by The North America outbound medical tourism services market is estimated to be valued at US$ 77.7 billion in 2023 and is expected to exhibit a CAGR of 25.3% during the forecast period (2023–2030).
Key Takeaways
Major players operating in the North America Outbound Medical Tourism Services Market include Apollo Hospital Enterprise Limited, Bumrungrad International Hospital, KPJ Healthcare Berhad, Christus Muguerza Hospital, WorldMed Assist, Mednamaste, and Global Medical Tourism Inc.
Market Trends
The North America outbound medical tourism services market demand for cosmetic and elective surgeries remains one of the top reasons why North American patients travel abroad for medical care. Procedures such as rhinoplasty, breast augmentation, liposuction, and dental implants are often significantly cheaper in countries like Mexico and Thailand.
Growth in Specialized Care: While medical tourism was initially associated with cosmetic and elective surgeries, it is increasingly expanding into more specialized areas such as oncology, cardiology, orthopedics, and fertility treatments. Countries like India, Thailand, and Turkey have established themselves as global leaders in providing complex medical procedures at affordable rates. North American patients are now seeking high-quality care for conditions such as heart disease, cancer, and joint replacements abroad.
Technological Advancements: The use of technology is transforming the medical tourism sector. Telemedicine has become an essential tool for medical tourists, allowing patients to consult with doctors abroad before and after their procedures. Furthermore, platforms offering digital healthcare services, patient management systems, and online reviews of medical facilities are helping patients make informed decisions about their treatment destinations.
Porter’s Analysis
Threat of new entrants: Low capital requirements as research and lab equipment are readily available makes threat of new entrants high in this market.
Bargaining power of buyers: As outsourcing is gaining popularity, bargaining power of buyers is medium. Buyers can negotiate on price and demand high quality and timely delivery.
Bargaining power of suppliers: Availability of substitutes limits the bargaining power of suppliers. However, importance of proprietary knowledge and patents provide some bargaining power.
Threat of new substitutes: Threat is medium as improvements in alternate profiling techniques can provide substitutes.
Competitive rivalry: Intense as major players compete on technology leadership, price and quality of services.
Geographical Regions
The North America outbound medical tourism services market regions analysis shows that the North America region accounted for the largest share of the market in 2024 owing to increased R&D investments, advanced healthcare infrastructure, and rising prevalence of chronic diseases. The presence of major companies and availability of funds for research further supports market growth.
Asia Pacific region is poised to grow at the fastest CAGR during the forecast period. Improving economies, growing biotech and pharmaceutical sectors, rising awareness about personalized medicine and significant government support for healthcare and life science domains in countries such as China and India are expected to drive the market in the region.
Initiatives to set up and proteomics facilities will boost regional market
French German Italian Russian Japanese Chinese Korean Portuguese
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
Money Singh
Money Singh is a seasoned content writer with over four years of experience in the market research sector. Her expertise spans various industries, including food and beverages, biotechnology, chemical and materials, defense and aerospace, consumer goods, etc. LinkedIn
