North America Medical Tourism Market, to Reach $52.78 Billion Globally, by 2023 at 14.4% CAGR, Says Allied Market Research
PORTLAND, Oregon, October 2, 2018 /PRNewswire/ --
According to a new report published by Allied Market Research, titled, "North America Medical Tourism Market by Treatment Type: Global Opportunity Analysis and Industry Forecast, 2017-2023". The report provides an in-depth analysis of the key winning strategies, drivers & opportunities, market share & share, key segments, and competitive landscape. According to the report, the North America medical tourism market garnered $23.52 billion in 2017 and is expected to reach $52.78 billion by 2023, registering a CAGR of 14.4% from 2017 to 2023.
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Geographical convenience of Mexico for Mexico-bound health travelers who reside in South, North & Central America, and the Caribbean drive the market. Moreover, recent Joint Commission International (JCI) accreditations in Mexico, government involvement for the growth of medical tourism in Mexico, lower costs in Mexico, and technological advancements in healthcare facilities in North America further boost the market. However, difficulties associated with travel, language barriers, documentation, and VISA approval issues, lack of medical training, and non-acceptance of healthcare insurances in Mexico 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.
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Cancer Treatment to Lead the Global Market Through 2023
Among the treatment types, the cancer treatment segment held the largest share in 2017 and would continue its dominance through 2023, accounting for 32% of the total market share. This is attributed to the increase in the number of cross-border travelers seeking good quality cancer treatment as the occurrence of the disease is on the rise. Moreover, the availability of good quality treatment at affordable prices motivates patients to travel. However, the neurological treatment segment is likely to achieve the fastest CAGR of 14.9% during the forecast period. This is because the number of people being diagnosed with neurological ailments is constantly on the rise. This, in turn, is anticipated to increase the number of medical tourists traveling to destinations with the availability of good neurological treatment. The report also discusses treatment categories such as cardiovascular treatment, orthopedic treatment, and fertility treatment, among others.
Canada to Achieve the Fastest Growth, Mexico to Remain the Highest Revenue Contributor
Based on countries, Canada is likely to grow at the fastest CAGR of 15.5% during the study period. The involvement of the Canadian Government in medical tourism has become significant over the past few years. In addition, the medical facilities in the country have taken efforts to enter the medical tourism industry. However, Mexico captured more than half of the overall market share in 2017 and is expected to maintain its revenue lead through 2023. Mexico is one of the top 10 preferred destinations for medical tourism globally. The main factor which drives the growth of the market in the region is its proximity to the U.S. Other factors such as availability of cheaper healthcare facilities when compared to the U.S. contributes to the growth of medical tourism industry in Mexico. In addition, the involvement of the Mexican Government for the promotion of medical tourism has further propelled the market growth. For instance, in 2012, the Government of Mexico established comprehensive services focused on distribution and promotion of activities related to medical tourism.
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Industry Frontrunners
The key market players analyzed in the report include Angeles en Línea, Centro Médico ABC, Galenia Hospital, Hospital San José, Médica Sur, SA de CV, and Star Médica. These companies have implemented various strategies including expansions, mergers & acquisitions, partnerships, joint ventures, collaborations, and others to gain a stronghold in the industry.
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