Philippines All Set to Grab Major Share of the $2 Trillion Health and Wellness Market

Philippines is all set to grab a major share of the ever growing health and wellness industry, which was valued at $2 trillion at the end of last year. Leading members of wellness industry, who took part in workshop organized at Philippine Trade Training Center (PTTC), expressed these views.

Philippines

Why Philippines

The country has been a major tourist destination for some years now with around 7,101 islands that tourist coming here can explore. Over the years Philippines has also turned itself into a major hub for medical and wellness treatments provided at affordable rates as compared to some of the more developed nations.

The treatments are of world class and provided by trained as well as qualified professionals. Additionally, visitors are assured of excellence in quality of services since the hospitals in the country are accredited by QHA Trent which is a well known British accreditation company as well as by Joint Commission International (JCI) which is one the leading American accreditation groups.

 spa

PhilWell Report on Industry Growth

President of PhilWell or Philippines Wellness and Spa Association reported that last year the industry was growing at a rate of 4% even with recession that hit the country, which shows the potential for growth this industry has. Globally of all the various segments of wellness industry, the major share of the revenue came from anti-aging and beauty sector, which alone accounted for $679 billion. Philippines had its own share in the market with revenues soaring to $25 million and out of it; sixty-two percent of the revenue came from foreign tourists.

 Plastic surgery

Advantage for Philippines

The points in favor of Philippines are the natural resources it has as well as the trained professionals and wide assortment of medicinal plants and herbs available in the country. Government as well as private organizations are trying to promote the country as a wellness destination. These destinations comprise two basic categories, medical tourism covering plastic and other surgeries, and the second category being wellness tourism in which more emphasis is being given to promote water treatments due to the richness of its natural springs country has with their individual healing properties.

The country is also trying to become a leading provider of some of the most sought after medical treatments such as cosmetic and heart surgery and attempting to promote “hilot” which is one of the healing systems utilizing touch therapy for removing energy imbalance still practiced by rural people in the country.

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Medical Tourism and Philippines

If we look at the statistics, more Americans are opting to go overseas for medical treatments and this number is going to rise as the cost of treatments and insurance climbs up further. It is further estimated that the industry will grow by about 2% of the country’s GDP and be a major player in overall economic growth in the country.

To support the health and wellness tourism industry in the country, the government has made new regulation according to which nationals of the US, Japan, the UK and Australia are not required to get a tourist visa to enter the country and can stay in the country for 21 days. This regulation proves to be a major incentive for people of these countries who do not have to undergo the hassle of acquiring a tourist visa, thus making Philippines the preferred destination for wellness tourism.

Summary:

The future is very bright for health and wellness industry in Philippines. The right initiatives by the government to promote wellness tourism will help the industry grow further and transform itself into one of the major revenue earning sources for the nation. The facilities are all in place and right attitude will help the industry move into next level.

Dr Prem Jagyasi (c)

Dr Prem is an award winning strategic leader, renowned author, publisher and highly acclaimed global speaker. Aside from publishing a bevy of life improvement guides, Dr Prem runs a network of 50 niche websites that attracts millions of readers across the globe. Thus far, Dr Prem has traveled to more than 40 countries, addressed numerous international conferences and offered his expert training and consultancy services to more than 150 international organizations. He also owns and leads a web services and technology business, supervised and managed by his eminent team. Dr Prem further takes great delight in travel photography.

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