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North American Medical Tourism Market revenue to hit $3 Mn by 2027

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North American Medical Tourism Market size is projected to reach USD 3 million by 2027, according to a latest forecast report by Graphical Research.

The overall cost of receiving medical treatment in developed countries is considerably high. Growing healthcare costs and economic burden in the developed economies is impacting the healthcare providers as well as individuals. Medical instruments and associated technologies in certain countries are often expensive. Healthcare facilities in numerous countries are regulated by government authorities and feature delays along with long waiting lists. These factors push the people from these countries to travel abroad for economically viable medical treatment. Furthermore, access to affordable and quality medical treatment are driving the demand for medical tourism market. Whilst opting for healthcare services in these countries, patients can cut down medical expenses from 30% to 80% of the overall treatment costs. The presence of cheaper medical treatment options along with high quality treatment are the primary factors responsible for growing medical tourism industry.

Growing adoption of latest technologies, advanced devices, improvised hospitality, and personalized care has resulted in high quality treatment and related services in the countries. Additionally, rising inflow of people travelling from foreign countries, high inflow of patients and presence of well-equipped healthcare facilities as well as medical professionals are augmenting the demand for medical tourism. The hospitals and clinics that serve the medical tourists are regarded among best facilities, feature state-of-the-art infrastructure, highly skilled healthcare professionals and provide high quality care. The Joint Commission International (JCI) in the U.S., is an international accreditation body that assess the quality of healthcare facilities around the world. An accreditation from JCI is considered as an international benchmark for high quality healthcare. In the U.S., there are over 15,000 JCI accredited hospitals.

Browse detailed statistical insights from the report, “North America Medical Tourism Market Forecast 2027 By Application (Cardiovascular Surgery, Cosmetic Surgery {Hair Transplant, Breast Augmentation}, Dental Surgery, Orthopedic Surgery, Bariatric Surgery, Fertility Treatment, Oncology Treatment), Research Report, Regional Outlook (U.S., Canada), COVID-19 Impact Statistics, Price Trends, Historic Data, Growth Prospects, Competitive Industry Share” along with the table of contents (ToC) @

https://www.graphicalresearch.com/industry-insights/1843/north-america-medical-tourism-market

Based on application, the market is segmented as cardiovascular surgery, cosmetic surgery, dental surgery, orthopedic surgery, bariatric surgery, fertility treatment and oncology treatment. Cosmetic surgery segment is projected to expand at a CAGR of 8.6% from 2021 to 2027. The high growth of the segment is attributable to growing number of cosmetic surgeries and increasing conscience regarding physical appearance. According to the International Society of Aesthetic Plastic Surgery’s (ISAPS) Global Survey on cosmetic procedures, there is significant growth showing 7.4% increase in cosmetic surgeries performed in 2019. Cosmetic surgeries are regarded as elective procedures and aren’t covered under medical insurance increasing the procedure cost. As a result, affordable cosmetic surgical procedures with upgraded technology appeals the foreign patients. Furthermore, growing geriatric population, increasing concerns regarding wrinkles & associated skin ailments and rising disposable income are further propelling the industry growth.

Canada medical tourism market is estimated to progress at 10.1% CAGR and witness similar growth trend during the forecast timeframe. The high growth of the segment is owing to the presence of advanced medical technologies, highly skilled healthcare personnel and well-developed healthcare infrastructure in Canada. Moreover, rising consumer preference to travel for medical treatment, and updated direct-to-consumer marketing by the market players have sugared the demand for medical tourism. The initiatives taken by the Canadian government to establish Canada as a medical tourism destination and improving the standards of healthcare have thereby helped the business creating new opportunities. According to the Medical Tourism Index (MTI), Canada is first ranked medical tourism destination globally.

North American medical tourism market research report includes in-depth coverage of the industry with estimates & forecast in terms of revenue in USD million from 2016 to 2027, for the following segments:

North America Market, By Application

  • Cardiovascular surgery
  • Cosmetic surgery
    • Hair transplant
    • Breast augmentation
    • Others
  • Dental surgery
  • Orthopedic surgery
  • Bariatric surgery
  • Fertility treatment
  • Oncology treatment
  • Others

 

The above information has been provided for the following countries:

  • North America
    • U.S.
    • Canada