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Asia medical tourism analysis and forecast to 2015

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  • 1. Asia Medical Tourism Analysis and Forecast to 2015Renub Researchwww.renub.comPublished: October, 2012Copyright © 2012 Renub Research – All Rights Reserved
  • 2. © Renub Research Page 2 of 18In this global economic slowdown when every other industry future seems bleak. MedicalTourism Industry is the one sector whose present is bright and future seems even brighter. Asiais one of the first regions in the world to promote medical tourism and has created a brandname for itself for having affordable and high quality healthcare. Asia medical tourist numberof arrivals is expected to cross the figure of 10 Million numbers by 2015. Asia medical tourismmarket is expected to double by 2015 from its current market in 2011. In our research ofmedical tourism analysis we found that out of 7 countries 3 countries Thailand, India andSingapore is expected to control more than 80% market share in 2015.Thailand is the leader in medical tourist arrivals holding more than 40% share in Asia medicaltourist arrivals in 2011. Its medical tourism market is also expected to be more than double by2015 from its current market in 2011.India was one of the first countries to recognize the potential of medical tourism. From theyear 2009 to 2011 the number of medical tourists in India has grown by 30%. It is estimatedthat by the year 2015, India will receive nearly half a Million medical tourists annually.Singapore medical facilities are considered to be the best in Asia but its treatment cost are bitcostlier compared to its competitors. Singapore medical tourist arrivals are expected to bemore than 1 Million by 2015.Philippines started off bit late for the medical tourism but are catching up quickly. Its medicaltourism market is expected to grow with a CAGR of 9% for the period of 2012 – 2015.South Korea is a fast-growing medical tourism destination. It is forecasted that by 2015, SouthKorea will attract more than 300 Thousand medical tourists.Malaysia has seen an impressive growth in medical tourism industry. Malaysia medical tourismmarket has grown more than 8 times in 2011 compared to its market in 2003.Taiwan medical tourism has become one of the biggest attractions for mid to high incomeChinese tourists. The country’s medical tourism market is expected to increase at 7% CAGRfrom 2012 to 2015.
  • 3. © Renub Research Page 3 of 18Renub Research report titled "Asia Medical Tourism Analysis and Forecast to 2015” providesthe current status and future outlook of Asia medical tourism market survey analysis. Thisreport studies in detail various aspects of medical tourism such as number of foreign patients’arrivals, revenue from foreign patients change projections and cost comparison of varioustypes of surgeries in the United States with other Asian countries (Thailand, India, Singapore,Malaysia, Philippines, South Korea and Taiwan). The medical tourists arrivals share and medicaltourism market share has also been studied in this report. Driving forces of each country inmedical tourism industry and Challenges faced by each country in medical tourism industry hasbeen studied in this report.7 Asian Countries Medical Tourism Analysis Data Studied in this ReportIndia, Thailand, Singapore, Malaysia, Philippines, South Korea and TaiwanKey Topics Covered in the Report Number of Medical Tourists Arrival and Forecast in Asia (2008 – 2015) Medical Tourism Market and Forecast in Asia (2008 – 2015) 7 Countries Medical Tourists Arrivals Share and Forecast in Asia (2008 – 2015) 7 Countries Medical Tourism Market Share and Forecast in Asia (2008 – 2015) Number of Medical Tourists Arrival and Forecast in India (2008 – 2015) Medical Tourism Market and Forecast in India (2008 – 2015) Number of Medical Tourists Arrival and Forecast in Thailand (2008 – 2015) Medical Tourism Market and Forecast in Thailand (2008 – 2015) Number of Medical Tourists Arrival and Forecast in Singapore (2008 – 2015) Medical Tourism Market and Forecast in Singapore (2008 – 2015) Number of Medical Tourists Arrival and Forecast in Malaysia (2008 – 2015) Medical Tourism Market and Forecast in Malaysia (2008 – 2015) Number of Medical Tourists Arrival and Forecast in Philippines (2008 – 2015) Medical Tourism Market and Forecast in Philippines (2008 – 2015) Number of Medical Tourists Arrival and Forecast in South Korea (2008 – 2015) Medical Tourism Market and Forecast in South Korea (2008 – 2015)
  • 4. © Renub Research Page 4 of 18 Number of Medical Tourists Arrival and Forecast in Taiwan (2008 – 2015) Medical Tourism Market and Forecast in Taiwan (2008 – 2015) Driving Forces for Growth in Medical Tourism in each of the 7 countries Challenges for the Medical Tourism in each of the 7 CountriesData SourcesThis report is built using data and information sourced from proprietary databases, primary andsecondary research and in-house analysis by Renub Research team of industry experts.Primary sources include industry surveys and telephone interviews with industry experts. Suchas Interview with Head, Tourism Resource Centre, Singapore Tourism Board, Officials fromDepartment of Health Ministry of TaiwanSecondary sources information and data has been collected from various printable and non-printable sources like search engines, News websites, Government Websites, Trade Journals,White papers, Government Agencies, Magazines, Newspapers, Trade associations, Books,Industry Portals, Industry Associations and access to more than 500 paid databases.
