Malaysia Medical Tourism Market
Malaysia Medical Tourism Market (Procedure Type - Cardio Internal Medicine, Cardiothoracic Surgery Oncology, Fertility Treatments, Orthopedic Treatment, Dental Treatment, Ophthalmology, Aesthetics/Cosmetic Surgery, Neurology, Regenerative Therapy, Medical Check-Ups, and Kidney and Liver Transplants) - Malaysia Industry Analysis, Size, Share, Growth, Trends, and Forecast 2016 - 2024
Press Release :
A number of countries in the Asia Pacific region have made formidable progress in the domain of healthcare. Malaysia is one such country that has attracted the attention of several key regions in terms of medical advancements and research. The Malaysian government lays emphasis on the importance of medical tourism by inviting several international researchers. The presence of a robust and growth-oriented medical research industry in the country has favoured medical tourism in the region. Furthermore, the potential for exploration and healthcare development in the region is also an important distinction for the country. Therefore, the Malaysia medical tourism market is expected to grow at a stellar rate in the years to follow.
- The tourism industry of Malaysia accounts for a significant share of the GDP, opening avenues for innovation in the economy. Tourists from across the globe travel to the country for recreation and leisure. This has helped in exposing the healthcare sector of the region to the foreign populace, and the country has earned accolades for its deftness in medicine and healthcare. Therefore, medical tourism in Malaysia has emerged as a resultant of leisure travel to the country. The outbreak of the coronavirus across the globe could restrict tourism and travel across regions. This factor could hinder the growth of the global Malaysia medical tourism market in the years to follow.
- The collective efforts of some of the Asian countries to consolidate the healthcare sector shall bear fruits for the Malaysia medical tourism market. The ease of communication felt in Malaysia, mainly due to the use of the English language in several industries, has encourages medical professionals from the west to travel to the country. There is a wave of advancements in healthcare across the Asian territory, and this trend shall be a gamechanger for facilitators of medical tourism in Malaysia.
Malaysia Medical Tourism Market: Snapshot
The medical tourism market in Malaysia is forecast to grow at a robust pace between 2016 and 2024. Persistent government activities synergizing the medical tourism industry and lower cost of medical services compared to their counterparts in developed nations are boosting the medical tourism market in Malaysia. Over the course of the forecast period from 2016 to 2024, the market is poised to exhibit an impressive 30.05% CAGR. At this pace, its valuation is expected to increase from US$424.96 mn in 2016 to US$3.5 bn before 2024 ends.
Accelerated pace of gains is on cards due to the increasing influx of medical tourists from MENA and neighboring countries. Besides this, the market will gain from various macro-economic factors such as tax exemptions by government on revenue generated from foreign patients and excellent transport and recuperation facilities. While the regional players will continue exhibiting promising growth, the established players might emerge as major gainers rendering the vendor landscape of Malaysia medical tourism market consolidated.
Other factors such as low language barrier and the presence of sophisticated healthcare infrastructure will continue fuelling opportunities in the medical tourism market of Malaysia.
Medical Travelers from Indonesia Highest in Number
Country-wise, the influx of medical tourists from the neighboring country Indonesia is recorded at the highest. In addition, the nation welcomes an increasing number of medical travelers from India, China, Nepal, Iran, Libya, Australia, the U.S., and the U.K. The healthcare industry in Malaysia has been identified as one of the 12 national key economic areas hence, the nation’s government keep no stone unturned to attract an increasing number of foreign patients every year. For instance, it offers lucrative incentives and tax exemptions on revenue generated from medical travelers. Besides this, the government of Malaysia has developed the Malaysia healthcare travel council (MHTC) within its healthcare ministry to support foreign patients and their families visiting Malaysia in every way possible.
In order to woo patients from the Middle-east the country maintains favorable stance on the Halal medical tourism. Hence several hospitals in the nation offer halal medical services to patients from the Middle East country. Under these services, the hospitals provide a full range of Muslim friendly services to their patients. Medical tourism assistance centers are also set up in places to help patients and their families traveling from the Middle East or other nations with Islam dominance.
