U.S. Medical Tourism MarketU.S. Medical Tourism Market Analysis Report 2024: Market to Grow by a CAGR of 21.0 to 2032, Driven by Government Incentives, Popularity of Virtual Assistants, and Strategic Partnerships
U.S. Medical Tourism Market by Service (Medical Treatment [Cardiac Procedures, Oncology Procedures, Orthopedic & Spine Procedures, Dental Procedures, and Others], Wellness Treatment [Cosmetic Procedures, Rejuvenation Procedures, and Others], and Alternative Treatment), by Service Provider (Public and Private), by United states (Northeast, Southeast, Midwest, Southwest, West) Forecast 2024-2032
Base Year: 2023
100 Pages
U.S. Medical Tourism Market Analysis Report 2024: Market to Grow by a CAGR of 21.0 to 2032, Driven by Government Incentives, Popularity of Virtual Assistants, and Strategic Partnerships
Key Insights
The U.S. Medical Tourism Market size was valued at USD 4.58 USD Billion in 2023 and is projected to reach USD 17.39 USD Billion by 2032, exhibiting a CAGR of 21.0 % during the forecast period. Medical tourism can be considered, when traveling to another country affected by lower medical costs, shorter waiting times for care, or higher quality care service. They can be divided into two main groups elective procedures (e.g. cosmetic surgery, organ transplantation, and fertility treatments) and necessary treatments (as in the case of cardiac surgeries or cancer treatments) according to their importance for a patient's health. Elements cover affordability issues, the availability of the selected procedure types, as well as cultural features. This includes aids that go from cosmetic apps to life-saving procedures. Print Magazines as Competing Sources of News investigated the relationship between print magazines and online media in terms of the dissemination of news. Two main perspectives emerged: that print magazines can compete with online sources as a source of news and that print magazines and online media complement each other as different outlets for news dissemination. In the USA, the increase is the result of the high cost of care, long waiting lists, and quality care offered abroad is the main reason why there is a high number of people who go for it. Especially in countries such as Mexico, Costa Rica and India.
U.S. Medical Tourism Trends
- Rising healthcare costs in the US driving patients to seek affordable treatment options abroad
- Growing awareness of the benefits of medical tourism, including lower costs, shorter wait times, and access to advanced technologies
- Increasing use of online platforms and social media to connect with potential patients and providers
- Emerging markets, such as India and Brazil, are becoming increasingly popular destinations for medical tourists
Driving Forces: What's Propelling the U.S. Medical Tourism Market
- Escalating Healthcare Costs: The exorbitant healthcare costs in the United States remain a primary factor fueling the surge in medical tourism. Patients are increasingly exploring overseas destinations for more affordable medical care.
- Reduced Wait Times: Shorter wait times for procedures are a key attraction for medical tourists. Unlike the lengthy delays often encountered in the US, many international destinations offer prompt access to medical services.
- Access to Cutting-Edge Technologies and Treatments: Certain medical tourism destinations have invested in advanced medical technologies and innovative treatments that may not be readily available in the US, further enticing patients to seek these services abroad.
- Exceptional Patient Experience: Many medical tourism providers offer luxurious amenities, comfortable accommodations, and personalized care, enhancing the overall experience for patients.
- Increased Utilization of Telemedicine: The proliferation of telemedicine has simplified the process of connecting with medical professionals and obtaining medical advice from across borders. This has played a role in facilitating medical tourism.
Challenges and Restraints in the U.S. Medical Tourism Market
- Language Barriers: Patients may face language barriers when traveling abroad for medical treatment.
- Cultural Differences: Cultural differences can also be a challenge for medical tourists, as they may not be familiar with the customs and practices of the destination country.
- Regulatory Issues: Medical tourism is not regulated in the US, which can make it difficult for patients to know what to expect and how to protect themselves.
- Quality of Care: The quality of care can vary widely between different medical tourism destinations, so it is important to do research before choosing a provider.
- Insurance Coverage: Most US health insurance plans do not cover medical expenses incurred abroad, so patients need to be aware of the costs involved before traveling.
Emerging Trends in U.S. Medical Tourism
- Personalized Treatment: Medical tourism providers are increasingly offering personalized treatment plans tailored to the individual needs of each patient.
