According to the research report titled ‘North America Medical Tourism Market Forecast 2027 By Application, Research Report, Regional Outlook, COVID-19 Impact Statistics, Price Trends, Historic Data, Growth Prospects, Competitive Industry Share’, available with Market Study Report, North America medical tourism market is anticipated to record a strong CAGR and surpass a valuation of USD 3 billion by the year 2027.
 

Various advantages available for people seeking medical treatments, coupled with investments by local governments in promoting medical travel are the major factors driving the North America medical tourism market growth.
 

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In addition, integration of latest technologies in the healthcare sector, proliferation of high-speed internet service, and rising adoption of smartphones are positively swaying the industry dynamics. Increasing geriatric population, rising disposable income, and increasing concerns related to skin conditions are further augmenting medical tourism in North America.
 

For instance, the American Medical Association launched policies and guidelines for insurance companies, employers, and other entities in the industry. These guidelines are related to patient rights, accredited facilities, appropriate follow-up care, and potential risks associated with surgical procedures concurrent with recreational activities and long journeys.
 

It is to be noted that medical tourism is the practice of traveling abroad for medical treatments and therapies. Patients from less developed countries look for medical services that are not available locally. These individuals aim for restoration of health and overall wellbeing, gain from insurance incentives, along with pursuing recreational activities offered by the foreign land.
 

Considering application range, North America medical tourism industry is segmented into cardiovascular surgery, bariatric surgery, cosmetic surgery, dental surgery, orthopedic surgery, fertility treatment, oncology treatment, and others. Among these, cosmetic surgery segment is slated to record 8.6% CAGR between 2020 and 2027, owing to rising consciousness regarding facial appearance.
 

According to a survey on cosmetic procedures by the International Society of Aesthetic Plastic Surgery (ISAPS), the number of cosmetic surgeries rose by 7.4% during 2019. As cosmetic surgeries are considered as elective procedures, they are generally not covered by medical insurance plans, thus increasing the procedural cost. This is the reason many foreign nationals seek affordable cosmetic treatments with upgraded technologies.
 

Speaking of regional analysis, the U.S. medical tourism market share accounted for USD 673 million in 2020 and is likely to showcase lucrative growth trends over the projected timeline, due to strong medical research aimed at developing innovative therapies and treatments.
 

Prominent players influencing North America medical tourism industry trends are University Health Network, Orchard Recovery Center, Canadian Biologics Inc., Advanced Surgical Operatory Ltd., Elite Skin Rejuvenation Ltd., CubaHeal Medical Tourism Inc., North American Specialty Hospital, Jackson Health System, Cleveland Clinic, and American Medical Care.