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Among the list of favourable amenities to consider when purchasing a particular property is its proximity to medical facilities. The popularity of state-of-the-art hospitals and medical care is elevated when it comes to retirees and those with young children – two groups that rely heavily on having proper medical care. That being said, investors should also tick this box off their list as such properties have proven to increase in value over time for obvious reasons.
When it comes to Thailand, its major cities have not only caught up but also overtaken much of the developed world to attract hordes of medical tourists to its shores, offering superlative service levels and unrivalled value in this sector.
Southeast Asian giants at the sector’s forefront
As the world becomes more connected, more and more foreigners are travelling to Southeast Asia to undergo medical procedures that are either not available or that come with a higher price tag in their own countries.
Foreign patients take up an impressive 40-55 percent of the private hospitals’ revenue in countries such as Singapore, Malaysia and especially Thailand. This is partly due to the fact that these countries are in a race to capture their share of the market, constantly upgrading facilities as well as increasing their capacity to house as many patients as they can. This in turn has attracted the attention of several investors who enable advanced technologies to be incorporated in the sector. Respective governments have also provided support for these medical institutions, quick to realise that foreign patronage will only boost the economy tremendously in the long run.
Thailand leading the pack
Many would expect that the main draw of Thailand for medical tourists would be that costs are dramatically lower compared to its western counterparts. After all, an MRI scan in North America costs approximately USD 2611 while the same procedure costs approximately USD 190 in Thailand. Cost, however, is only one of the many advantages that the country has to offer patients looking for treatment.
Thailand’s doctors are well trained in the latest treatments and procedures, and hospitals are fitted with the most cutting edge medical technologies. Practitioners are also proficient in a host of languages, with little to no communications issues for most patients who speak a foreign language.
Mirroring the country’s hospitable and welcoming atmosphere, hospitals in Thailand are akin to world class hotels when it comes to service standards, setting the benchmark for the rest of the region. The past few years have also seen advancements in the country’s cosmetic surgery sector, attracting foreigners from around the globe looking for cost friendly and quality alternatives overseas.
The medical tourism industry moving forward
A trend across the medical industry that is already picking up speed is the integration of healthcare and wellness initiatives into people’s every lives.
An example of this is seen in Home@samitivej, a partnership between Sansiri and Samitivej Public Company Limited - the operator of Thailand’s and the region’s leading hospitals - encompassing safety checks and health consultations for the property developer’s residents. This will be a great boost for all those who purchase Sansiri properties, creating unrivalled benefits to a growing demand for experiencing health and safety benefits from the comfort of one’s homes.
The future of medical tourism will see more and more tourists flock to foreign destinations in search of cost-effective and cutting edge technological advancements not readily available at home. It only makes sense that Thailand will continue to grow as a hub for medical tourism, leveraging its already voluminous tourist traffic and constantly evolving infrastructural developments that the government has embarked upon.