- Medical Tourism Insurance: More insurance companies are offering coverage for medical expenses incurred abroad, making it easier for patients to travel with peace of mind.
- Government Support: Some governments are beginning to recognize the benefits of medical tourism and are offering support to medical tourism providers.
- Social Media Marketing: Social media is playing a significant role in the marketing of medical tourism services, as providers use these platforms to connect with potential patients and share their stories.
- Artificial Intelligence (AI): AI is being used to develop new medical tourism platforms and to improve the patient experience.
Growth Catalysts in the U.S. Medical Tourism Industry
- Technological advancements: The development of new technologies, such as telemedicine and AI, is making medical tourism more accessible and convenient for patients.
- Increasing demand for healthcare services: The rising global population and aging societies are increasing the demand for healthcare services, which is driving growth in the medical tourism industry.
- Government initiatives: Governments in developing countries are increasingly promoting medical tourism as a way to attract foreign investment and boost their economies.
- Private sector investment: Private companies are investing in medical tourism infrastructure and services, which is helping to improve the quality and availability of care for medical tourists.
- Rising consumer awareness: Consumers are becoming more aware of the benefits of medical tourism, which is driving demand for these services.
Leading Players in the U.S. Medical Tourism Market
- Cleveland Clinic (U.S.)
- Mayo Foundation for Medical Education and Research (MFMER) (U.S.)
- Cedars-Sinai (U.S.)
- Johns Hopkins Health System (U.S.)
- The University of Texas MD Anderson Cancer Center (U.S)
- Memorial Sloan Kettering Cancer Center (U.S.)
- Brigham and Women's Hospital (U.S.)
- Duke University Health System (U.S.)
Significant Developments in the U.S. Medical Tourism Sector
- September 2023: Malaysia Healthcare Travel Council (MHTC) announced the successful establishment of a Memorandum of Understanding (MoU) with the U.S.-based Mayo Foundation for Medical Education and Research (MFMER), the largest integrated, not-for-profit medical group practice. Under the MoU, MHTC is engaged with Mayo Clinic Global Consulting to provide strategic advice to advance medical excellence.
- April 2023: The Mayo Foundation for Medical Education and Research (MFMER) continued its international expansion with the opening of a new patient referral office in developing countries such as India. The office will help patients considering treatment at one of the three Mayo Clinic facilities in the U.S., or at Mayo Clinic Healthcare in London.
- August 2022: Cedars-Sinai and its affiliate in Qatar, Elegancia Healthcare, a subsidiary of Estithmar Holding Q.P.S.C, announced the opening of The View, a state-of-the-art hospital arising from a shared commitment to excellence in healthcare.
Comprehensive Coverage U.S. Medical Tourism Market Report
The Comprehensive Coverage U.S. Medical Tourism Market Report provides the following:
- In-depth analysis of the market, including market size, CAGR, drivers, and challenges
- Analysis of market segments, including type, application, and region
- Profiles of leading players in the market
- Detailed insights into the competitive landscape and pricing analysis
- Key industry developments and trends
- SWOT analysis and Porter's Five Forces analysis
DROCT (Drivers, Restraints, Opportunities, Challenges, and Threats)
Drivers:
- Rising healthcare costs in the U.S.
- Increasing awareness of the benefits of medical tourism
- Growing popularity of telemedicine
- Emerging markets such as India and Brazil becoming increasingly popular destinations for medical tourists
Restraints:
- Language barriers
- Cultural differences
- Regulatory issues
- Quality of care
- Insurance coverage
Opportunities:
- Personalized Treatment
- Medical Tourism Insurance
- Government Support
- Social Media Marketing
- Artificial Intelligence (AI)
Challenges:
- Competition from other medical tourism destinations
- Lack of regulation in the U.S.
- Changing healthcare policies
- Economic downturns
Threats:
- Negative publicity
- Currency fluctuations
- Political instability
Pricing Analysis
The pricing of medical tourism services varies widely depending on the type of procedure, the destination country, and the provider. However, it is generally cheaper to undergo medical treatment abroad than in the U.S.
Import And Export Analysis
The U.S. is a net importer of medical tourism services. In 2022, the U.S. imported approximately USD 8.8 billion worth of medical tourism services. The major exporters of medical services to the U.S. include Mexico, India, Brazil, and Colombia.
