Malaysia's HMI offers quality treatment at relatively lower cost.
Findings by AB Bernstein and Global Health and Travel noted Singapore as one of the top destinations in the region for medical tourism.
However, Singapore's feat may face competition as the attractiveness of the “patient experience” in neighbouring countries like Malaysia and Indonesia has improved between 2015 and this year.
According to OCBC Investment Research, certain hospitals such as Health Management International (HMI)’s in Malaysia offer quality treatment at relatively lower costs than Singapore.
"Thus, given constant concerns over medical tourism and longer term implications for Singapore, we are positive on Raffles Medical Group (RMG)’s expansion plans to diversify their presence and sustain earnings for the long term, although we are cognizant of start-up costs and execution in the nearer term," it said.
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