Medical Tourism is the one sector of the travel industry doing well - and the future seems even brighter, according to a new report by market specialist Renub Research.
The Renub Research report titled 'Asia Medical Tourism Analysis and Forecast to 2015' provides the current status and future outlook of Asia’s medical tourism market. Asia was one of the first regions in the world to promote medical tourism and some countries already have a reputation for affordable and high quality healthcare.
Overall, Renub says Asia’s medical tourist arrivals are expected to reach 10 million by 2015, double the current market size and three countries - Thailand, India and Singapore - are expected to control more than 80 per cent of the market.
Thailand is the current leader, with more than 40 per cent share last year. Its medical tourism market is expected to more than double by 2015.
India was one of the first countries to recognise the potential of medical tourism. From 2009 to 2011, its medical tourists grew by 30 per cent. It is estimated that by the year 2015, India will receive nearly half a million medical tourists annually. Singapore – where medical facilities are considered to be the best in Asia but treatment costs are often higher than competitors – is expected to see more than one million medical tourists by 2015.
Philippines, which entered the market later than its rivals, is catching up quickly. Its medical tourism market is expected to grow with a compound annual growth rate (CAGR) of nine per cent for the period 2012 – 2015.
South Korea also is a fast-growing medical tourism destination. It is forecast that by 2015, South Korea will attract more than 300,000 medical tourists.
Malaysia also has seen an impressive growth in medical tourism, growing more than 800 per cent between 2003 and 2011.
Taiwan medical tourism has become one of the biggest attractions for mid to high income Chinese tourists. The country's medical tourism market is expected to increase at seven per cent CAGR from 2012 to 2015.
The Renub Research report studies in detail aspects of medical tourism including the number of foreign patient arrivals, revenue from foreign patients, change projections and cost comparison of various types of surgeries in the United States with Asian countries Thailand, India, Singapore, Malaysia, Philippines, South Korea and Taiwan.
Medical Tourism is the one sector of the travel industry doing well - and the future seems even brighter, according to a new report by market specialist Renub Research.
The Renub Research report titled 'Asia Medical Tourism Analysis and Forecast to 2015' provides the current status and future outlook of Asia’s medical tourism market. Asia was one of the first regions in the world to promote medical tourism and some countries already have a reputation for affordable and high quality healthcare.
Overall, Renub says Asia’s medical tourist arrivals are expected to reach 10 million by 2015, double the current market size and three countries - Thailand, India and Singapore - are expected to control more than 80 per cent of the market.
Thailand is the current leader, with more than 40 per cent share last year. Its medical tourism market is expected to more than double by 2015.
India was one of the first countries to recognise the potential of medical tourism. From 2009 to 2011, its medical tourists grew by 30 per cent. It is estimated that by the year 2015, India will receive nearly half a million medical tourists annually. Singapore – where medical facilities are considered to be the best in Asia but treatment costs are often higher than competitors – is expected to see more than one million medical tourists by 2015.
Philippines, which entered the market later than its rivals, is catching up quickly. Its medical tourism market is expected to grow with a compound annual growth rate (CAGR) of nine per cent for the period 2012 – 2015.
South Korea also is a fast-growing medical tourism destination. It is forecast that by 2015, South Korea will attract more than 300,000 medical tourists.
Malaysia also has seen an impressive growth in medical tourism, growing more than 800 per cent between 2003 and 2011.
Taiwan medical tourism has become one of the biggest attractions for mid to high income Chinese tourists. The country's medical tourism market is expected to increase at seven per cent CAGR from 2012 to 2015.
The Renub Research report studies in detail aspects of medical tourism including the number of foreign patient arrivals, revenue from foreign patients, change projections and cost comparison of various types of surgeries in the United States with Asian countries Thailand, India, Singapore, Malaysia, Philippines, South Korea and Taiwan.
