Fast Growth Forecast for Asian Medical Tourism Market

Lower costs, shorter waiting times, and the quality health services provided in Asian countries are rapidly turning them into a preferred destination for medical tourism travelers. These are the latest findings of RNCOS (Noida, India), a global business research and consultancy firm.

According to the report, the Asian medical tourism market is comprised of India, Thailand, Malaysia, The Philippines, Singapore, and Korea. Cost competitiveness with western countries, especially the United States and the United Kingdom, is one of the major factors responsible for making Asian countries a preferred destination for medical tourists. Depending on the location and procedure, a medical vacation could up to 50% compared to domestic healthcare. For example, a breast surgery operation that might require USD 10,000 in the USA could cost well under USD 4,000 in Asia.

Thailand is a geographical hub for the market, but as yet no country in the region has succeeded in the goal of becoming the market leader. Singapore has a competitive edge due to the many Chinese speakers and medical services established during its colonial period, boosting patients' confidence. Malaysia, on the other hand, is a Muslim nation, and has an edge over Singapore and Thailand when targeting Arab patients. And in India, medical tourists can partake in alternative treatments such as ayurveda, naturopathy, aromatherapy, homeopathy, meditation, and yoga.

“Many tourists come to Asian countries to seek the divine peace and healing power provided by these alternative medical therapies,” states the report. “Affordable cosmetic surgeries are also attracting medical tourists, as is provision of special tourism packages to lure medical tourists.”

Prominent industry players in the Asian medical tourism market include Apollo Hospitals Enterprise (Chennai, India), Bumrungrad International Hospital (Bangkok, Thailand), Parkway Pantai (Singapore), Raffles Medical Group (Singapore), and St. Luke's Medical Center (Taguig, The Philippines).

Governmental support and the continuously improving healthcare infrastructure of these Asian countries are among the factors anticipated to support a projected compound annual growth rate (CAGR) of around 26.5% in the Asian medical market until 2015.

Related Links:
RNCOS
Apollo Hospitals Enterprise
Bumrungrad International Hospital