Medical tourism revenues to hit more than S$2bn in 4 years

Raffles Medical Group stands to be a key beneficiary of expected influx of 851K medical travelers to Singapore from 2012-16.

Here's from OCBC analyst Wong Teck Ching:

With a rising middle-class and growing affluence in the region, coupled with the proliferation of social media which has enhanced the health awareness of people, we believe that RMG stands to be a key beneficiary of the expected growth in medical travellers to Singapore.

This is premised on the group’s competitive pricing vis-à-vis its comparable peers, strong brand equity and continued drive to enhance the depth of its specialist offerings.

Approximately 35% of RMG’s patient mix is made up of foreigners. Research firm Frost & Sullivan projected that the number of medical travellers to Singapore and the corresponding revenues generated would grow at a CAGR of 12.4% and 13.6% to 851k and S$2.03b, respectively, from 2012 to 2016.

According to RMG, it experienced a significant increase in patients from Indochina in 2011,
while patient visits from the Middle East also record a double-digit increase. We believe that Indonesians still forms the majority of RMG’s
foreign patient pool.