Expanding medical tourism industry is fostering the growth of the North America outbound medical tourism services market

 

North America Outbound Medical Tourism Services Market

The growing rate of health insurance premiums is driving the growth of the North America outbound medical tourism services market. For instance, according to The National Conference of State Legislatures, in 2018 the average annual premium for employer-based family coverage increased 5% to US$ 19,616 for single coverage, premiums increased 3% to US$ 6,896 compared to that in 2017. Increasing investment in the U.S. is expected to propel the market growth of the North America outbound medical tourism services in the near future. For instance, according to American Heart Association 2019 Heart Disease and Stroke Statistics, the mean hospital charge for a heart transplant in the U.S. was US$ 808,770. Expansion of medical tourism in the region is projected to foster the growth of the North America outbound medical tourism services market over the forecast period.

On the other hand, lack of effective follow-up care on returning home is expected to hinder the growth of the North America outbound medical tourism services market

1.      In February 2020, Bumrungrad International Hospitalattended the 51st International Training Course for Full-Endoscopic Operations of the Lumbar, Thoracic, and Cervical Spine.

2.      In January 2020, Christus Muguerza Hospital acquired the Signa Voyager 1.5 Tesla Magnetic Resonance of the General Electric brand.

Outbound medical tourism services have gained a lot of popularity in recent years and especially in the developed world. The reason behind patients opt for outbound medical tourism is for increased access to better health services especially for their chronic condition. Another factor that plays a significant role is inexpensive treatment availability and quick treatment availability; these factors have been playing a huge role in pushing the outbound sector of medical tourism. There are multiple product types offered by this industry including; maternity packages, family package, wellness package, cosmetic surgery package, dental packages, orthopedic package, and others. Tourists from all around the world visit India for various treatment procedures to cure their disease and stay fit. But due to a shortage of medical staff and other infrastructure facilities, many tourists are not able to get treatment at the desired place and avail treatment at a high cost.

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.


Location: India

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