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 Grand View Research, 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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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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About Grand View Research
Grand
View Research, Inc. is a U.S. based market research and consulting company,
registered in the State of California and headquartered in San Francisco. The
company provides syndicated research reports, customized research reports, and
consulting services. To help clients make informed business decisions, we offer
market intelligence studies ensuring relevant and fact-based research across a
range of industries, from technology to chemicals, materials and healthcare.
For more info visit @ https://www.grandviewresearch.com
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