  • 5. © Renub Research Page 5 of 18About UsRReennuubb RReesseeaarrcchh is a leading Market Research and Information Analysis Company withcenters at Noida India and Roswell USA. We have long-term experience especially ininternational Business-to-Business Researches, Surveys, Business and Consulting. Throughoutthe years we have acquired expertise in most market sectors, including Information Technology(IT), Telecoms, Life Sciences, Medical & Pharmaceuticals, Financial Services (Banking,Insurance, Reinsurance, M&A, etc.), Energy, Chemicals, Automotive, Retail, FMCG, ConsumerGoods, Logistics, Governmental, Social, and Others.Our core team is comprised of an experienced people holding graduate, post graduate andPh.D. degrees in Finance, Marketing, Human Resource, Bio-Technology, Medicine, InformationTechnology, Environmental Science and many more. Our research help make the businessdecisions: on strategy, organization, operations, technology, mergers & acquisitions etc. Wesupport many blue chip companies by providing them findings and perspectives across a widerange of markets. Our research reports offer a blend of information insight, analysis andforecasting that is essential in today’s ultra-competitive markets.For more information on us or to view any of our sample work you can mailus at info@renub.com
  • 6. © Renub Research Page 6 of 18PublishedByRReennuubb RReesseeaarrcchhA–116B, Sector–27Noida – 201301Phone: +91-120-421-9822, 254-5750 (India)+1-678-302-0700 (USA)Fax : +91-120-424-9780Email: info@renub.comwww.renub.com© Asia Medical Tourism Analysis and Forecast to 2015Renub Research, 2012Edition 1.0All rights reserved. This publication is protectedby copyright. No part of it may be reproduced, storedin a retrieval system or transmitted, in any form or byany means, electronic mechanical, photocopying,recording or otherwise without the prior writtenpermission of the publishers
  • 7. © Renub Research Page 7 of 18Table of Contents1. Executive Summary2. Why Medical Tourism is growing?2.1 The Role of Cost and Quality2.2 Proactive Role of Asian Governments2.3 Information Access, ICT and Foreign Medical Patients2.4 “Niche Medical Services” is Buzzword for Medical Tourism in Asian Countries2.5 Type of Niche Services Offered By Different Countries2.5.1 Malaysia2.5.2 Philippines2.5.3 South Korea2.5.4 Thailand2.5.5 Singapore2.5.6 India2.6 Accreditations2.6.1 Joint Commission International (JCI)2.6.2 Trent Accreditation Scheme (TAS)2.6.3 International Organization for Standardization (ISO)2.6.4 Regional Accreditation Organizations3. Asia (7 Countries) Medical Tourism Market Overview3.1 Asia Medical Tourism Arrivals and Forecast3.2 Asia Medical Tourism Market & Forecast4. Asia (7 Countries) Medical Tourist Arrivals Share, Medical Tourism Market Share & Forecast4.1 Asia Medical Tourist Arrivals Share & Forecast4.2 Asia Medical Tourism Market Share & Forecast5. Asia (7 Countries) Medical Tourism Cost Analysis in Comparison to USA5.1 Cardiac/Heart Surgery5.2 Orthopedic Surgery5.3 Dental Tourism/Treatment5.4 Cosmetic/Plastic Surgery
  • 8. © Renub Research Page 8 of 186. India Medical Tourism Overview6.1 Medical Tourist Arrivals & Forecast6.2 Medical Tourism Market & Forecas6.3 India Medical Tourism Growth Drivers6.3.1 India is the Mecca for all Treatment Options for Infertility6.3.2 India Exempts Medical Tourists from New Visa Rules6.3.3 Indian Heart Surgery is the finest in the World6.4 India Medical Tourism Challenges6.4.1 Indian Medical Tourism Catches Superbug6.4.2 Kolkatas AMRI Hospital Disaster Tarnish Indias Image as Medical Tourism Hub7. Thailand Medical Tourism Overview7.1 Medical Tourist Arrivals & Forecast7.2 Medical Tourism Market & Forecast7.3 Thailand Medical Tourism Growth Drivers7.3.1 Thailand Offers Excellent Service in Medical Tourism7.3.2 Thailand‟s Medical Technology is State-of-the-Art7.3.3 Thailand Features Internationally Accredited Medical Facilities7.3.4 Digital Marketing Campaign7.3.5 Bloggers Invited for Thailand Medical Tourism Blog Contest7.3.6 Tourism Authority of Thailand (TAT) Introduces „Amazing Thailand‟ Mobile Application7.4 Thailand Medical Tourism Challenges7.4.1 Political Unstable State7.4.2 Thailand Tourism Sector Hit Hardest By the Floods8. Singapore Medical Tourism Overview8.1 Medical Tourist Arrivals & Forecast8.2 Medical Tourism Market & Forecast8.3 Singapore Medical Tourism Growth Drivers8.3.1 Singapore Taps Asias Rising Affluence Middle Class in Medical Tourism Boom8.3.2 Singapore Caters to Middle East Medical Travelers with Arabic Version8.3.3 SingaporeMedicine Becomes a New Face on Facebook8.3.4 Singapore General Hospital (SGH) the First “MAGNET” Recognized Hospital in Asia8.3.5 Building the Best Connexion8.3.6 Accreditation & Accolades
  • 9. © Renub Research Page 9 of 188.3.7 Strong Reputation and No language Barrier8.4 Singapore Medical Tourism Challenges8.4.1 Higher Charges than other Asian Countries9. Malaysia Medical Tourism Overview9.1 Medical Tourist Arrivals & Forecast9.2 Medical Tourism Market & Forecast9.3 Malaysia Medical Tourism Growth Drivers9.3.1 Band of Aid by Malaysias Government9.3.2 Malaysia Medical Achievement - Brand Image9.3.3 Accrediting Excellence9.3.4 Fastest Growing Sectors is the Fertility Market in Malaysia‟s Medical Tourism9.4 Malaysia Medical Tourism Challenges9.4.1 Lack of Effective Marketing Strategy9.4.2 Cross-Border Issues in the Development of Medical Tourism in Malaysia10. Philippines Medical Tourism Overview10.1 Medical Tourist Arrivals & Forecast10.2 Medical Tourism Market & Forecast10.3 Philippines Medical Tourism Growth Drivers10.3.1 Philippines unique Medical Visas gaze for the Medical Tourists10.3.2 Philippine Medical Treatment costs relative to USA costs10.3.3 Strong Government Support10.3.4 English Speaking Population10.4 Philippines Medical Tourism Challenges10.4.1 The Philippines: "Kidnap Capital of Asia"10.4.2 Philippines Terrorist Threat Prompts Travel Warning10.4.3 Least Number of JCI Accredited Hospitals Compared to Other Established Players11. South Korea Medical Tourism Overview11.1 Medical Tourist Arrivals & Forecast11.2 Medical Tourism Market & Forecast11.3 South Korea Medical Tourism Growth Drivers11.3.1 South Korea Launches Medical Tourism Plan11.3.2 Busan Becomes Hot Spot for Medical Tourism
  • 10. © Renub Research Page 10 of 1811.3.3 Jeju Island to be turned into Resort Style Medical Tourism Centre11.3.4 Providing One-stop Service for Medical Tourism11.3.5 Relaxed Foreign Ownership to Boost Medical Travel Industry11.3.6 Korea‟s Local Governments Build Health Care Clusters to Attract Foreign Patients11.3.7 Korean Medical Tourism Wave Ripple in Pact with Abu Dhabi11.3.8 Strong Government Support11.4 South Korea Medical Tourism Challenges11.4.1 Language and Cultural Barrier11.4.2 Malpractice Compensation11.4.3 Foreigners Victims of Inflated Medical Fees12. Taiwan Medical Tourism Overview12.1 Medical Tourist Arrivals & Forecast12.2 Medical Tourism Market & Forecast12.3 Taiwan Medical Tourism Growth Drivers12.3.1 Taiwan Launches Medical Services Application for Travelers12.3.2 Taiwan to Promote Medical Tourism with Documentary Film12.3.3 High Quality Health Care in Taiwan12.3.4 USA Insurance Firm Coverage for Taiwan Hospitals12.4 Taiwan Medical Tourism Challenges12.4.1 Department of Health (DOH) Role in Medical Tourism12.4.2 Medical Service Brand Image & Marketing Channel12.4.3 Resource Limitations & Insufficient Effort of Promotion
