Worldwide Healthcare Travel Revenue to Hit US$100 Billion by 2012

Rising healthcare standards together with the growing demand for more affordable treatment will keep the Asian market for medical tourism buoyant, according to experts speaking at the Healthcare Travel Exhibition & Congress today at the Fairmont Hotel, Singapore.

Worldwide gross medical tourism revenue is projected to grow from US$56 billion to reach US$100 billion by 2012, with Asia as a major driver of this growth.

"Buoyed by the success stories of earlier waves of medical tourists, consumers, insurance companies as well businesses fully recognise the reliability and affordability of going overseas for medical procedures. Patients who choose to undergo treatments in Asia can pay just 10% of the cost of comparable treatment conducted in developed countries like the United States or United Kingdom. This differential cost, coupled with today's sophisticated travel industry, provides an excellent catalyst to the growth of medical tourism," said Mr. Andrew Keable, Divisional Director, Informa Life Sciences.

Asia is well placed to grow in medical tourism as healthcare standards and technology adoption continue to improve. Hospitals, especially in Korea, Malaysia, Thailand, India and Singapore, have made it a point to implement state-of-the-art medical technologies to improve patient care.

Healthcare Travel Exhibition & Congress 2009 is a new event focusing on two of the world's largest industries: healthcare and tourism. The event brings together professionals, government officials and decision makers from the healthcare and travel industries, giving them the opportunity to network and share best practices, insights and knowledge to further develop Asia's thriving healthcare travel market.

Leading edge technology is on display at the exhibition portion of the event, where close to 30 exhibitors including leading medical suppliers, healthcare travel facilitators, medical spas and hospitals are showcasing their innovations and services. Governments too have begun to recognise the economic potential and are responding by actively participating in the promotion of their respective countries as attractive healthcare destinations.

The conference themes at the Congress portion of the event include:

29th - 30th June: The global healthcare travel outlook, new challenges and opportunities in healthcare travel, payment and accreditation  standards

29th - 30th June: Healthcare insurance trends in Asia, best practices, and emerging partnerships

29th June: Travel Business Day co-organised with PATA, covering medical tourist requirements, business cases, misconceptions and the healthcare travel ecosystem

1 July: Minimizing legal liabilities in global healthcare travel

1 July: Health insurance risk management for new markets

Healthcare Travel Exhibition & Congress is sponsored by Singapore Medicine, CKMP-Council for Korea Medicine Overseas Promotion and National Healthcare Group. The event is also supported by International Enterprise Singapore, International Medical Travel Association (IMTA), Life Insurance Association, Pacific Asia Travel Association (PATA), Spa and Wellness Association Singapore, Thai Spa Association, and Spa Association Singapore.

See other recent news regarding: Travel News Asia, Medical Tourism, Healthcare, Singapore, Travel Trade Shows, Fairmont