Demand for Dental Treatment Recorded the Highest
Among the segments based on procedure type, the Malaysia medial tourism market was dominated by dental treatment in 2016. The aesthetics/cosmetic surgery segment trailed closely emerging as the second-leading market segment in the same year. According to TMR, approximately 36.6% of the medical tourists visiting Malaysia opt for dental treatment. Factors such as the low cost of services compared to those offered in the U.S. and favorable government activities are expected to aid growth witnessed in the aforementioned categories. Besides this, the market is forecast to witness rising demand for orthopedic treatment, cosmetic surgeries, and regular health screening. These segments, coupled with the field of dental treatment, occupied over 70% of the overall medical tourism market in Malaysia.
Some of the key enterprises operating in the Malaysia medical tourism market are Pantai Holdings Berhad, KPJ Healthcare Berhad, Dentalpro Group, Prince Court Medical Centre, Island Hospital, IJN Health Institute, Mahkota Medical Centre, Sunway Medical Centre, LohGuanLye Specialists Centre, and Tropicana Medical Centre.
Malaysia Medical Tourism Market: Overview
In terms of revenue, the Malaysia medical tourism market is expected to register a CAGR of 30.5% during the forecast period, 2016–2024. The primary objective of the report is to offer insights on the market dynamics that can influence growth of the Malaysia medical tourism market over the forecast period. Insights on key trends, drivers, restraints, value forecasts and opportunities for companies operating in the Malaysia medical tourism market are presented in the report.
Malaysia Medical Tourism Market: Drivers and Restraints
The Malaysia medical tourism market is expected to witness significant growth rate in terms of value owing to high quality treatment at low cost, strong health care infrastructure, low language barrier and increasing government initiatives for medical tourism contributes to growth of the Malaysia medical tourism market. Moreover, excellent recuperation facilities and transportation are creating high potential growth opportunities for players operating in the Malaysia medical tourism market. Revenue from the medical tourism market in Malaysia is expected to expand at the relatively higher CAGR due to rising number of medical travelers to Malaysia and introduction of advanced treatment facilities in Malaysia. To understand and assess opportunities in this market, the report offers market forecast on the basis of medical procedure types carried in Malaysia. The report provides analysis of the Malaysia medical tourism market in terms of market value (US$ Mn) and volume (In number of procedures).
The Malaysia medical tourism market is segmented on the basis of procedure type:
- Cardio (Internal medicine)
- Cardiothoracic Surgery
- Fertility treatments (IVF)
- Orthopedic treatment
- Dental treatment
- Aesthetics / Cosmetic Surgery
- Regenerative Therapy (Stem cells)
- Medical check – ups (Health screening)
The report begins with the market definition, followed by definitions of the different procedure types and subsequent sub segments. The market dynamics section includes TMR’s analysis on key trends, drivers, restraints, opportunities and macro-economic factors influencing the growth of the Malaysia medical tourism market.?
Malaysia Medical Tourism Market: Scope of the Report
Next, the report analyses the market on the basis of regions and presents forecast in terms of value for the next 10 years. In addition, we have considered Year-on-Year (Y-o-Y) growth to understand the predictability of the market and identify growth opportunities for companies operating in the Malaysia medical tourism market. Another key feature of this report is the analysis of key segments in terms of absolute dollar opportunity. This is usually overlooked, while forecasting the market. However, absolute dollar opportunity is critical for assessing the level of opportunity that a provider can look to achieve, as well as to identify potential resources from a sales and delivery perspective for services offered by medical tourism in Malaysia. To understand key segments in terms of their growth and performance in the Malaysia medical tourism market, Transparency market research has developed a market attractiveness index. The resulting index would help providers identify existing market opportunities.?
Malaysia Medical Tourism Market: Competitive Scenario
In the final section of the report, a ‘competitive landscape’ has been included to provide a dashboard view of key companies operating in the Malaysia medical tourism market. This section is primarily designed to provide clients with an objective and detailed comparative assessment of key providers specific to a market segment in the Malaysia medical tourism market and the potential players. However, this section also includes market strategies and SWOT analysis of the main players operational in the Malaysia medical tourism market.
Detailed profiles of players operating in Malaysia medical tourism market are also included in the scope of the report to evaluate their long- and short-term strategies. Key players included in this report are KPJ Healthcare Berhad, Pantai Holdings Berhad, Prince Court Medical Centre, Dentalpro Group, Sunway Medical Centre, IJN Health Institute, Island Hospital, LohGuanLye Specialists Centre, Mahkota Medical Centre, and Tropicana Medical Centre., among others.
Malaysia medical tourism market has been segmented as follows:
Malaysia medical tourism Market, By Procedure Type
By Procedure Type