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North America Medical Tourism Market by Treatment Type: Opportunity Analysis and Industry Forecast, 2017 - 2023

  • ID: 4656215
  • Report
  • Region: North America, United States
  • 94 pages
  • Allied Analytics LLP
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North America Medical Tourism Market Overview:

Medical tourism can be defined as an organized travel across international borders with the purpose of availing medical treatment of some form, which may or may not be available in the travelers’ home country. The North America medical tourism market accounted for $20,279 million in 2016, and is estimated to reach $52,786 million by 2023, registering a CAGR of 14.4% from 2017 to 2023.

Medical tourists travel abroad for the maintenance, enhancement, or restoration of their health through affordable healthcare facilities & treatments available in other countries, which are comparatively expensive in their own country. It is also linked with leisure and business travel. Therefore, there are several definitions of medical tourism in the market. Some of them include cosmetic, dental, wellness, and spa services. However, for the purpose of this report, wellness, spa, cosmetic, and dental treatment are excluded from the scope of this study.

Geographical convenience of Mexico for Mexico-bound health travelers who reside in South, North & Central America, and the Caribbean drive the market. In addition, 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 augment market growth. However, difficulties associated with travel, language barriers, documentation, and VISA approval issues, and lack of medical training and non-acceptance of healthcare insurances in Mexico restrict the market growth. Furthermore, 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.

The North America medical tourism market is segmented based treatment type and country. By treatment type, the market is divided into cardiovascular treatment, orthopedic treatment, neurological treatment, cancer treatment, fertility treatment, and other treatments. By country, the market is analyzed across U.S., Canada, and Mexico.

Key Benefits For North America Medical Tourism Market:
  • The study provides an in-depth analysis of the market along with current trends and future estimations to elucidate the imminent investment pockets.
  • The report provides a quantitative analysis for the period of 2016–2023 to enable stakeholders to capitalize on the prevailing market opportunities.
  • Extensive analysis of the market based on treatment type helps to understand the popular treatments for medical tourism.
North America Medical Tourism Key Market Segments:

By Treatment Type
  • Cardiovascular Treatment
  • Orthopedic Treatment
  • Neurological Treatment
  • Cancer Treatment
  • Fertility Treatment
  • Others
By Country
  • U.S.
  • Canada
  • Mexico
KEY PLAYERS PROFILED IN THE REPORT
  • Angeles en Línea
  • Centro Médico ABC
  • Galenia Hospital
  • Hospital San José
  • Médica Sur
  • SA de CV
  • Star Médica
Note: Product cover images may vary from those shown
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CHAPTER 1: INTRODUCTION
1.1. Report Description
1.2. Key Benefits
1.3. Key Market Segments
1.4. Research Methodology
1.4.1. Secondary research
1.4.2. Primary research
1.4.3. Analyst tools and models

CHAPTER 2: EXECUTIVE SUMMARY
2.1. CXO Perspective

CHAPTER 3: MARKET OVERVIEW
3.1. Market definition and scope
3.2. Key findings
3.2.1. Top investment pockets
3.2.2. Mexico in the global medical tourism market
3.3. Reimbursement scenario
3.4. Market dynamics
3.4.1. Drivers
3.4.1.1. Geographical convenience of Mexico
3.4.1.2. Recent Joint Commission International accreditations in Mexico
3.4.1.3. Government involvement in Mexico
3.4.1.4. Lower costs in Mexico
3.4.1.5. Technological advancements in healthcare
3.4.2. Restraints
3.4.2.1. Difficulties associated with travel, language barriers, documentation, and VISA approval issues
3.4.2.2. Lack of medical training and nonacceptance of healthcare insurances in Mexico
3.4.3. Opportunities
3.4.3.1. Rise in geriatric population due to baby boomers
3.4.3.2. Increase in R&D activities in the field of healthcare
3.4.4. Impact analyses

CHAPTER 4: NORTH AMERICA MEDICAL TOURISM MARKET, BY COUNTRY
4.1. Overview
4.1.1. Key market trends, growth factors and opportunities
4.1.2. Market size and forecast
4.1.3. Market volume and forecast
4.2. U.S.
4.2.1. Market size and forecast
4.2.2. Market volume and forecast
4.3. Canada
4.3.1. Market size and forecast
4.3.2. Market volume and forecast
4.4. Mexico
4.4.1. Market size and forecast
4.4.2. Market volume and forecast

