North America medical tourism market forecast will be positively affected by the rising influx of international patients to receive the best-in-class treatments for various chronic ailments. The region is famous for its world-class healthcare facilities, highly trained medical professionals, and high-quality patient care.
According to a report by the United States International Trade Commission (USITC), around 100,000-200,000 people visit the U.S. every year to receive some form of medical treatment. On the other hand, Canada ranked number 1 in the Medical Tourism Index in 2020, attracting over 14 million American citizens every year.
Acute diseases are growing at an alarming rate across the world due to a variety of factors, such as unhealthy dietary habits, extreme changes in lifestyle, and physical inactivity. This has prompted several North American governments to introduce initiatives that will turn the region into a global leader in healthcare.
For example, in March 2022, the Canadian Department of Finance committed CAD 2 billion towards additional healthcare funding to support additional surgeries across the country. This move will further strengthen the country’s position in medical tourism.
Prevalence of cardiovascular surgeries rises:
Heart disease cases are increasing globally, claiming several lives every year. According to the WHO, around 17.9 million people across the world die from cardiovascular disease (CVD) every year, making it the leading cause of death. Canada medical tourism industry share will grow from cardiovascular segment because of the admission of certain category of fully vaccinated tourists, who could not get a visa before January 2022 due to the COVID-19 travel restrictions.
After the historic 25-week long waiting time between referral and treatment during 2021, some Canadians chose to fly abroad to overcome surgical backlogs. As such, governments are taking steps towards improving the region’s healthcare system in order to minimize waiting time for patients. The demand for minimally invasive cardiac surgeries is growing at a robust rate, especially among elderly patients from Europe and Asia Pacific, fortifying the market potential.
Cosmetic surgeries will gain prominence among youth:
There is a growing need among the younger generation to look youthful and enhance their facial or body features. This has augmented the demand for cosmetic surgeries, with people frequently visiting North America to get the job done. More people are opting for cosmetic procedures like Brazilian butt lift (BBL) surgery every year.
It has prompted governments to launch awareness campaigns to let patients know about the potential risks associated with the treatment. This will boost medical tourism activities across the region because international patients will feel safe and confident before opting for any procedure.
Mexico showcases strong potential to become medical tourism hub:
Mexico medical tourism industry is prospering due to the significant influx of international patients in the country. The government is not only launching attractive policies and offers to boost its healthcare system but also providing all the medical treatments and surgeries at an extremely affordable price.
For instance, patients can save an average of 40-65% on their medical expenses if they choose to get their surgical procedures done from Mexico. One of the biggest hurdles in the growth of the nation’s healthcare sector is the language barrier because its national language is Spanish. However, the government is increasing its investments in the sector to employ more English-speaking medical professionals, further bolstering the growth prospects for medical tourism in the country.
North America medical tourism market share will grow at an impressive pace due to the rising presence of companies, such as Elite Skin Rejuvenation, CubaHeal Medical Tourism, Inc., North American Specialty Hospital, Jackson Health System, American Medical Care, Canadian Biologics Inc., and Orchard Recovery Center, among numerous others. These leading medical tourism providers in North America are recording a notable increase in revenue since Q1 2022, driven by the pandemic-led surgical backlog.