  • 11. © Renub Research Page 11 of 18List of FiguresFigure 2-1: Three categories of Niche ServicesFigure 2-2: Niche Services – Relationship between total Revenue & Risk in ProceduresFigure 2-3: Asia – Number of JCI Accredited Hospitals (Number), till August 30, 2012Figure 3-1: Asia – Medical Tourism Arrivals (Number), 2008 – 2011Figure 3-2: Asia – Forecast for Medical Tourism Arrivals (Number), 2012 – 2015Figure 3-3: Asia – Medical Tourism Market (Million US$), 2008 – 2011Figure 3-4: Asia – Forecast for Medical Tourism Market (Million US$), 2012 – 2015Figure 4-1: Asia – Medical Tourist Arrivals Share (Percent), 2008 – 2011Figure 4-2: Asia – Forecast for Medical Tourist Arrivals (Percent), 2012 – 2015Figure 4-3: Asia – Medical Tourism Market Share (Percent), 2008 – 2011Figure 4-4: Asia – Forecast for Medical Tourism Market Share (Percent), 2012 – 2015Figure 6-1: India – Medical Tourist Arrivals (Number), 2007 – 2011Figure 6-2: India – Forecast for Medical Tourist Arrivals (Number), 2012 – 2015Figure 6-3: India – Medical Tourism Market (Million US$), 2006 – 2011Figure 6-4: India – Forecast for Medical Tourism Market (Million US$), 2012 – 2015Figure 7-1: Thailand – Medical Tourist Arrivals (Number), 2002 – 2011Figure 7-2: Thailand – Forecast for Medical Tourist Arrivals (Number), 2012 – 2015Figure 7-3: Thailand – Medical Tourism Market (Million US$), 2004 – 2011Figure 7-4: Thailand – Forecast for Medical Tourism Market (Million US$), 2012 – 2015Figure 7-5: ThailandMedTourism.com Website Screen ShotFigure 7-6: Thailand – Medical Tourism Blog Contest, 2010Figure 7-7: Thailand – Amazing Thailand Mobile ApplicationFigure 8-1: Singapore – Medical Tourist Arrivals (Number), 2002 – 2011Figure 8-2: Singapore – Forecast for Medical Tourist Arrivals (Number), 2012 – 2015Figure 8-3: Singapore – Medical Tourism Market (Million US$), 2002 – 2011Figure 8-4: Singapore – Forecast for Medical Tourism Market (Million US$), 2012 – 2015Figure 9-1: Malaysia – Medical Tourist Arrivals (Number), 2003 – 2011Figure 9-2: Malaysia – Forecast for Medical Tourist Arrivals (Number), 2012 – 2015Figure 9-3: Malaysia – Medical Tourism Market (Million US$), 2003 – 2011Figure 9-4: Malaysia – Forecast for Medical Tourism Market (Million US$), 2012 – 2015Figure 10-1: Philippines – Medical Tourist Arrivals (Number), 2007 – 2011Figure 10-2: Philippines – Forecast for Medical Tourist Arrivals (Number), 2012 – 2015Figure 10-3: Philippines – Medical Tourism Market (Million US$), 2007 – 2011Figure 10-4: Philippines – Forecast for Medical Tourism Market (Million US$), 2012 – 2015
  • 12. © Renub Research Page 12 of 18Figure 10-5: Philippines – Comparison of English Speaking Population between India & Philippines(Percent), 2008Figure 10-6: Asia – Comparison of Number of JCI Accredited Hospitals in Philippines with other AsianCountries (Number), till August 2012Figure 11-1: South Korea – Medical Tourist Arrivals (Number), 2007 – 2011Figure 11-2: South Korea – Forecast for Medical Tourist Arrivals (Number), 2012 – 2015Figure 11-3: South Korea – Medical Tourism Market (Million US$), 2007 – 2011Figure 11-4: South Korea – Forecast for Medical Tourism Market (Million US$), 2012 – 2015Figure 11-5: South Korea – Government & Private Sector Investment in Healthcare Town of Jeju FreeInternational City Development Center (Million US$ & Percent), 2009Figure 12-1: Taiwan – Medical Tourist Arrivals (Number), 2008 – 2011Figure 12-2: Taiwan – Forecast for Medical Tourist Arrivals (Number), 2012 – 2015Figure 12-3: Taiwan – Medical Tourism Market (Million US$), 2008 – 2011Figure 12-4: Taiwan – Forecast for Medical Tourism Market (Million US$), 2012 – 2015
