The Rise of Medical Travel
Surging Demand Has Prompted Further Investment
in Asia’s Healthcare Infrastructure
By Gregory Curley
The world of healthcare has grown exponentially over the last decade. Skyrocketing costs and limited access to health insurance have left large numbers of people without quality medical services, propelling the need for cutting-edge technologies to unprecedented levels.
Nowhere is this more prevalent than in Asia. Shaken by the economic crisis and currency crash of 2007, government officials are channeling tourism efforts into marketing nations as premier destinations for international healthcare.
This strategy has proven successful: Asia’s medical tourism market is booming. Ushering in more than 1 million visitors every year, Asia has fast become the world’s leading destination for premium healthcare services. Estimates forecast that its medical tourism market will be worth more than US$4 billion in cumulative growth by 2012, nearly 23% of the global market.
And the growth of the medical tourism industry shows no signs of slowing down. Countries like Thailand, Singapore, India and South Korea are pouring billions of dollars into their healthcare infrastructure to shoulder surging demand for leading medical care through first-class facilities and medical experts, including tertiary hospital care.
Language and regulation are no longer limiting factors for foreigners, allaying fears of miscommunication, discriminatory charging or malpractice.
Even Asian nations without sufficient support are seeing physicians splitting proceeds with public hospitals to set up their own private businesses to cater to any spillover of foreign patients.
Offering ultramodern facilities with significantly shorter waiting times, as well as accommodating recuperative surroundings, Asia provides world-standard medical treatment at a fraction of the cost compared to that of Europe and North America. For example, in South Korea, where preventive healthcare clinics are widely available, MRIs cost one-tenth as much as in the United States.
The emerging markets of Asia’s spa and wellness sector are further propelling its dominance in the industry. Both have opened up new avenues for growth.
Malaysia, long regarded as one of the top four players in the Asian medical tourism market, expects to earn up to US$590 million in that area over the next five years. India is close behind and is widely anticipated to surpass its neighbors with an impressive growth rate of 30% per annum. It stands to earn US$2.2 billion a year by 2012.
Singapore has shown remarkable development as well. With 11 JCI-accredited hospitals, the country has set a target of 1 million visitors per year and expects revenues to climb as high as US$3 billion by 2012.
Included in this boom is newcomer South Korea. Its advanced IT infrastructure, recent revisions to medical laws, and increasing number of highly skilled, multilingual medical personnel make it a strong contender in the global realm of medical tourism.
The Future of Preventive Healthcare
Korea’s Exponential Growth in the Medical Tourism Industry
As the price of healthcare continues to rise throughout the United States and Europe, patients are increasingly turning to key Asian markets for medical treatments.
To shoulder the growing need for cutting-edge healthcare, countries are going to great lengths to expand and upgrade their medical facilities to attract patients.
Korea is no exception. Prepped with state-of-the-art facilities, affordable pricing and a growing number of highly skilled, multilingual medical
experts, it is fast becoming a leader in the industry, well ahead of its Asian counterparts.
The Korean Health Ministry reports that 81,789 tourists came for medical purposes in 2010—an increase of 36% since medical tourism was first introduced to the country two years ago. Of these visits, almost 80% were for outpatient procedures, 6% for inpatient treatment and another 14% for check-ups. Officials expect that figure to climb as high as 140,000 by 2012.
Medical tourism has been one of the major growth engines of the Lee Myung-bak government since 2009. The administration has continued to show strong support for the industry, empowering the Korea Tourism Organization (KTO) to handle the majority of its promotional responsibilities.
As part of the newly amended medical tourism guidelines announced by the Ministry of Health and Welfare, foreign patients who have accidents while being treated at Korean medical facilities are now insured and entitled to compensation by the government. Hospitals will also be able to sell drugs to foreign patients directly without the need of a prescription. A number of information centers have also been strategically established at two of Korea’s international airports to spread the word of medical tourism’s growing reach.
The Korean Advantage
Jin Soo-nam, Executive Director of the KTO’s Medical Tourism Department, spearheads Korea’s marketing initiatives. According to Jin, “Despite the fact that India, Singapore and Thailand attracted medical tourists before Korea, our industry is developing much more rapidly due to its solid IT infrastructure and revolutionary medical technology.” For example, Korea’s high-speed Internet connectivity provides seamless access to a host of one-stop multilingual services online. The country’s National Cancer Center stands as a testament to Korea’s rapid and successful growth, boasting some of the highest recovery rates in the world.
Three of the country’s other top hospitals, Samsung Medical Center, ASAN Medical Center and Seoul National University Hospital, have all reported sharp increases in the number of non-Koreans visiting their facilities for medical care, namely cancer treatments, cosmetic surgery and liver disease treatment, of which Korea is a global leader in the field.
With all this advancement flexing the country’s medical muscle, there has never been a better time to visit Korea.
Leading the Way With Advanced Technology
Bringing Traditional and Modern Medicine Together for Optimal Healing
Preventive Healthcare
Seoul National University (SNU) Hospital’s healthcare center in Gangnam, opened in 2003, is Korea’s most reliable and affordable medical facility for preventive healthcare. SNU doctors specialize in early diagnostic treatment and disease prevention using revolutionary precision
medical equipment.
The three-level facility has seen explosive growth since its inception. “Our growing popularity is primarily due to the list of quality, one-stop
services we provide compared to other countries,” explains Chief Customer Officer Won-hee Sim.
The hospital features an exclusive Lifetime Health Management (LHM) system that uses cancer-reminder protocol and automatic annual check-up systems to detect the disease, in addition to treating and preventing future anomalies. Medical counseling is continuously monitored.
“Patients are not always able to keep track of every preventive measure we take. We developed the LHM system to empower patients so they can take advantage of knowing their health status at all times.”
The Non-Surgical Approach to Alternative Medicine
Korea’s non-invasive forms of medical treatment balance modern medicine with traditional healing practices to ensure speedier recovery times.
Traditional Korean medical doctors are medical experts rather than simply “treatment providers.” They must undergo a rigorous ten-year training program. Oriental medicine is still widely practiced in Korea today for the treatment of modern diseases like cancer, stroke, obesity, diabetes and even spinal disease.
With 15 clinics across the country, Jaseng Hospital of Oriental Medicine is the largest clinic specializing in spinal disease in the world today, with over 280 medical experts treating 900,000 cases a year.
A Leader in Cosmetic Surgery
Wonjin Plastic Surgery is Asia’s most advanced cosmetic surgery clinic. While known for its specialized technology, the hospital also boasts a multilingual staff whose members have a minimum of ten years’ experience, and who put the patient at the center of every case.
Opened in 1999, the clinic welcomes doctors from Europe and America who wish to undergo training in the latest plastic surgery trends.
Founder Wonjin Park’s successful track record is a testament to his dedication to the industry. He is fully aware of how rapidly the business is evolving: “Doctors attend national seminars regularly and are sent abroad to international conferences and seminars twice a year,” Park says. “This ensures they keep up to date with trends in the medical industry.”
Furthermore, all surgeries are backed by a solid insurance program and are based on a trusted set of solutions that have been consistently applied since the clinic’s inception.
“We try to give the best advice based on medical knowledge,” Park says. “This helps our patients overcome any concerns and helps us achieve exactly what they want to have done.”
