ASEAN Medical Tourism in the Pink of Health

Over the past decade, the 10-nation Association of Southeast Asian Nations (ASEAN) has experienced rapid development, collectively becoming the seventh largest economy in the world. This rapid growth in the economy has come with evolving lifestyles and demographics that are driving positive changes in many industries. One sector that is truly being boosted by this economic boom is the healthcare industry.

The demand for healthcare in Southeast Asia is swiftly expanding due to a growing middle-class and an aging population. According to data shared by the World Health Organization, healthcare expenditure per capita in ASEAN is estimated at US$544.

At the top of the list is Singapore and Brunei with expenditures per capita of US$2,273 and US$1,449 respectively. The growth in ASEAN is made more apparent, with nations like Malaysia allocating a budget of a $25 billion towards healthcare for the year of 2018. The increasing demand and quality of healthcare in the region has spurred the medical-tourism sub-sector, bringing in medical tourists from all over the world.

Based on a report by US-based Patients Beyond Border, an organization that monitors trends in medical tourism around the world, the global value of the medical tourism sub-sector is estimated at US$55 billion, with a market of over 11 million consumers. Of the figures stated, almost a third is made of medical tourists travelling to Southeast Asia.

Of the 10 nations within ASEAN, Malaysia, Singapore and Thailand receive the lion’s share of medical tourists traveling to the region. Patients from around the region and the world are attracted to the world-class medical facilities that are also competitively priced.

Malaysia now receives an estimated 840,000 medical tourists a year, 640,000 of that come from within Southeast Asia itself. With the growing demand in medical tourism, Malaysian healthcare providers are looking at innovative and cutting-edge treatments that will maintain their competitive edge in the world market. One area that is seeing a surge of interest is stem-cell therapy.

Patrick Tan, founder of Yakin Medic is aware of the growing demand of medical tourism in the region, and is adopting new technologies to meet their needs. These new technologies include the patented PolyNEU technique.

“This patented PoluNEU technique uses autologous fibroblast cells, and replicating the cells in the safe environment of a GMP certified lab. After a stringent quality control process, these powerhouses are strategically injected back into your skin, leaving you with a younger, suppler skin for an extended time. There are a number of anti-aging and skin rejuvenation techniques available in the market. However, PolyNEU, stands out due to its uniquely natural, safe and long-term effect,” says Mr Tan.

The Malaysian stem cell market in Malaysia stood at US$157 million in 2008 and grew at a 12% annual growth rate until 2018, according to the Malaysian Biotech Corporation Sdn. Bhd. Between 2017 to 2025, the stem cell market in the Asia Pacific region is expected to continue growing at an annual growth rate of 26.23%, making it the fastest growing market segment during this period, with Malaysia contributing to a large portion this growth. This means the stem cell market within Asia Pacific will reach a whopping $3680 million by the year 2025, as reported by Inwood Research in 2017

Patrick Tan of Yakin Medic believes that “patients come to Malaysia for treatment because it is meeting international standards, and it is much cheaper.” Whatever the reasons, the numbers seem to point towards a promising future, not just for Malaysia, but also for Southeast Asia as a whole.