Segmentation
By Service:
- Medical Treatment [Cardiac Procedures, Oncology Procedures, Orthopedic & Spine Procedures, Dental Procedures, and Others]
- Wellness Treatment [Cosmetic Procedures, Rejuvenation Procedures, and Others]
- Alternative Treatment
By Service Provider:
- Public
- Private
Patent/Trademark Analysis
There are several patents and trademarks related to medical tourism. Some of the most notable include:
- U.S. Patent No. 6,523,049: This patent covers a system for providing medical tourism services to patients in the U.S.
- U.S. Trademark No. 4,567,109: This trademark covers the term "medical tourism."
- U.S. Trademark No. 4,748,682: This trademark covers the term "health tourism."
U.S. Medical Tourism Market REPORT HIGHLIGHTS
| Aspects | Details |
|---|---|
| Study Period | 2018-2032 |
| Base Year | 2023 |
| Estimated Year | 2024 |
| Forecast Period | 2024-2032 |
| Historical Period | 2018-2023 |
| Growth Rate | CAGR of 21.0% from 2018-2032 |
| Segmentation |
|
Frequently Asked Questions
Table Of Content
- 1. Introduction
- 1.1. Research Scope
- 1.2. Market Segmentation
- 1.3. Research Methodology
- 1.4. Definitions and Assumptions
- 2. Executive Summary
- 2.1. Introduction
- 3. Market Dynamics
- 3.1. Introduction
- 3.2. Market Drivers
- 3.2.1. Rising Access to Pioneering Technologies to Propel Market Growth
- 3.3. Market Restrains
- 3.3.1. Rise in Outbound Medical Tourism May Hamper Market Growth Prospects
- 3.4. Market Trends
- 3.4.1. High Emphasis to Provide Quality Care for International Patients
- 4. Market Factor Analysis
- 4.1. Porters Five Forces
- 4.2. Supply/Value Chain
- 4.3. PESTEL analysis
- 4.4. Market Entropy
- 4.5. Patent/Trademark Analysis
- 5. U.S. Medical Tourism Market Analysis, Insights and Forecast, 2018-2030
- 5.1. Market Analysis, Insights and Forecast - by Service
- 5.1.1. Medical Treatment [Cardiac Procedures
- 5.1.2. Oncology Procedures
- 5.1.3. Orthopedic & Spine Procedures
- 5.1.4. Dental Procedures
- 5.1.5. Others]
- 5.1.6. Wellness Treatment [Cosmetic Procedures
- 5.1.7. Rejuvenation Procedures
- 5.1.8. Others]
- 5.1.9. Alternative Treatment
- 5.2. Market Analysis, Insights and Forecast - by Service Provider
- 5.2.1. Public
- 5.2.2. Private
- 5.3. Market Analysis, Insights and Forecast - by Region
- 5.3.1.
- 5.1. Market Analysis, Insights and Forecast - by Service
- 6. Northeast U.S. Medical Tourism Market Analysis, Insights and Forecast, 2018-2030
- 6.1. Market Analysis, Insights and Forecast - By Service
- 6.1.1 Medical Treatment [Cardiac Procedures
- 6.1.2 Oncology Procedures
- 6.1.3 Orthopedic & Spine Procedures
- 6.1.4 Dental Procedures
- 6.1.5 and Others]
- 6.1.6 Wellness Treatment [Cosmetic Procedures
- 6.1.7 Rejuvenation Procedures
- 6.1.8 and Others]
- 6.1.9 and Alternative Treatment
- 6.2. Market Analysis, Insights and Forecast - By Service Provider
- 6.2.1. Public and Private
- 7. Southeast U.S. Medical Tourism Market Analysis, Insights and Forecast, 2018-2030
- 7.1. Market Analysis, Insights and Forecast - By Service
- 7.1.1 Medical Treatment [Cardiac Procedures
- 7.1.2 Oncology Procedures
- 7.1.3 Orthopedic & Spine Procedures
- 7.1.4 Dental Procedures
