03 Oct 2013, BioSpectrum Bureau , BioSpectrum
Singapore: The global medical tourism market was valued at $10.5 billion in 2012 and is estimated to reach a market worth $32.5 billion in 2019 at a CAGR of 17.9 percent from 2013 to 2019, according to a new market report published by Transparency Market Research.
'Medical Tourism Market (India, Thailand, Singapore, Malaysia, Mexico, Brazil, Taiwan, Turkey, South Korea, Costa Rica, Poland, Dubai and Philippines) - Global Industry Analysis, Size, Share, Growth, Trends and Forecast, 2013-2019' report
Rise in healthcare costs in developed countries coupled with the availability of high quality medical services at a low cost in developing countries have given a boost to the medical tourism industry. The development of medical tourism industry is based on several factors such as reduced cost of procedures, long waiting time and high demand for cosmetic surgeries. Medical travel is not only witnessed for intricate procedures but is also expanding due to growing demand for cosmetic and dental procedures since these are usually not reimbursed under regular health insurance policies.
Patients traveling abroad can save from 30 percent to 90 percent on a procedure, including their travel expenditures, as compared to the medical costs in their own countries. Medical tourism industry is dominated by the Asian region that has captured the maximum share of the market. This region is highly competitive owing to the presence of technologically advanced medical specialties, less stringent government regulations and attractive locations. Thailand and India are recognized internationally for their high end medical services and receive patients from across the globe.
Singapore is renowned for its healthcare infrastructure and receives patients primarily for complex medical procedures. Thailand, India and Singapore accounted for approximately 60 percent of the total revenue of the Asian region in 2012. However, a paradigm shift in the market is seen owing to strong competition among the players of this industry. Malaysia is poised to have a significant growth in this market and is likely to emerge as a fastest growing country in terms of medical tourism with a CAGR of over 25 percent from 2013 to 2019. This advent in Malaysian medical tourism market is due to cost advantage over Thailand and Singapore. Moreover, rise in popularity of Malaysian region is attributed to many factors such as advanced healthcare infrastructure, highly skilled professionals, visa benefits and others. Additionally, robust government support for promotion of Malaysian medical tourism has propelled the growth in this nation.