Medical Tourism to Play Significant Role in Recovery of Asian Economies

Asian economies are expected to fully recover from effects of the global recession, with the medical tourism and retirement sectors touted as sunrise industries that will propel the economic growth of the region.

The Asian Development Bank (ADB) earlier said that developing Asia’s GDP would grow by 7.5 percent this year, a big leap from 5.2 percent in 2009. The projected growth rate is higher than those of other parts in the world.

According to Dr. Sanjiv Malik, Honorary Chairman of the International Summit on Medical Travel, Wellness and Retirement (IMWell Summit), this growth momentum will be driven in part by international healthcare travel, with patients leaving for other countries to seek health and wellness.

The recent passage of US President Obama’s healthcare reform will also positively impact the medical tourism industry. With the expansion of insurance coverage to 32 million uninsured Americans, more patients are anticipated by hospitals and clinics in Asian countries to avail of medical procedures and treatments at a fraction of the amount that they would have spent on the same service in the US.

In addition, some Asian countries are also gaining popularity as retirement havens, with the “silver market” composed of senior citizens and baby boomers from Western countries leaving their homeland for tropical destinations. Meeting the needs of this group is seen to be a major economic driver not just for the healthcare industry in the region, but also for the property sector.