Trusted Business Insights answers what are the scenarios for growth and recovery and whether there will be any lasting structural impact from the unfolding crisis for the U.S. Medical Tourism market.

Trusted Business Insights presents an updated and Latest Study on U.S. Medical Tourism Market 2019-2026. The report contains market predictions related to market size, revenue, production, CAGR, Consumption, gross margin, price, and other substantial factors. While emphasizing the key driving and restraining forces for this market, the report also offers a complete study of the future trends and developments of the market.The report further elaborates on the micro and macroeconomic aspects including the socio-political landscape that is anticipated to shape the demand of the U.S. Medical Tourism market during the forecast period (2019-2029).It also examines the role of the leading market players involved in the industry including their corporate overview, financial summary, and SWOT analysis.

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Industry Insights, Market Size, CAGR, High-Level Analysis: U.S. Medical Tourism Market

The U.S. medical tourism market size was valued at USD 6.7 billion in 2018 and is expected to register a CAGR of 8.7% over the forecast period. Though the number of Americans traveling outside U.S. for availing medical treatments is increasing, inbound medical tourism in the country is also witnessing a significant growth.Joint Commission International (JCI) is a nonprofit organization that evaluates healthcare facilities around the world. JCI accreditation is considered the benchmark for quality care in hospitals and clinics. JCI accredits over 15,000 healthcare facilities in U.S. Most hospitals in the country are focusing on creating a medical tourism revenue stream. Thus, these hospitals should build on their already existing portfolio rather than adding new service lines.In U.S., major healthcare facilities, through their international patient departments, are promoting themselves across different countries worldwide. Patients from several countries travel to U.S. for factors such as better quality care, faster treatments, and access to procedures that are unavailable in their home countries.

JCI partners with hospitals, clinics, and academic healthcare centers; health systems and agencies, and government ministries to promote rigorous standards of care and to provide solutions for achieving peak performance. The eligible hospitals receive international accreditation and certification by the JCI. JCI accreditation are considered as a gold standard in the medical tourism industry.

Type Insights of U.S. Medical Tourism Market

Based on type, the market is segmented into inbound and outbound. Inbound medical tourism segment dominated the market in 2018 due to the increasing incidence of cancer, cardiovascular disorders, and other chronic conditions. The country hosts a strong research pipeline for advanced treatment alternatives to conventional procedures such as human genetic engineering. Since 2018, four clinical trials were launched in U.S. to use CRISPR to treat serious medical conditions including cancers such as melanoma and lymphoma.However, U.S. outbound medical tourism is expected to grow at a rapid rate over the forecast period. Availability of additional benefits including better healthcare, latest technologies, innovative medicines, modern devices, better hospitality, and personalized care are some of the drivers of this market. The demand for outbound medical tourism was contributed by Thailands status as one of the most popular tourism destinations in Asia.

Market Share Insights of U.S. Medical Tourism Market

The key industry participants in the U.S. inbound medical tourism marketinclude 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.These hospitals undertake several strategies, including partnerships and collaborations with employers, overseas physicians, and other travel service organizations, to attract medical tourists. For instance, Cleveland Clinic Abu Dhabi partnered with Etihad Airways to offer medical travel packages, thereby promoting Abu Dhabi as a prominent medical travel destination.Some of the key participants in the U.S. outbound medical tourism market include Gleneagles Hospital, Samitivej Hospital, Prince Court Medical Centre, Fortis Hospital, Christus Muguerza Super Specialty Hospital, and Shouldice Hospital. Medical tourists travel from high-cost to low-cost countries for healthcare due to them being uninsured or underinsured and prolonged wait time for appointments in U.S. Thus, cross border healthcare is primarily driven by the need of patients for treatment affordability, no waiting lists, and high quality of care.Several innovative health insurance plans have been developed to support outbound medical tourism in U.S. For instance, Access Baja has been introduced in California in January 2018 to offer coverage options with copayments and low premiums for employees working in U.S., who want access healthcare services in Mexico.In 2019, Sistemas Medicos Nacionales S.A. de C.V. became the first Mexican HMO to receive a healthcare service plan licensed by the State of California. It offers employees living in San Diego county or Tijuana with affordable across-the-border healthcare service plans, which is licensed by the California Department of Managed Health Care, subject to Knox-Keene Health Care Service Plan Act.

Segmentations, Sub Segmentations, CAGR, & High-Level Analysis overview of U.S. Medical Tourism Market Research ReportThis report forecasts revenue growth at country level and provides an analysis of the latest industry trends in each of the sub-segments from 2015 to 2026. For this study, this market research report has segmented the U.S. medical tourism market report based on type:

Type Outlook (Revenue, USD Million, 2019 2030)

Inbound

Outbound

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US Medical Tourism Market 2020: Analysis Of Sales, Overview, Segmentation And Growth Rate To 2027 - Cole of Duty