CHAPTER 5: NORTH AMERICA MEDICAL TOURISM MARKET, BY TREATMENT TYPE
5.1. Overview
5.1.1. Market size and forecast
5.1.2. Market volume and forecast
5.2. Cardiovascular Treatment
5.2.1. Key market trends, growth factors and opportunities
5.2.2. Market size and forecast
5.2.3. Market volume and forecast
5.3. Orthopedic Treatment
5.3.1. Key market trends, growth factors and opportunities
5.3.2. Market size and forecast
5.3.3. Market volume and forecast
5.4. Neurological Treatment
5.4.1. Key market trends, growth factors and opportunities
5.4.2. Market size and forecast
5.4.3. Market volume and forecast
5.5. Cancer Treatment
5.5.1. Key market trends, growth factors and opportunities
5.5.2. Market size and forecast
5.5.3. Market volume and forecast
5.6. Fertility Treatment
5.6.1. Key market trends, growth factors and opportunities
5.6.2. Market size and forecast
5.6.3. Market volume and forecast
5.7. Other General Treatments
5.7.1. Key market trends, growth factors and opportunities
5.7.2. Market size and forecast
5.7.3. Market volume and forecast

CHAPTER 6: COMPANY PROFILES
6.1. Galenia Hospital
6.1.1. Company overview
6.1.2. Company snapshot
6.1.3. Product Portfolio
6.2. Centro Mdico ABC
6.2.1. Company overview
6.2.2. Company snapshot
6.2.3. Product Portfolio
6.3. Mdica Sur
6.3.1. Company overview
6.3.2. Company snapshot
6.3.3. Product Portfolio
6.4. Star Mdica
6.4.1. Company overview
6.4.2. Company snapshot
6.4.3. Product portfolio
6.5. Angeles en Lnea, SA de CV
6.5.1. Company overview
6.5.2. Company snapshot
6.5.3. Product portfolio
6.6. Hospital San Jos.
6.6.1. Company overview
6.6.2. Company snapshot
6.6.3. Product Portfolio
Note: Product cover images may vary from those shown
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According to a new report titled, "North America Medical Tourism Market, by Treatment Type: Global Opportunity Analysis and Industry Forecast, 2017-2023," the North America medical tourism market accounted for $20,279 million in 2016, and is estimated to reach $52,786 million by 2023, registering a CAGR of 14.4% from 2017 to 2023.

The process of traveling outside the country of residence for the purpose of receiving medical treatment and care is known as medical tourism. Medical tourists avail different treatments such as cancer treatment, cardiovascular treatment, neurological treatment, fertility treatment, and others. The escalation in healthcare costs associated in developed countries, has forced individuals to look for affordable alternatives, and has therefore imperatively contributed to supplement the medical tourism market.

Geographical convenience of Mexico for Mexico-bound health travelers who reside in South, North & Central America, and the Caribbean drive the market. In addition, 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 augment market growth. However, difficulties associated with travel, language barriers, documentation, and VISA approval issues, and lack of medical training and non-acceptance of healthcare insurances in Mexico restrict the market growth. Furthermore, 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.

Cancer treatment type segment is anticipated to continue to lead the market throughout the analysis period owing to increase with the number of cross-border travelers seeking high quality cancer treatment. In addition, cancer treatments are expensive and prolonged procedures; hence, good quality treatment available at affordable prices motivates several patients to choose medical tourism.

Furthermore, the neurological disorders treatment segment is anticipated to be the fastest growing treatment type segment with a CAGR of 14.9% from 2017 to 2023, owing to factors such as growth in prevalence of neurological diseases and surge in geriatric population.

Based on country, the market was dominated by Mexico which accounted for more than half of the overall North America medical tourism market in 2016. This growth is attributed to the availability of affordable medical treatments for several disease conditions and geographical proximity to U.S.

Key Findings of the North America Medical Tourism Market Study:

In 2016, cancer treatment generated the highest revenue, accounting about one-third of the overall market revenue and is projected to grow at a CAGR of 14.7% during the forecast period.
Neurological treatment is expected to grow with the highest CAGR of 14.9%
Mexico accounted for more than half of the North America medical tourism market in 2016.
Canada is anticipated to be the fastest growing medical tourism market during the analysis period, followed by Mexico.
Note: Product cover images may vary from those shown
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The analyst offers exhaustive research and analysis based on a wide variety of factual inputs, which largely include interviews with industry participants, reliable statistics, and regional intelligence. The in-house industry experts play an instrumental role in designing analytic tools and models, tailored to the requirements of a particular industry segment. The primary research efforts include reaching out participants through mail, tele-conversations, referrals, professional networks, and face-to-face interactions.

They are also in professional corporate relations with various companies that allow them greater flexibility for reaching out to industry participants and commentators for interviews and discussions.

They also refer to a broad array of industry sources for their secondary research, which typically include; however, not limited to:

  • Company SEC filings, annual reports, company websites, broker & financial reports, and investor presentations for competitive scenario and shape of the industry
  • Scientific and technical writings for product information and related preemptions
  • Regional government and statistical databases for macro analysis
  • Authentic news articles and other related releases for market evaluation
  • Internal and external proprietary databases, key market indicators, and relevant press releases for market estimates and forecast

Furthermore, the accuracy of the data will be analyzed and validated by conducting additional primaries with various industry experts and KOLs. They also provide robust post-sales support to clients.

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