moreover, rise in incidence of cancer owing to factors such as lifestyle preferences and pollution has further propelled this growth. This is projected to increase the number of cross-border travelers seeking good quality cancer treatment. In addition, cancer treatment is an expensive and prolonged treatment. Good quality treatment available at affordable prices motivates several patients to choose to travel.
Snapshot of North America medical tourism market
North America is expected to be the major host for medical tourists from across the world, owing to presence of advanced medical technology and expertise in medical services provided in the region. In addition, it is perceived that the overall quality of medical services in North America is higher than in the rest of the world. Mexico is one of the major destinations for medical tourism, as it offers a wide number of high-quality treatments at considerably lower costs as compared to the U.S.
U.S. is another key tourism destination in North America, especially for advanced specialized treatments for cancer, neurological, and cardiovascular ailments.
The key players profiled in this report include Angeles en Lnea, Centro Mdico ABC, Galenia Hospital, Hospital San Jos, Mdica Sur, SA de CV, and Star Mdica.
North America Medical Tourism Market Report Highlights
| Aspects | Details |
 By Country |
|
 By Treatment Type |
|
 Key Market Players | Star Mdica, Mdica Sur, Galenia Hospital, Angeles en Lnea, SA de CV, Hospital San Jos., Centro Mdico ABC |
Analyst Review
Medical tourism refers to intercountry travel to obtain medical, dental, and surgical treatment. Rise in healthcare costs, especially in the U.S., has resulted in patients looking out for affordable options in Mexico. Medical tourism also indicates the rise in tendency among people to travel to find cost-effective healthcare treatment alternatives, which many a times also serve as tourist attractions.
The medical tourism market is highly promoted by corporate hospitals through the provision of salient, high-quality medical services at comparatively decreased costs to patients from developed nations. Furthermore, surge in advertising & marketing and assistance & support from government organizations with respect to medical tourism supplement the market growth. Patients seeking cancer treatment are the highest contributors to the North America medical tourism market. This could be attributed to the surge in cancer prevalence throughout the world. Moreover, the employment of technologically advanced medical tourism healthcare facilities is highest in North America, owing to the increase in adoption of this technology.
However, difficulties associated with travel, language barriers, documentation, and VISA approval issues restrict the market growth. Conversely, rise in geriatric population due to baby boomers in North America, and increase in R&D activities in the field of healthcare provide lucrative opportunities to the market players.
Loading Table Of Content...
