Medical tourism in the Asia Pacific region to reach USD575.9 billion by 2029

In 2019, the global medical tourism market accounted for more than 23,000 patients

In 2019, the global medical tourism market accounted for more than 23,000 patients. According to Digital Journal, this number is projected to reach more than 70,300 patients by 2027. From 2019 to 2027, this would register at a CAGR of 15 percent.

According to a study conducted by Data Bridge Market Research, the Asia-Pacific health tourism market is anticipated to grow at a CAGR of 43.9 percent from 2017 to 2029, reaching a value of USD575.9 billion. Pacific transport is currently the largest service sector in the market.

Meanwhile, the Philippines is said to be an attractive medical tourism destination, according to the Department of Tourism, reported Philstar.com. 

“With world-class hospitals and facilities, skilled doctors and nurses, and the Filipino brand of hospitality, the Philippines is poised to become an attractive destination for medical tourism,” said Tourism Secretary Bernadette Romulo-Puyat.

More: Life sciences’ expansion to the Asia Pacific region presents significant real estate opportunities

This was seconded by Juergen Steinmetz, a delegate at the recent World Travel and Tourism Council Summit, who shared his experience of receiving treatment at the Makati Medical Center for his leg, which was inflicted by flesh-eating bacteria.

The Department of Tourism mentioned that initiatives are currently in place to further develop the country as a medical tourism destination. These measures include an internal ecosystem, as well as a gold standard approach to health and safety in meetings, incentives, conferences, and exhibitions (MICE) events.

The Financial Express also reported that India’s medical tourism has grown exponentially. Currently valued at USD6 billion, it is garnering interest and trust in the global healthcare service industry. 

“The idea is to pitch India on the global platform as the most cost-effective and quality-conscious country for medical tourism,” said Karan Rathore vice chairman of the Services Export Promotion Council (SEPC).

The health tourism sector is driven by several factors, including an influx in globalisation, demand for online medical agencies, and the higher probability of long waiting lists in developed countries.

The Property Report editors wrote this article. For more information, email: [email protected].