The Philippines takes pride of its world-class medical healthcare services. In fact, these services are some of the best in Asia. In addition to being well-trained and skilled, the Filipinos have a compassionate nature that enables them to perform excellent and personalized medical treatment. Furthermore, being a supporter of alternative treatments, the Philippine medical tourism program also includes traditional and alternative healthcare services.

 

The Philippines is developing a strong medical tourism market given the abundance of highly-qualified English-speaking medical workers, sophisticated private hospitals and competitive pricing of medical services.

 

Market Opportunity

 

• Medical tourism as an emerging industry and on track to become a multi-billion dollar industry in the years to come. Not only confined to people who are sick who want to live more years but also to people who want to look better and more fit as they age.

• Philippine medical tourism target US$ 3 billion revenues by 2015.

• Demand for more affordable services due to rising cost of healthcare services in the US, Canada, Great Britain, Western Europe, Japan.

• Increasing population of retirees demanding for general and specialized medical services abroad, and interested also in packaged tours in scenic spots.

• Ease and affordability of international travel via air and sea.

 

Industry Potential

Growth Drivers

 

• growing interest in wellmess services and desire for illness prevention

• rising interest in alternative and complementary forms of medicine

• global consumer trends that include aging populations in key demographic sectors

• renewed emphasis on learning to establish individual balance and the integration of mind, body, and spirit

 

Domestic Market

 

• Filipino citizens

• Balikbayans, particularly first generation Filipino immigrants

• Foreign retirees within the region (Korean, Japanese, etc.)

• Those seeking non-insurance covered medical procedutes (e.g. cosmetic services)

 

World Market

 

• Primary Market

  • Overseas and former Filipinos (N. America, Canada)

  • Middle East – Gulf Corporation Council (GCC) and Corporate Buyers located in this region (Saudi Arabia, Kuwait, Qatar, UAE, Bahrain, Oman)

  • Island States in the Pacific (Nauru, Papua New Guinea, Guam, Palau, Federated States of Micronesia)

• Secondary Market (Australians, Japanese, Koreans, Taiwanese, Chinese, Europeans)

 

Asian Market

 

Asia represents the most potential medical tourism market in the world. The ageing population particularly in the developed countries is increasingly and rapidly putting an extra demand for health infrastructure, thus, creating huge opportunities in the Asian medical tourism market. The Asian medical tourism market which is expected to grow by 18% between 2007 and 2012, according to the Asian Medical Tourism Analysis 2008-2012.

 

Popular Medical Services Offered and Potential for New Players

 

• Eye surgery

• Refractive eye laser surgery

• Cataract surgery

• Dental prosthesis

• Dental implant

• Cosmetic dental procedures

• Dermatology, cosmetic and plastic surgery

• Bariatic surgery

• Cardiovascular, coronary artery bypass procedure

 

Philippine Advantage

 

Existing State-of-the-art Medical Facilities

• Positron Emission Technology

• 3-Tesla Magnetic Resonance Imaging (MRI)

• 64-Slice CT Scanner

• Cathlab System with Flat Panel Detector

• SPECT/CT Scanner

• Picture Archiving and Communications System (PACS)

• Intravascular Ultrasound

• Stereotactic Radiosurgery System

• Intensity Modulated Radiation Therapy (IMRT)

• Respiratory Gating Radiation Therapy

 

Human resources

 

Availability

 

• 105,478 total number of registered doctors (Aug 2008)

• 59,532 total number of registered dentists (Aug 2008)

• 497,285 total number of registered nurses (Aug 2008)

• 310,809 other registered medical professionals (Aug 2008)

• 478,966 total graduates in 2010

• 144,629 graduates of Medical and Allied courses (2010)

 

Quality

 

• Large number of highly educated and trained medical professionals

• Excellent skills and reputation in care giving

• Availability of doctors trained with Western medical orientation

• Competitive labor force

• World-class English language proficiency with capability with some Asian languages

• Strong work ethics and customer orientation

• Universal cultural adaptation

 

Costs advantage

 

• Wages typically less than a fifth of that in the US

• Local communication, electricity and housing costs also 50% lower compared to the US rates.

 

Source:  http://investphilippines.gov.ph/industries/tourism/health-and-wellness/