High costs in Singapore encourage outbound medical travel

 

Singapore's rising healthcare costs may be pushing medical tourists to less costly competitors Malaysia and Thailand.

The cost of healthcare in Singapore is increasingly diminishing the city’s attractiveness as a medical tourism destination with patients opting to turn to neighbouring countries for their medical needs, according to RHB Research.

The strengthening of the Singapore Dollar against regional currencies also adds to the already expensive cost burden even as healthcare providers in other countries have been investing in the quality of their services whilst keeping costs down.

A separate report by insurance broker Aon notes that medical inflation in Singapore is expected to hit 10% in 2019. The headline figure is above the global average.

Losing foreign patients mean private hospitals Raffles Medical, IHH Healthcare and Health Management International are building in other countries. Raffles Medical Group derives most of its revenue from Singapore, but after struggling to grow earnings over the past four years, has opened two hospitals in China. It also has clinics in China, Japan, Vietnam and Cambodia.

IHH Healthcare plans to open three hospitals in China within the next three years, while Thomson Medical will open two IVF centres. Perennial Real Estate is also developing hospitals and other healthcare facilities in partnership with local Chinese companies.

For further analysis of the medical travel market in Singapore, visit the IMTJ Country Profile.

Advertisement

ADD A NEWS ITEM

Do you have some news or a press release that you’d like to share with the medical travel industry?

Publish for FREE on IMTJ.

ADD NEWS

Related News

Ukraine medical tourism

09 July, 2019

Infertility treatment clinics in Ukraine attract most international patients

Malaysia’s international healthcare travel campaign

04 July, 2019

Malaysia Year of Healthcare Travel is coming for 2020

Germany fertility travel

25 June, 2019

Call to legalise egg donation in Germany

US commercial surrogacy

21 June, 2019

New York passes bill allowing commercial surrogacy

Jordan inbound medical travel

20 June, 2019

Jordan medical travel sector helped by King’s support