Government Backing Bolsters Medical Tourism in Asia-Pacific, Finds Frost & Sullivan
New medical tourism hotspots like South Korea to challenge the supremacy of the incumbents including Malaysia and Thailand
KUALA LUMPUR, Malaysia, Oct. 28, 2015 /PRNewswire/ -- Frost & Sullivan's research on medical tourism in Asia-Pacific reveals that the majority of medical tourists to the region are from Asia, the Middle East and Africa with a smaller proportion from the US and Europe. Quality of medical care, immediate access as well as cost effective treatments drive the choices of location. Additional, as medical tourists tend to travel with their spouses, relatives or friends, these travelers represent additional revenue generation opportunities for the hospitality and airlines sector.
New analysis from Frost & Sullivan, Asia-Pacific Medical Tourism Outlook, finds that the market earned revenues of US$9.62 billion in 2014 and estimates this to grow at a compound annual growth rate of 16.3 percent to touch US$20.47 billion by 2019. The study provides an analysis of the current trends, market size, revenue forecast, drivers and restraints in the regional medical tourism market. 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 of this study covers 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 minimize the outflow of tourists.
A 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 till 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."
For more information on this study, please email Donna Jeremiah, Corporate Communications, at [email protected].
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 program. 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.
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Asia-Pacific Medical Tourism Outlook
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Contact:
Donna Jeremiah
Corporate Communications – Asia Pacific
P: +61 (02) 8247 8927
F: +61 (02) 9252 8066
E: [email protected]
Carrie Low
Corporate Communications – Asia Pacific
P: +603 6204 5910
F: +603 6201 7402
E: [email protected]
Melissa Tan
Corporate Communications – Asia Pacific
P: +65 6890 0926
F: +65 6890 0999
E: [email protected]
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