The region is expected to account for 40% of the global market share by 2032.
CGS International said ASEAN medical tourism is expected to outpace the global market.
According to the report, the industry is expected to grow at a compound annual growth rate of 18% through 2032, according to Global Market Insights. The region is expected to account for around 40% of the global market.
Thailand (TH), Singapore (SG) and Malaysia (MY) are the top three ASEAN medical tourism destinations in 2023 and are expected to generate a combined revenue of US$2.2 billion. However, the region's growth trajectory is expected to be different.
The report states: “While we expect TH's direct patient revenue to grow at 10% per year over the next five years and SG's to stagnate, we believe that with the construction of a large number of new private hospitals, MY is likely to grow significantly. increase.
Meanwhile, emerging markets such as Vietnam and Indonesia are also positioning themselves as competitive destinations, especially for cost-conscious patients.
However, growth in these countries is expected to occur over a longer period, given the time required to establish infrastructure and train medical professionals.
