Medical tourism industry in Singapore is expected to grow at a CAGR of 9.1% through 2012 to generate total revenue of nearly US$ 1700 Million, said “Asian Medical Tourism Analysis (2008-2012)â€, a new research report from RNCOS.
According to the report, although the healthcare cost in Singapore is higher than that in other four major Asian medical tourism markets (India, Malaysia, Philippines and Thailand), the tag of the most developed market gives competitive advantage to its medical tourism market. Besides, the quality of healthcare services in Singapore is much better than other Asian markets; in fact, it is equivalent to the US and Western Europe in some cases, helping the Singaporean medical tourism market to grow.
The other reason why Singapore scores over other Asian majors like Thailand and India is that unlike these countries, where there is a wide gap in infrastructure, resources and hygiene between government and private hospitals, the quality healthcare services provided in Singapore are more or less uniform.
In addition, Singapore is famous worldwide for its rich and diverse cultural heritage that attracts international patients who not only get excellent healthcare service, but also visit some of the unique tourist attractions ranging from spa treatments to golf courses. Another key factor that draws patients to Singapore is a wide spectrum of healthcare services that spread from primary health screening to highly complex (quaternary care) services such as organ transplants and step down recovery program.
“Asian Medical Tourism Analysis (2008-2012)†is a thorough study of the five biggest Asian medical tourism markets (Singapore, India, Thailand, Philippines and Malaysia). It provides comprehensive information comprising statistical data and analysis on the past, present and future potential of these markets. The report also discusses the market size, tourist arrivals, infrastructure, accreditations, cost, and success and risk factors.
The research highlights the fact that all the five Asian markets are different from each other in every segment, including cost, human resources, infrastructure, patient perceptions, competencies and government support.
It also provides forecast on various segments such as medical tourism market by country and medical tourists arrivals by country so that investors can align their investment plans according to the chosen market.
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