  • 13. © Renub Research Page 13 of 18List of TablesTable 2-1: Asia – Cost Comparison of Some Major Procedure (US$), 2011Table 2-2: Global – Internet Usage & Population Statistics, 2011Table 2-3: Asia – Summary of Niche Services in Different CountriesTable 5-1: Asia – Cost Comparison of Cardiac Surgery (US$), 2011Table 5-2: Asia – Cost Comparison of Orthopedic Surgery (US$), 2011Table 5-3: Asia – Cost Comparison of Dental Treatments (US$), 2011Table 5-4: Asia – Cost Comparison of Cosmetic Surgery (US$), 2011Table 6-1: Worldwide – Cost Comparison of In-Vitro Fertilization (US$), 2008 – 2009Table 6-2: India – Cost Comparison of Cardiac Surgery (US$), 2011Table 6-3: Death Toll in AMRI Hospital (Number), 2011Table 7-1: Thailand – JCI Accreditated Hospitals, 2012Table 7-2: Thailand – CCPC Certificate Hospitals, 2012Table 8-1: Singapore – Cost Comparison of Medical Procedures (US$), 2011Table 9-1: Malaysia – JCI Accredited Hospitals, 2011Table 9-2: Malaysia – MSQH Accredited Hospitals, 2011Table 9-3: Worldwide – Cost Comparison of In-Vitro Fertilization (US$), 2008 – 2009Table 10-1: Philippines – Cost Comparison of Major Medical Procedures (US$), 2011Table 11-1: South Korea – Agreement Hospitals NameTable 11-2: South Korea – Price List for Foreign Patients (US$)Table 12-1: Taiwan – Agreement between American Insurance Company & Taiwan Hospitals, 2011
  • 14. © Renub Research Page 14 of 18Related ReportsMolecular Diagnostics Market & Forecast (By Application, Technology, Countries, Companies &Clinical Trials) to 2017: Global AnalysisPoint of Care Testing Market and Forecast to 2016: Global AnalysisPediatric Vaccines Market, Doses, Immunization, Cases and Forecast: Worldwide AnalysisWestern Europe (EU-16) In Vitro Diagnostics Market Report & Forecast (2012 – 2015)Clinical Chemistry Market Report & Forecast (2012 – 2015): Global AnalysisHepatitis C (HCV) Market Forecast & Drugs Pipeline Analysis to 2016Influenza Vaccine Market Opportunities and Challenges: Worldwide ForecastGenetic Testing Market and Forecast - Global Analysis 2010 – 2015USA Cardiovascular Devices Market Trends and Forecast (2010 – 2015)Global Osteoporosis Market & Drugs Analysis 2010 – 2015Global Schizophrenia Prevalence, Companies Analysis & Drugs Forecast (2010 – 2015)Global Molecular Diagnostics Market & Future Forecast 2010 - 2014Alzheimer’s Disease Patients & Market Worldwide, Future Scenario (2010 – 2015) & DrugsAnalysisGlobal Cardiovascular Surgery Devices Market Trends and Future Forecast (2009 – 2014)
  • 15. © Renub Research Page 15 of 18Our Partial List of ClientsBainWAKE Technology Services, Inc.PSS World MedicalRelypsaC&K componentsKonkuk UniversityResoneticsSamsungSEKISUI MEDICAL CO. LTD.Plentyoffish Media INCArthur D Little GmbhMorgan StanleyTakeda Pharmaceutical CorporationHokkai School of CommerceMinistry of Manpower SingaporeGenOmind, LLC.Goldman Sachs & CoNTT Advanced TechnologyTokyo Womens Medical UniversityThe Chemo-Sero-Therapeutic ResearchTrade Council of IcelandJpmorgan, Ets TradingGE Healthcare ITixia communicationsRedbusBecton DickinsonPfizerIntercellSanofi PasteurStanford BurgessPequot CapitalDMITransgene S.A.ixia communicationsToyota Tsusho Amercia Inc.National Health Research InstitutesAbbott Diabetes CareCorning Incorporated - Life SciencesL.E.K. Consulting GmbHSyntironMediVas LLCCredit SuisseDune MedicalQIAGENInje UniversityMapp BiopharmaceuticalInstitute for Information IndustryNorDiag ASARep e Inv Medicas SA deInnogenetics
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