North America Health Tourism Market By Treatment (Cosmetic Surgery, Dentistry, Cardiac Surgery, Orthopaedic Surgery, Bariatric Surgery, Reproductive, Oncology, Transplantation, Eye Surgery, Diagnostics and Others), Type of Intervention (Hospitals, Clinics, Bio-Medicine, Medicaments & Medical Devices, Complementary Medicines, Non-Medical Facilities and Others), Patient Mobility (Temporary Visitors, Long Term Residents, Outsourced Patients and Common Borders), Country (U.S., Canada and Mexico) – Industry Trends and Forecast to 2026
Health tourism is a modified version of healthcare industry which mainly focusses towards the needs of patients travelling to international borders for complicated surgeries and medical treatments. The number of patients travelling from U.S. to the international countries is mainly for dentistry purposes since the insurance services in the U.S. do not carry services for dental treatments which make the U.S. patients travel to different hospitals in the outside countries with high medical facilities for dentistry. Similarly, the cost of cardiac surgery treatment in the U.S. is very high due to high end medical facilities and equipment being used as compared to cardiac surgeries cost in the Asia-Pacific regions. High cost of cardiac surgery also makes the U.S. patients travel abroad for low cost cardiac surgeries.
Rising aging population in the U.S. is one of the key reasons for the growth of health tourism which is leading to growth in demand for health tourism market in North America.
North America health tourism market is expected to register a healthy CAGR in the forecast period of 2019 -2026
Segmentation: North America Health Tourism Market
North America health tourism market is segmented into three notable segments which are treatment, type of intervention and patient mobility.
- On the basis of treatment, the market is segmented into cosmetic surgery, dentistry, cardiac surgery, orthopedic surgery, bariatric surgery, reproductive, oncology, transplantation, eye surgery, diagnostics and others
- In March 2018, Prince Court Medical Centre was acquired by Khazanah Nasional Bhd for an undisclosed sum which will assist both the companies to share their services and get operational support.
- On the basis of type of intervention, the market is segmented into hospitals, clinics, bio-medicine, medicaments & medical devices, complementary medicines, non-medical facilities and others
- In April 2019, Wockhardt Hospital performed a new technology based bypass cardiac surgery and it was mentioned to be successful. The expansion will help the hospital to introduce a new technology which will increase its business.
- On the basis of Patient mobility, the market is segmented into temporary visitors, long term residents, outsourced patients and common borders
- In March, Raffles Medical Group expanded to a fully medical complex specialist centre in order to grow its clinical services among its patients and to meet the growing patient’s needs. The expansion will help the medical group to treat more number of patients in less amount of time.
Competitive Analysis: North America Health Tourism Market
Some of the major players operating in this market are KPJ Healthcare Berhad, Apollo Hospitals Enterprise Ltd, Bumrungrad International Hospital, IHH Healthcare Berhad, Raffles Medical Group, BANGKOK CHAIN HOSPITAL PUBLIC COMPANY LIMITED, Prince Court Medical Centre, University Hospital Motol, Clinical Center of Serbia, Columbia Asia, Wockhardt Hospitals, Asklepios Kliniken GmbH & Co. KGaA, Asian Heart Institute, Min-Sheng Hospital, Apex Heart Institute, Medical Star, Hospital CMQ, Sani Dental Group, Bravo Development Group, Inc. and Angeles Health International among others
- In June 2019, Asklepios Kliniken GmbH & Co. KGaA. invested in a new business segment namely digital technologies to accelerate its transformation into digital health care group. The expansion will broaden the range of digital services to relieve employees and open up new business areas in the market.
- In May 2019, Kasemrad Hospital opened a new revamped Paediatric Centre for the children’s with modern medical technology and a team of expert paediatricians who can provide 24-hour service.
- In July 2018, Clinical Centre of Serbia received the permission of their Prime Minister Ana Brnabic for reconstructing the works of approximately 134,000 square metres and construction of technical blocks A1, B, E and D. The investment has been done through European Investment Bank which also gave a green signal for the Clinical Centre of Vojvodina.
Research Methodology: North America Health Tourism Market
Primary Respondents: Key Industry Participants, Subject-Matter Experts (SMEs), C-level Executives of Key Market Players, Market Intelligence Managers, National Sales Managers and Industry Consultants.