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% by 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 slowly at 10% per year over the next five years and SG’s to stagnate, we believe MY is likely to emerge with the construction of a large number of new private hospitals. substantial growth.
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.
