Medical tourism revenue grows

KUALA LUMPUR  Most of the medical tourists to the Asia-Pacific region are from Asia, the Middle East and Africa according to Frost & Sullivan’s latest research on medical tourism in the region.
Just a small proportion of medical tourist come from the US and Europe, the study noted.
Thailand is considered the leading medical tourism destination drawing business from neighbouring countries such as Myanmar, Cambodia and Laos. It is also strong in the Middle East and Nepal.
However, the study indicated that medical tourism in Malaysia and South Korea would grow faster than region’s leaders Singapore, Thailand and India, but from a lower revenue base.
Key factors driving the choice of destinations are quality of medical care, immediate access as well as low treatment costs. Additional, as medical tourists tend to travel with their spouses, relatives or friends, these travellers represent additional revenue generation opportunities for the hospitality and airlines sectors.
Medical tourismThe new analysis from Frost & Sullivan, Asia-Pacific Medical Tourism Outlook, finds that the market earned an estimated revenue of USD9.62 billion in 2014 and estimates it will grow at a compound annual growth rate of 16.3% to reach USD20.47 billion by 2019.
Market participants and key opinion leaders in Asia-Pacific hospitals were interviewed to obtain their perceptions of trends and opportunities in the hospital industry. The geographic scope covered India, Malaysia, Thailand, Singapore, South Korea, the Philippines and Vietnam.
“The medical tourism industry in Asia-Pacific has been experiencing a boom owing to its offer of quality healthcare, ease of access due to availability of travel options and the affordability of treatment compared to western countries,” said Frost & Sullivan Partner, Rhenu Bhuller.
The industry is becoming more competitive with the emergence of new medical tourism hotspots, more healthcare providers expanding in the area as well as source countries strengthening their local healthcare infrastructure to minimise the outflow of tourists.
inside no 9.1A majority of the governments consider medical tourism an important revenue stream that will enhance their country’s economy as well as profile in the healthcare industry.
“Overall, medical tourism revenue growth is expected to be in the double digits until 2019,” observed Bhuller. “The traditional markets like Thailand, India and Singapore are expected to grow at a steady pace, whereas Malaysia and South Korea are likely to experience stronger growth albeit from a lower revenue base.”
Asia-Pacific Medical Tourism Outlook is part of the Advanced Medical Technologies (http://ww2.frost.com/research/industry/healthcare/advanced-medical-technologies) Growth Partnership Service programme.
Frost & Sullivan’s related studies include: Vietnam Healthcare Outlook, APAC Hospital Outlook, ASEAN Healthcare Outlook, Singapore aged care market report. All studies included in subscriptions provide detailed market opportunities and industry trends evaluated following extensive interviews with market participants.

sourced:ttrweekly.com