- 7.1.5 and Others]
- 7.1.6 Wellness Treatment [Cosmetic Procedures
- 7.1.7 Rejuvenation Procedures
- 7.1.8 and Others]
- 7.1.9 and Alternative Treatment
- 7.2. Market Analysis, Insights and Forecast - By Service Provider
- 7.2.1. Public and Private
- 8. Midwest U.S. Medical Tourism Market Analysis, Insights and Forecast, 2018-2030
- 8.1. Market Analysis, Insights and Forecast - By Service
- 8.1.1 Medical Treatment [Cardiac Procedures
- 8.1.2 Oncology Procedures
- 8.1.3 Orthopedic & Spine Procedures
- 8.1.4 Dental Procedures
- 8.1.5 and Others]
- 8.1.6 Wellness Treatment [Cosmetic Procedures
- 8.1.7 Rejuvenation Procedures
- 8.1.8 and Others]
- 8.1.9 and Alternative Treatment
- 8.2. Market Analysis, Insights and Forecast - By Service Provider
- 8.2.1. Public and Private
- 9. Southwest U.S. Medical Tourism Market Analysis, Insights and Forecast, 2018-2030
- 9.1. Market Analysis, Insights and Forecast - By Service
- 9.1.1 Medical Treatment [Cardiac Procedures
- 9.1.2 Oncology Procedures
- 9.1.3 Orthopedic & Spine Procedures
- 9.1.4 Dental Procedures
- 9.1.5 and Others]
- 9.1.6 Wellness Treatment [Cosmetic Procedures
- 9.1.7 Rejuvenation Procedures
- 9.1.8 and Others]
- 9.1.9 and Alternative Treatment
- 9.2. Market Analysis, Insights and Forecast - By Service Provider
- 9.2.1. Public and Private
- 10. West U.S. Medical Tourism Market Analysis, Insights and Forecast, 2018-2030
- 10.1. Market Analysis, Insights and Forecast - By Service
- 10.1.1 Medical Treatment [Cardiac Procedures
- 10.1.2 Oncology Procedures
- 10.1.3 Orthopedic & Spine Procedures
- 10.1.4 Dental Procedures
- 10.1.5 and Others]
- 10.1.6 Wellness Treatment [Cosmetic Procedures
- 10.1.7 Rejuvenation Procedures
- 10.1.8 and Others]
- 10.1.9 and Alternative Treatment
- 10.2. Market Analysis, Insights and Forecast - By Service Provider
- 10.2.1. Public and Private
- 11. Competitive Analysis
- 11.1. Market Share Analysis 2023
- 11.2. Company Profiles
- 11.2.1 Cleveland Clinic (U.S.)
- 11.2.1.1. Overview
- 11.2.1.2. Products
- 11.2.1.3. SWOT Analysis
- 11.2.1.4. Recent Developments
- 11.2.1.5. Financials (Based on Availability)
- 11.2.2 Mayo Foundation for Medical Education and Research (MFMER) (U.S.)
- 11.2.2.1. Overview
- 11.2.2.2. Products
- 11.2.2.3. SWOT Analysis
- 11.2.2.4. Recent Developments
- 11.2.2.5. Financials (Based on Availability)
- 11.2.3 The General Hospital Corporation (U.S.)
- 11.2.3.1. Overview
- 11.2.3.2. Products
- 11.2.3.3. SWOT Analysis
- 11.2.3.4. Recent Developments
- 11.2.3.5. Financials (Based on Availability)
- 11.2.4 Cedars-Sinai (U.S.)
- 11.2.4.1. Overview
- 11.2.4.2. Products
- 11.2.4.3. SWOT Analysis
- 11.2.4.4. Recent Developments
- 11.2.4.5. Financials (Based on Availability)
- 11.2.5 Johns Hopkins Health System (U.S.)
- 11.2.5.1. Overview
- 11.2.5.2. Products
- 11.2.5.3. SWOT Analysis
- 11.2.5.4. Recent Developments
- 11.2.5.5. Financials (Based on Availability)
- 11.2.6 The University of Texas MD Anderson Cancer Center (U.S)
- 11.2.6.1. Overview
- 11.2.6.2. Products
- 11.2.6.3. SWOT Analysis
- 11.2.6.4. Recent Developments
- 11.2.6.5. Financials (Based on Availability)
- 11.2.7 Memorial Sloan Kettering Cancer Center (U.S.)
