Singapore Medical Tourism Revenue

Economic in 2013, the revenue acquired from medical tourism industry has reached s$ 832 million (singapore tourism board, 2015). Singapore has not provided medical tourism figures in recent years but data from malaysia health travel council show 921,000 visitors sought treatment in the country last year, up more than 40%.

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The article says, in a response to the sunday times, the singapore tourism board (stb) has confirmed that it no longer pursues medical tourism “as a travel strategy”.

Singapore medical tourism revenue. Singapore is one of the world’s top medical tourism destinations. Singapore tourism board (stb) data shows medical tourism receipts fell to $832 million in 2013, down from $1.1 billion the year before. However, in january 2019 a report released by rhb research said neighboring countries like malaysia and thailand are getting a share of singapore’s market as they are offering lower healthcare costs.

This is the 2nd edition report on singapore medical tourism industry by igate research. They rose to $994 million the following year. According to the medical tourism association, singapore ranks second after canada in the medical tourism index.

Tourism receipts (tr) rose 1.0 per cent to s$27.1 billion[2], mainly due to growth in visitor arrivals (va) across almost all of the top 15. The report titled singapore medical tourism market and forecast to 2022 provides a comprehensive analysis. Sign up for an imtj country subscription for access, or login if you're already a subscriber.

Noting that private hospitals in southeast asia generate major revenue from foreign patients, the report from market research firm zion market research also forecasted the global medical tourism market to generate around us$28 billion in revenue by the end of 2024 based on an estimated compound annual growth rate (cagr) of around 8.8 percent. The tourism statistics (monthly visitor arrivals, monthly hotel statistics, annual tourism receipts, annual cruise statistics) have been shifted to the singapore tourism analytics network (stan) website. Malaysia’s rise as a regional medical tourism hub comes at the expense of singapore, which is rapidly losing market share to its neighbour which is able to offer cheaper healthcare and compelling savings to tourists, according to maybank kim eng.

As many as 250,000 medical tourists come from indonesia alone! In most asean countries, medical tourism represents one third or more revenue of a private hospital, according to the report. Medical tourism overview the global medical tourism market was valued at usd 16,761 million in 2018, and it is expected to reach usd 27,247.6 million by 2024.

It significantly affect the economies of singapore, and also contribute to increasing gdp. Malaysia offers more competitive surgery costs with a heart bypass costing just us$14,000 compared to us$23,000 in singapore. Private hospitals generate major revenue from foreign patients.

Singapore’s medical tourism revenue grew at a 10% compound annual growth rate in the to 2017, when it stood at $1 billion singapore dollars ($737 million), online magazine healthcare asia says. One reason that medical tourism has been such a success is that the singapore tourism board has a number of programmes to promote private healthcare companies. It plays a key role in developing and nurturing referral networks in countries where there is a demand for the medical services that singapore offers.

Explore stan to find out more. Despite advertising and marketing overseas, rmg is still seeing a drop in medical tourism. Q3 2020 tourism performance report.

Singapore saw an increase in outbound tourism of singapore residents from 8.647 million in 2013 to 9.889 million in 2017 though travel expenditure has remained fairly static over that time, from us$24,383 million in 2013, to us$24,543 million in 2017. With 850000 medical tourists in 2012 singapore is also growing as a medical tourism center in south east asia. 1h 2020 tourism performance report.

American people spend $2.3 billion on medical tourism services abroad in 2017, representing 20% of the world. On average, medical tourism spend accounted for less than 4% overall tourism receipts in recent years, said stb’s director of trade engagement and market soo siew keong. More than half of singapore’s medical tourists are from indonesia, with approximately 250,000 indonesians visiting singapore for medical care each year.

Within this section, you will find information on medical tourism numbers, our estimate of inbound and outbound medical tourists (where they can be reliably ascertained) and news that provides estimates of medical tourism activity in singapore. For the outbound medical tourism market, the united states is also the largest spender.

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