eFlyer Asia - Intelligence

Medical Tourism Grows In Asia

The high cost of treatments in developed countries is driving the growth for the medical tourism market in Asia. According to a recent report from market research and information analysis company RNCOS, Asia is home to the fastest growing medical tourism destinations worldwide. The Asian Medical Tourism Analysis (2008-2012) says that despite the economic downturn, the Asian medical tourism market is projected to grow at a compound annual growth rate of around 14 percent over the next three years.

Looking at current and past market trends at country level, the report analyses the progress of medical tourism in major markets like India, Singapore, Malaysia, Thailand, South Korea and the Philippines.

Thailand and Singapore are currently dominating the market and together accounted for 64 percent of the total Asian medical tourism market in 2008. This trend is expected to continue as these countries offer various complex treatments at affordable costs.

The report also reveals the types of treatments and surgeries sought by foreign medical tourists: The majority of patients are seeking high-cost procedures such as orthopedic, cardio and cosmetic surgery. According to RNCOS the cost of some highly sophisticated treatments such as hip replacement or heart valve replacement is 8-10 times lower in India and Thailand than in the United States.

Malaysia, emerging one of the most popular tourist destinations, attracts 75 percent of its medical tourists from the ASEAN region. Further growth is expected due to the country’s low cost advantage, booming tourism industry and large inflow of patients from neighboring countries such as Indonesia. It is expected that the revenues from medical tourism will grow at a CAGR of around 23 percent.

South Korea is also hoping to emulate the medical tourism boom in South and Southeast Asia and attract medical tourists from China and Japan. Healthcare clusters are currently under development in Daegu, Osong and Jeju Island.

 

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