Philippines’ medical tourism hold on to rosy outlook

April 12, 2012

PHILIPPINES – The country’s medical tourism market is anticipated to reach US$491 million by 2013, growing on back of modern technology and improved healthcare infrastructure, according to market research firm, RNCOS.

The Philippines has been emerging as an important medical tourism destination in Asia by leveraging factors, such as modern technology and world-class physicians. The Philippines’ government envisions the country as the “new hub of wellness and medical care” as it is the home to some best hospitals and standalone specialty clinics in the region.

According to a RNCOS research report, the nation is planning to introduce special medical visas for foreigners, with a view to grabbing a sizeable share in Asia’s booming health tourism industry. It is anticipated that on back of such initiatives and developments, Philippines’ medical tourism market will expand at a CAGR of over 25% during 2010 to 2013.

The research report, “Asian Medical Tourism Analysis (2008-2012)”, says that the Asian medical tourism industry has been growing at a rapid pace for the last few years, and has become a key attraction for the foreign medical tourists. The industry has gained grounds due to the rising healthcare costs in the developed world, long waiting time, and in some cases, the unavailability of quality healthcare (as in the Middle East). It is estimated that the market will grow at double-digit rate in near future. Besides, six countries– Thailand, Singapore, India, Malaysia, South Korea, and the Philippines – are expected to be the most potential medical tourism destinations in Asia in the coming years.

The study provides comprehensive research and unbiased analysis of the industry’s current performance and future outlook of the key Asian medical tourism markets. It acknowledges the fact that the six Asian markets covered in the report – Thailand, Singapore, India, Malaysia, South Korea, and the Philippines – have vast differences in terms of cost, infrastructure, human resources, patient perceptions, competencies, and level of government support. Each destination has been thoroughly studied in the report that provides valuable information to clients who are looking to venture into these markets, and helps them devise sound strategies.

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