Medical Tourism Market Growth in the North America Booming in 2018 and Predicted to Achieve Double Digit CAGR of 14.4% by 2023

The Medical Tourism Market in North America 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 tourism can be defined as 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. This treatment may include a wide array of medical services; however, the most frequently availed services include cancer treatment, orthopedic treatment, neurological disease treatment, elective surgery, fertility treatment, and others.

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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.

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North America is expected to be the major host for medical tourists from across the world, owing to presence of advanced medical technology and expertise in medical services provided in the region. In addition, it is perceived that the overall quality of medical services in North America is higher than in the rest of the world. Mexico is one of the major destinations for medical tourism, as it offers a wide number of high-quality treatments at considerably lower costs as compared to the U.S.

U.S. is another key tourism destination in North America, especially for advanced specialized treatments for cancer, neurological, and cardiovascular ailments.

The key players profiled in this report include

• Angeles en Lnea,
• Centro Mdico ABC,
• Galenia Hospital,
• Hospital San Jos,
• Mdica Sur,
• SA de CV, and
• Star Mdica.

Table Of Content

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

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