Pune, India, Jan. 20, 2022 (GLOBE NEWSWIRE) --
As per a recent industry report put forward by Graphical Research, the North America medical tourism market is forecast to register its name in the billion-dollar fraternity down the line of seven years, by exceeding a revenue of USD 3 billion by 2027.
North America medical tourism market forecast is fueled by the availability of highly skilled medical staff and use of advanced technologies to offer diagnosis and treatment. The concept of medical tourism has gained immense popularity among both the developed and developing regions.
Governments and medical authorities in North America are introducing a wide variety of initiatives and policies to increase the inflow of international patients. The main aim behind this is to improve the economic development prospects of the region.
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The American Medical Association introduced several guidelines and policies for insurance companies, employers, and others that are working in the market. These sets of rules and regulations are all about proper follow-up care, accredited facilities, patient’s rights, and risks involved in surgeries. All these efforts will improve the quality of healthcare system in the country.
Some of the vital trends that will foster this industry forecast are mentioned below:
Growing compliance towards international medical standards:
Many medical bodies in North America are taking steps to comply with the international medical standards laid down by global authorities. The main objective behind this is to improve the efficiency of surgeries and enhance the quality of medical services offered to clients. Medical tourism provides unique economic development opportunities for countries in the region, which makes the concept quite appealing to the federal authorities.
The percentage of people traveling to North America for medical purposes is growing at a notable rate every year. The regional governments are supporting medical tourism services by providing adequate funding to the healthcare sector.
Medical tourism finds high application in cardiovascular treatments:
Since cardiovascular diseases are the leading cause of death across the world, North America medical tourism market share from cardiovascular surgery will record a CAGR of 8.4% through 2027. A major reason behind this is that the region offers a wide variety of advanced services like innovative medication, personalized care, and use of modern devices to optimize the treatment. Some of the common forms of cardiovascular surgeries are heart valve replacement, angioplasty, pacemaker insertion, and others.
Cardiovascular treatments in North America are undergoing some amazing technological advancements to improve the accuracy of diagnosis and surgical procedures. The other non-technological improvements taking place in the region are progresses in healthcare policies & educational structure, and high availability of experienced cardiac surgeons and centers.
Demand for cosmetic surgeries grows in North America:
The need to look younger and overcome severe skin disorders has fueled the demand for cosmetic surgeries in North America. This is the reason why medical tourism is also gaining popularity as many people from different countries are traveling to the region every year to get cosmetic procedures done. According to a global survey on cosmetic surgeries, carried out by the International Society of Aesthetic Plastic Surgery (ISAPS), the number of cosmetic procedures performed in 2019 saw a significant increase of 7.4%. Some of the popular cosmetic surgeries carried out are facelifts, Botox fillers, high-end laser treatments, and many others.
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US market gains momentum:
US medical tourism market is expected to gain traction in the coming years and had already achieved a valuation of over $673 million in 2020. One of the important reasons behind this is that the country is implementing some advanced technologies in its healthcare sector and is receiving a lot of government support in this regard.
As the authorities have realized the true potential of medical tourism in the future, they are bringing in initiatives and schemes to promote the same in the country. Medical tourism can play a vital role in not only improving the economic development prospects of the US but can generate large-scale employment opportunities and enhance the medical infrastructure. Hospitals in the country are getting into collaborations with other clinics and medical professionals staying overseas with the aim to attract as many medical tourists as possible.
Medical tourism is a popular concept in the healthcare sector of North America that has the potential to showcase substantial progress in the future. The large-scale influx of patients from developing regions is one of the many factors playing an important role in the economic development of countries involved in medical tourism.
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About Graphical Research:
Graphical Research is a business research firm that provides industry insights, market forecast and strategic inputs through granular research reports and advisory services. We publish targeted research reports with an aim to address varied customer needs, from market penetration and entry strategies to portfolio management and strategic outlook. We understand that business requirements are unique: our syndicate reports are designed to ensure relevance for industry participants across the value chain. We also provide custom reports that are tailored to the exact needs of the customer, with dedicated analyst support across the purchase lifecycle.
