North America medical tourism market is poised to expand at more than 8.6% CAGR till 2027 due to availability of advanced treatment procedures and cutting-edge medical device technologies.
Selbyville, Delaware, Jan. 26, 2021 (GLOBE NEWSWIRE) —
According to latest report “Medical Tourism Market by Application (Cardiovascular Surgery, Cosmetic Surgery, Dental Surgery, Orthopedic Surgery, Bariatric Surgery, Fertility Treatment, Oncology Treatment), Regional Outlook, Price Trends, Competitive Market Share & Forecast 2027”, by Global Market Insights, Inc., the market valuation of medical tourism will cross $37.2 billion by 2027.
Quality of medical procedures in developing nations is at par with that of medical procedures in developed nations. Availability of advanced and high-quality surgical procedures such as cardiovascular surgery, cosmetic surgery, orthopedic and dental surgery is one of the key factors that will drive the medical tourism market growth. Also, the healthcare personnel in developing nations are trained for sophisticated and advanced procedures that are available in European and North American region. For instance, the success of Thailand as destination for medical tourism is due to availability of well-trained doctors and nurses along with well-established infrastructure capable of providing high quality medical treatment. Also, the success rate of cardiovascular surgeries in India is 98% that is among the highest success rate achievable in any developing country. Similarly, Turkey is well-known for its hair restoration and reconstruction procedures. As more sophisticated and effective quality medical procedures are being offered in developing countries at minimal cost, the demand for medical treatments among patients in foreign countries will increase in the future.
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The cardiovascular surgery segment accounted for more than 14% of the medical tourism market share in 2020. Increasing number of coronary artery diseases in the U.S. will positively impact the market expansion in the coming years. Growing number of patient pool with chronic disease will influence the demand for percutaneous coronary intervention procedures. Rising adoption of unhealthy diet coupled with lifestyle habits including lack of physical exercise is the major reason for high prevalence of coronary artery diseases. According to report published by the American Heart Association (AHA) on heart disease and stroke statistics in 2017, about 90 million people suffer from coronary heart disease annually in U.S. The cost of cardiovascular surgeries in U.S. is about USD 125,000. This cost is significantly lower in developing countries including India where the cost of cardiovascular surgeries ranges from USD 5,500 to USD 9,500. Additionally, there is no compromise in effectiveness or quality of cardiovascular surgeries. High quality cardiac surgeries available at low cost will be the major factors for boosting medical travel to developing countries.
North America medical tourism market is expected to register growth of over 8.6% till 2027 owing to availability of advanced treatment procedures and cutting-edge medical device technologies. Majority of the surgical procedures and medical equipment are initially launched in U.S. and Canada, that renders North America a prime region for medical treatments. Also, the availability of highly qualified healthcare personnel in Canada will serve as major growth spurring factor for medical tourism. High technological acceptance in North America coupled with growing demand for minimal invasive anti-obesity procedures will foster the market revenue. Presence of major manufacturers and companies in the region will augments the industry expansion. Furthermore, people from developing countries that have spending capabilities prefer countries such as U.S. and Canada for availing advanced and rare oncology treatment procedures, thereby fueling the regional growth.
A few notable hospitals operating in the medical tourism market include Asklepios Kliniken GmbH, KPJ Healthcare Berhad, Apollo Hospitals, Fortis Healthcare and Bumrungrad International Hospital among others. These hospitals adopt various strategies such as business, geographic expansion and marketing to sustain market position.
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Table of Contents (ToC) of the report:
Chapter 3 Medical Tourism Market Insights
3.1 Industry segmentation
3.2 Industry landscape, 2016 – 2027
3.3 Industry impact forces
3.3.1 Growth drivers
3.3.2 Industry pitfalls & challenges
3.4 Growth potential analysis
3.4.1 By application
3.5 COVID-19 impact analysis on medical tourism market
3.5.1 Impact of COVID-19 on major markets
3.5.2 Impact of COVID-19 on industry segments, by 10 major markets (2020)
126.96.36.199 Cardiovascular Surgery
188.8.131.52 Cosmetic Surgery
184.108.40.206 Bariatric Surgery
220.127.116.11 Fertility Treatment
3.6 Porter’s analysis
3.7 Competitive landscape, 2020
3.7.1 Company matrix analysis
3.8 PESTEL analysis
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