Medical Tourism to Reach over $52 Billion by 2023
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.
According to the report, 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.