Medical tourism is growing strongly around the world, including in countries in Asia such as India, Malaysia, Singapore, South Korea and Thailand. One estimate puts the value of the worldwide medical tourism industry at US$100 billion. Asia’s share of this figure is still a modest $8.5 billion. This leaves plenty of room for further growth and improvement.
India and Thailand have traditionally dominated the industry in Asia. However other regional competitors, including Singapore, Malaysia and the Philippines, are recognising the industry’s potential and implementing government-sponsored initiatives to promote development of the industry within their borders.
The results of these initiatives have been impressive. For example, in the past few years Malaysia and Singapore have been averaging annual compound growth rates of 29.2% and 11.9% respectively.
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