Mar 04, 2020: The U.S. Medical Tourism market size is anticipated to reach USD 12.9 billion by 2026, expanding at a CAGR of 8.7%, based on a new report by Radiant Insights Inc. Improvements in healthcare technology and high standards of healthcare attract patients from other developed as well as developing countries to travel to U.S. for availing care pertaining to complex healthcare issues, including cardiovascular diseases and cancer. Facilities in other countries may not maintain accreditation or provider licensure. Hence, medical tourists prefer U.S. for healthcare to avail the highest care quality.
Most patients pay for treatment at time of service. The U.S. medical tourists travelling to other countries often rely on healthcare concierge services or private companies to identify healthcare facilities to suit their specific requirements. A few health insurance providers and large-scale employers in U.S. collaborate with hospitals outside the country to control employee healthcare costs.
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What is a Medical tourism?
Medical tourism refers to people traveling abroad to obtain medical treatment. In the past, this usually referred to those who traveled from less-developed countries to major medical centers in highly developed countries for treatment unavailable at home
Further key findings from the study suggest:
- The inbound segment dominated the market in 2018. Attractive healthcare travel packages for inbound tourists along with insurance, emerging trend of oncology tourism, and growing prevalence and early onset of chronic diseases are some of the factors driving U.S. inbound medical tourism
- The U.S. has known states for medical tourism that includes Florida, Pennsylvania, and Arizona. The legislators of Florida are trying to boost the number of patients travelling to the state. In April 2014, SB1150, (a bill) set aside USD 3.5 million for a 4 year campaign for marketing and promoting "sun-and-surgery" packages in the state. The bill is expected to force the local agency to market Florida as a healthcare destination
- As per the published article in 2018, around 5,000 people travel to Philadelphia for healthcare services. Wills Eye Hospital, Fox Chase Cancer Center, The Rothman Institute for Orthopedics are some of the affiliates of Philadelphia International Medicine (PIM) with clients from 50 countries and 70% of the clients are from Middle East. Patients have access to various specialties ranging from neuroscience to bone marrow transplant, liver and lung transplant to oncology services
- The U.S. outbound medical tourism segment is expected to grow at a rapid rate over the forecast period.High labor costs in developed countries such as U.S. is leading to an increase in the cost of operating hospitals, which in turn is resulting in an increase in patient expenditure. Conversely, lower operating costs and doctors' salaries in countries such as India is one of the factors responsible for affordable costs of healthcare services
- The key industry participants in U.S. inbound medical tourism market include Cleveland Clinic, MD Anderson Cancer Center, Mayo Clinic, The John Hopkins Hospital, TIRR Memorial Hermann, McLean Hospital, Dana-Farber Cancer Institute, Baptist Health South Florida, and Cancer Treatment Centers of America.
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Table of Contents
Chapter 1 Methodology and Scope
1.1 Market Segmentation & Scope
1.1.1 Estimates And Forecast Timeline
1.2 Research Methodology
1.3 Information Procurement
1.3.1 Purchased Database
1.3.2 GVR'S Internal Database
1.3.3 Secondary Sources
1.3.4 Primary Research
1.4 Information or Data Analysis
1.4.1 Data Analysis Models
1.5 Market Formulation & Validation
1.6 Model Details
1.6.1 Commodity Flow Analysis (Model 1)
1.6.2 Volume Price Analysis (Model 2)
1.7 List of Secondary Sources
1.8 Objectives
1.8.1 Objective - 1
1.8.2 Objective - 2
Chapter 2 U.S. Inbound Medical Tourism Market: Executive Summary
2.1 Market Outlook
2.2 Competitive Insights
2.3 U.S. Inbound Medical Tourism Market Outlook, 2018
Chapter 3 U.S. Inbound Medical Tourism Market: Variables, Trends & Scope
3.1 Market Segmentation
3.2 Penetration & Growth Prospect Mapping
3.2.1 Penetration Analysis
3.2.2 Market Driver Analysis
3.2.3 Market Restraint Analysis
3.3 U.S. Inbound Medical Tourism Market: Business Environment Analysis Tools
3.3.1 Porter's Five Forces Analysis
3.3.1.1 Threat Of New Entrants: Moderate
3.3.1.2 Bargaining Power Of Buyers: High
3.3.1.3 Bargaining Power Of Suppliers/Service Providers: Moderate
Continued……..
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