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SINGAPORE: Medical travel, where people seek medical services and treatment overseas, is getting more popular.
The global medical travel industry, estimated to be worth US$50 billion, is expected to grow by between 15% and 20% every year. The industry is expected to nearly double to more than US$100 billion in 2012.
Experts say more than half of this growth will come from Asia. The growth will be led by India, Singapore, Thailand and South Korea because of their solid infrastructure and strong government support.
These countries are expected to be the biggest gainers as patients from the West seek cheaper alternatives abroad. Americans are expected to make the bulk of such travellers, with US medical care costs forecast to rise by about 9 per cent next year.
And the US medical insurance sector has been highlighted as a key area of focus, as regional industry players gathered in Singapore for the inaugural Healthcare Travel Exhibition and Congress.
Ruben Toral, president of International Medical Travel Association, said: "All of the industry is trying to look at how we can engage the US insurers. Many of the players are looking at the 50 million uninsured as the jackpot, if you will."
Patients from developed countries can find comparable treatment abroad at a discount of as much as 80%. And it is becoming even more attractive as more industry players tie up with travel agents to provide a complete package.
But the industry is getting more competitive, with more countries in the region - such as Japan, Indonesia and Malaysia - looking to tap into the sector.
Josef Woodman, author of Patients Beyond Borders, said: "What countries need to do is play to their strengths and understand that each country has something unique to offer. For example, Taiwan, they want to attract patients and can attract patients from mainland China because of the cultural friendliness that exists."
Experts say that the companies and countries which will come out ahead will be those who can integrate the healthcare and travel aspects into an attractive package.
- CNA/ir
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