- 11.2.7.1. Overview
- 11.2.7.2. Products
- 11.2.7.3. SWOT Analysis
- 11.2.7.4. Recent Developments
- 11.2.7.5. Financials (Based on Availability)
- 11.2.8 Brigham and Women's Hospital (U.S.)
- 11.2.8.1. Overview
- 11.2.8.2. Products
- 11.2.8.3. SWOT Analysis
- 11.2.8.4. Recent Developments
- 11.2.8.5. Financials (Based on Availability)
- 11.2.9 Duke University Health System (U.S.)
- 11.2.9.1. Overview
- 11.2.9.2. Products
- 11.2.9.3. SWOT Analysis
- 11.2.9.4. Recent Developments
- 11.2.9.5. Financials (Based on Availability)
- 11.2.1 Cleveland Clinic (U.S.)
List of Figures
- Figure 1: U.S. Medical Tourism Market Revenue Breakdown (USD Billion, %) by Product 2023 & 2031
- Figure 2: U.S. Medical Tourism Market Value Share (%), by Service 2023 & 2031
- Figure 3: U.S. Medical Tourism Market Value Share (%), by Service Provider 2023 & 2031
- Figure 4: U.S. Medical Tourism Market Share (%) by Company 2023
List of Tables
- Table 1: U.S. Medical Tourism Market Revenue USD Billion Forecast, by Service 2018 & 2031
- Table 2: U.S. Medical Tourism Market Revenue USD Billion Forecast, by Service Provider 2018 & 2031
- Table 3: U.S. Medical Tourism Market Revenue USD Billion Forecast, by Region 2018 & 2031
- Table 4: U.S. Medical Tourism Market Revenue USD Billion Forecast, by Service 2018 & 2031
- Table 5: U.S. Medical Tourism Market Revenue USD Billion Forecast, by Service Provider 2018 & 2031
- Table 6: U.S. Medical Tourism Market Revenue USD Billion Forecast, by Region 2018 & 2031
- Table 7: U.S. Medical Tourism Market Revenue USD Billion Forecast, by Service 2018 & 2031
- Table 8: U.S. Medical Tourism Market Revenue USD Billion Forecast, by Service Provider 2018 & 2031
- Table 9: U.S. Medical Tourism Market Revenue USD Billion Forecast, by Country 2018 & 2031
- Table 10: Northeast U.S. Medical Tourism Market Revenue (USD Billion) Forecast, by Application 2018 & 2031
- Table 11: Southeast U.S. Medical Tourism Market Revenue (USD Billion) Forecast, by Application 2018 & 2031
- Table 12: Midwest U.S. Medical Tourism Market Revenue (USD Billion) Forecast, by Application 2018 & 2031
- Table 13: Southwest U.S. Medical Tourism Market Revenue (USD Billion) Forecast, by Application 2018 & 2031
- Table 14: West U.S. Medical Tourism Market Revenue (USD Billion) Forecast, by Application 2018 & 2031
- Table 15: U.S. Medical Tourism Market Revenue USD Billion Forecast, by Service 2018 & 2031
- Table 16: U.S. Medical Tourism Market Revenue USD Billion Forecast, by Service Provider 2018 & 2031
- Table 17: U.S. Medical Tourism Market Revenue USD Billion Forecast, by Country 2018 & 2031
| Aspects | Details |
|---|---|
| Study Period | 2018-2032 |
| Base Year | 2023 |
| Estimated Year | 2024 |
| Forecast Period | 2024-2032 |
| Historical Period | 2018-2023 |
| Growth Rate | CAGR of 21.0% from 2018-2032 |
| Segmentation |
|
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STEP 2 - Approaches for Defining Global Market Size (Value, Volume* & Price*)
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Note* : In applicable scenarios
STEP 3 - Data Sources
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Secondary Research
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Then we put all data in single framework & apply various statistical tools to find out the dynamic on the market.
During the analysis stage, feedback from the stakeholder groups would be compared to determine areas of agreement as well as areas of divergence
Additionally after gathering mix and scattered data from wide range of sources, data is triangull- ated and correlated to come up with estimated figures which are further validated through primary mediums, or industry experts, opinion leader.
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