A recent report which estimates that medical tourism generates at least one-third of private hospitals’ revenue in most ASEAN countries is more proof – if needed – of the sector’s huge potential.Noting that private hospitals in Southeast Asia generate major revenue from foreign patients, the report from market research firm Zion Market Research also forecasted the global medical tourism market to generate around US$28 billion in revenue by the end of 2024 based on an estimated compound annual
The Malaysia Healthcare Travel Council (MHTC) is targeting several new ASEAN markets and the Middle East as it continues to establish Malaysia as a leading global destination for healthcare.An agency under Malaysia’s Ministry of Finance, the MHTC is tasked with promoting Malaysia as a medical tourism destination under the ‘Malaysia Healthcare’ brand and has seen healthy growth in both the number of tourists visiting Malaysia to attend to their healthcare needs and the revenue generated by the
This year, the healthcare industry in the Asia-Pacific region is expected to grow at 11.1%, according to a report by Frost & Sullivan which makes it one of the fastest growing regions for healthcare in the world. On average, the global healthcare economy has an annual growth rate of 4.8%, the report added.This progressive growth is powered by a larger adoption of technology, innovative healthcare access programmes and delivery of care in and out of the hospital.
Southeast Asia’s medical tourism industry has experienced rampant growth in the recent years driven by quality healthcare delivery services, competitive rates and reputable medical expertise. Among the popular destinations in ASEAN (Association of Southeast Asian Nations) for medical tourism are Thailand, Singapore and Malaysia.