In 2011, the Asia Pacific healthcare market
was 28.5% of the global healthcare market. It is expected to represent 34.6% of
the global healthcare market by 2015.Frost & Sullivan finds that by 2020,
the APAC healthcare expenditure will increase by 151%.
Medical
tourism is becoming a major economic factor for APAC. In 2012, the Asian
medical tourism market is expected to reach US $4.4 billion.
Rhenu
Bhuller of Frost & Sullivan says, "International
accreditations, for example JCI, are likely to become the prerequisite for
hospitals targeting to participate in medical tourism. Stringent operational
and stringent accreditation requirements are likely to escalate the clinical
and operational quality standards, thus increasing market competitiveness. JCI
accredited hospitals in Asia have increased by almost 7-fold over the past 6
years (2005-2011). Malaysia currently has 9 JCI accredited hospitals. “This
belief that JCI accreditation automatically increases medical tourism is a view
curious to Americans, and Frost & Sullivan are American.
The
positive healthcare market outlook for APAC is also based on the expansion of
the middle class and an aging populace that changes healthcare services
configuration and market strategies.
Asia’s
population is expected to grow to 4.5 billion by 2050, which accounts for 60%
of the world’s population. Currently there are about 4.8 million Asian
households with income above US $50,000 p.a. and this is expected to grow by 3%
to 5% for Southeast Asia.
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tourism news
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