The size of the North American medical tourism market is estimated to grow to USD 19.96 billion by 2027 from USD 8.30 billion in 2022, registering a CAGR of 19.2% during the forecast period.
Due to the presence of advanced medical technology and competence in medical services supplied in the region, North America is expected to be a significant host for medical tourists worldwide. This is due to the region's improved medical services and the presence of highly trained medical experts with experience in a variety of areas, including neurology and cancer. Medical tourism is defined as cross-border travel to receive medical care in some form that may or may not be available in the traveler's home country. In addition, the adoption of favorable government policies encouraging the expansion of the medical infrastructure and substantial research and development (R&D) efforts are expected to propel the North American medical tourism market further.
The rise in cancer incidence due to variables such as lifestyle choices and pollutants is favoring the market growth in this region. The number of cross-border visitors seeking high-quality cancer treatment is expected to rise. A high probability of health insurance, higher service quality, and growing conformity with International Quality Standards are all contributing to the North American medical tourism market's rise in the coming years. Patients can also receive comprehensive medical tourism packages from healthcare institutions and facilities, including travel-related services such as ticket booking, accommodation, and medical insurance. The proximity of the area to the United States is the primary driver of the market's expansion. Other reasons contributing to the rise of the medical tourism industry in Mexico include the availability of cheaper healthcare facilities compared to the United States. Furthermore, the Mexican government's participation in the marketing activities of medical tourism has accelerated market growth. Increased R&D efforts in the healthcare field and an increase in the geriatric population owing to baby boomers in North America present lucrative opportunities for market players.
Also, an increase in the geriatric population due to baby boomers in North America and a boost in healthcare R&D activities offer market players lucrative opportunities. Besides, the cost of receiving medical treatment is still very high. While the treatments are pretty reliable, it is predicted that the procedures tend to be on the pricey side. The primary health products are also quite extravagantly priced with this.
However, travel-related difficulties, communication problems, supporting documents, VISA approval issues, and lack of medical training and medical insurance un-acceptance in Mexico restrict the market growth. In addition, uncertainty about treatment centers, the high cost of tours, and visitor safety concerns restrict the industry's expansion to some extent.
This research report on the North American medical tourism market has been segmented and sub-segmented into the following categories:
By Treatment Type:
Regionally, due to advanced medical technologies and experience in medical services, North America is projected to be the primary host of medical tourists from around the world. Furthermore, the overall quality of medical services is considered higher in North America than in the rest. The U.S. medical tourism market is the most significant country-level market globally and is predicted to register a massive growth rate during the forecast period. The U.S. is another essential North American tourism location, particularly for advanced cancer, neurological, and cardiovascular treatments. Therefore, it is anticipated to account for a significant share during the forecast period.
The Canadian medical tourism market is likely to expand at a CAGR of 15.5% from 2022 to 2027. Over recent years, the Canadian government has been involved in medical tourism, which has proven to be very significant. Furthermore, efforts were made by the country's healthcare facilities to enter the medical tourism sector.
Mexico's geographical ease drives the market for Mexico-bound health tourists residing in the South, North & Central America, and the Caribbean. Moreover, current accreditation by the Joint Commission International (JCI) in Mexico, government intervention in the growth of medical tourism in Mexico, reduced costs in Mexico, and technological advancements in North American healthcare facilities are the other important drivers of the market. Other market growth variables include the availability of state-of-the-art medical technologies, increasing compliance with international quality standards, high service and quality, portability of medical insurance, and medical tourism marketing and advertising.
KEY MARKET PLAYERS:
A few of the companies playing a promising role in the North American medical tourism market analyzed in this report are Min-Sheng General Hospital, Apollo Hospitals Enterprise Limited, Samitivej Sukhumvit, Fortis Healthcare Ltd., Prince Court Medical Center, Bangkok Hospital Medical Center, Asian Heart Institute KPJ Healthcare Berhad, Raffles Medical Group, and Bumrungrad International Hospital.
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