Medical tourism is in high demand among global patients particularly because of low-cost medical treatments in developing countries than developed countries. Most countries have developed strategic initiatives to promote digitalization in healthcare services that create a demand to seek the best treatment irrespective of the region. Globalization has been a primary driving force in medical tourism, enabling many consumers to obtain the highest quality and most affordable healthcare treatments.
According to Data Bridge Market Research, the North America Health Tourism Market was valued at USD 25.77 million in 2021 and is expected to reach USD 376.04 million by 2029, registering a CAGR of 39.8% during the forecast period of 2022-2029.
“Increasing Globalization Trend Surge the Market Growth”
Medical tourism has been majorly fueled by globalization, which has allowed many patients to access the highest-caliber, most affordable medical care. For the U.S. and other citizens of industrialized nations, globalization leads to better medical care and contributes to cost savings of up to 25% to 75%. Consequently, the trend toward globalization allows people to access high-quality, affordable healthcare across borders, which is expected to boost the growth of the global health tourism market. Therefore, this factor boosts market growth.
What restraints the growth of the North America Health Tourism Market?
‘’Complications in Transferring Medical Records”
Discrepancies in the summary provided to the patients and those kept in the hospital records can cause doubt about tampering with the medical records. These discrepancies should be avoided since the benefit favors the patient. Also, loss or destruction of data occurs during data transfer creating concerns about the accuracy of the data. Thus, these factors impede market growth.
Segmentation: North America Health Tourism Market
The North America health tourism market is segmented based based on service, type of treatment, age group, and service provider.
- Based on service, North America health tourism market is segmented into transport, accommodation, hospitality and others
- Based on the type of treatment, North America health tourism market is segmented into cosmetic treatment, dental treatment, cardiovascular treatment, orthopaedic treatment, bariatric treatment, fertility treatment, cancer treatment, ophthalmic treatment, neurological treatment and others.
- On the basis of age group, North America health tourism market is segmented into senior citizens, minors and adults.
- On the basis of service provider, North America health tourism market is segmented into private and public.
Regional Insights: U.S. is expected to dominate the North America Health Tourism Market
- The U.S. dominates the market due to the rise in medical services costs in developed countries. Also, the growing huge price difference and better quality healthcare services in developing countries lead to the market's growth.
To know more about the study, visit, https://www.databridgemarketresearch.com/reports/north-america-health-tourism-market
Recent Developments in North America Health Tourism Market
- In 2019, Apollo Hospitals Enterprise Ltd. announced that it had won the Times Health Icons Awards 2019 in five categories. This award has assisted the company in increasing the value of its brand in the market and attracting new customers, resulting in business expansion to various cities and countries.
- In 2021, UZ LEUVEN opened a COVID testing center in numerous locations, mainly for travelers. This has assisted the company in reaching out to new customers and extending its business, mainly during the Ontario Hockey League, organized by the GP association Khobra.
The Prominent Key Players Operating in the North America Health Tourism Market Include:
- Apollo Hospitals Enterprise Ltd. (India)
- Fortis Healthcare (India)
- KPJ HEALTHCARE BERHAD (Malaysia)
- Nippon Telegraph and Telephone East Corporation (Japan)
- ADITYA BIRLA HEALTH SERVICES LTD. (India)
- Samitivej PCL (Thailand)
- BB Healthcare Solutions (U.K.)
- UZ LEUVEN (Belgium)
- Berkalp Co-Limited (Ireland)
- MEDIC ABROAD (U.S.)
- AMERICAN MEDICAL CARE (U.S.)
- MEDICINE PARK UNITED KINGDOM (U.K.)
- Hospital Galenia (Mexico)
- Centro Médico ABC (Mexico)
- Sun Pharmaceutical Industries Ltd. (India)
Above are the key players covered in the report, to know about more and exhaustive list of North America health tourism market companies contact, https://www.databridgemarketresearch.com/contact
Research Methodology: North America Health Tourism Market
Data collection and base year analysis are done using data collection modules with large sample sizes. The market data is analyzed and estimated using market statistical and coherent models. In addition, market share analysis and key trend analysis are the major success factors in the market report. The key research methodology used by DBMR research team is data triangulation which involves data mining, analysis of the impact of data variables on the market, and primary (industry expert) validation. Apart from this, data models include Vendor Positioning Grid, Market Time Line Analysis, Market Overview and Guide, Company Positioning Grid, Company Market Share Analysis, Standards of Measurement, North America vs Regional and Vendor Share Analysis. Please request analyst call in case of further inquiry.
