As per Future Market Insights (FMI), the U.S. outbound tourism market is poised to reach a valuation of US$ 101,697.0 Million in 2022. Sales are projected to increase at a 16.3% CAGR between 2023 and 2033, totaling around US$ 458,986.8 Million by 2032.
The increasing popularity of corporate travel, leading tour and travel companies’ introduction of new attractive packages targeting tourists from the U.S., growing preference for medical treatments abroad by many Americans due to cost effective treatment options across nations such as India, Japan China drive growth in the outbound segment (U.
Medical tourism refers to those who are medically treated in other countries. Previously, this related mostly to patents who crossed from developing nations into leading medical facilities of high developed countries for seeking treatment that was not there. However, lately it may also mean people who relocate from developed to developing countries in order get treatment for lesser costs.
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Due to the affordable travel and access to cutting-edge cosmetic surgery, many American patients fly to South or Central American nations like Costa Rica, Argentina, or Brazil for cosmetic procedures. Patients from the United States who require primary and dental care frequently travel to Mexico.
As Americans travelled to countries in Central America, including Costa Rica, for dental care that wasn’t covered by insurance, “Dental Tourism” quickly took off. Dental work makes up around 40% of the current medical tourism from the U.S., according to estimates. For high-quality dental care at around half the cost, American medical tourists frequently travel to Costa Rica. According to the Medical Tourism Association, the majority of American patients receive healthcare in Mexico or India.
Modern amenities are currently available in nations like Thailand and India for life-saving procedures like heart surgery and hip or knee replacements. Singapore, Belgium, and South Africa are a few other well-liked locations. For affordable medical and dental care, many people from the U.S. to various other regions of the world. This will boost the U.S. outbound tourism market during the projection period.
Similarly, growing interest among the American population to spend their leisure time exploring the beauty and culture of other nations, especially developing ones, is expected to aid in the expansion of the U.S. outbound tourism market over the next ten years.
Key Takeaways from the U.S. Outbound Tourism Market Study:
· The U.S. outbound tourism market is expected to grow at 16.3% CAGR through 2032.
· The top three tourist destinations for U.S. outbound tourism are Mexico, Peru, and Colombia.
· Business travels and medical tourism are the most popular purpose types in the U.S. outbound tourism market
· Based on booking channel, the online booking segment leads the U.S. outbound tourism market.
· By age group, the 26-35 years’ segment contributes most to the U.S. outbound tourism market.
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“With increasing number of business trips and booming medical tourism, the U.S. outbound tourism market is set to witness remarkable growth during the next ten years,” – says a lead FMI analyst.
Who is Winning?
Key players operating in the U.S. outbound tourism market
· Butterfield & Robinson
· Expedia Inc.
· Priceline Group
· America Express Global Business Travel
· BCD Travel
· Carlson Wagonlit Travel
· HRG North America
· FC US
· America Express Travels
· Travel Leaders Group
It is common knowledge that every traveler has different needs and expectations while making travel plans. Only when a travel agency satisfies the needs and preferences of the traveler will it be recognized and held to the highest standards in the industry. As a result, companies are continuously introducing new attractive packages to woo more and more customers.
About Future Market Insights, Inc. (FMI)
Future Market Insights, Inc. (ESOMAR certified, recipient of the Stevie Award, and a member of the Greater New York Chamber of Commerce) offers profound insights into the driving factors that are boosting demand in the market. FMI stands as the leading global provider of market intelligence, advisory services, consulting, and events for the Packaging, Food and Beverage, Consumer Technology, Healthcare, Industrial, and Chemicals markets. With a vast team of over 5000 analysts worldwide, FMI provides global, regional, and local expertise on diverse domains and industry trends across more than 110 countries.
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