Malaysia medical tourism market: evolving market trends & dynamics 2024

Malaysia Medical Tourism Market: Evolving Market Trends & Dynamics 2024 Date: 02-27-2017 05:10 PM CET Category: Health & Medicine Press release from: Transparency Market Research

The medical tourism industry in Malaysia is booming, which contributed to the fierce competition among the leading market players. Because the market is heading towards its maturity, a majority of the prominent enterprises are looking to offer dynamic changes in their services and products to keep reporting sustainable growth. Despite the presence of a large number of companies, the medical tourism market in Malaysia still exhibits a high degree of consolidation, with the leading players holding the crux of the market, finds Transparency Market Research (TMR) in a new report.

Some of the leading companies exhibiting a strong presence in the Malaysia medical tourism market are KPJ Healthcare Berhad, Prince Court Medical Centre, IJN Health Institute, Sunway Medical Centre, and Island Hospital. These institutions are focusing on emerging dominant by expanding their geographic footprint. Enhancing their foreign customer base has therefore become a key tactic for enterprises looking to establish a stronghold in the Malaysia medical tourism market.

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According to TMR, the medical tourism market in Malaysia is forecast to expand a whopping 30.05% CAGR between 2016 and 2024. At this incredible pace, the market will reach US$3.5 bn by the end of 2024, from a valuation of US$424.96 mn in 2016. Approximately 36.6% of medical tourists availed dental treatments in 2016, making it a leading market segment.

Besides this, the market also witnessed considerably high demand in aesthetics/cosmetic surgery procedures and health screening segments.

Lucrative Government Incentives to Continue Bolstering Opportunities Low cost of medical services, compared to the same offered in developed economies of North America and Europe is the chief factor luring foreign medical tourists to Malaysia. Besides this, persistent government activities to boost the sector will synergize the country’s medical tourism industry. “With the rising influx of medical tourists from MENA and neighboring

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countries, the medical tourism market in Malaysia is poised to surge exponentially in the coming years,” said a lead TMR analyst.

The accelerated pace of gains witnessed in the medical tourism market in Malaysia is contributed by excellent macro-economic factors such as the increasing government programs promoting medical tourism, excellent transport facilities, and decent recuperation facilities. For instance, to boost medical tourism, the Malaysian government offers varied tax incentives, especially on the revenue generated from foreign patients. “In 2009, the government offered tax exemption of 50% on revenues earned from foreign patients, which was later increased to a whopping 100% by the end of 2010,” said a lead TMR analyst. Moreover, medical tourism is considered as one of the 12 national key economic areas (NKEAs) in Malaysia, which is a chief driver of the market.

Medical Inflation Poses Threat to Market’s Growth On the downside, medical inflation recorded in 2015 and a slight drop in the number of medical travelers could have an adverse influence on the market. Besides this, the market is already witnessing challenges from low revenue generated per patient, soaring healthcare costs, and the mounting burden on Malaysia’s healthcare system. Nevertheless, Malaysia is positioned as a preferred destination for medical travelers, which has potentiated the country’s medical tourism market.

This review is based on a TMR PR, titled “ Medical Tourism Market - Malaysia Industry Analysis, Size, Share, Growth, Trends, and Forecast 2016 - 2024.”

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The report segments the Malaysia medical tourism market as: Malaysia medical tourism Market, By Procedure Type Cardio (Internal medicine) Angiogram Angioplasty ASD closure Atherectomy Pacemakers Radiofrequency ablation Watchmen device implants Cardio (Internal medicine) consultation Others Cardiothoracic Surgery Heart Valve Replacement Coronary artery bypass Heart transplant Stenting Cardiothoracic consultation Other Procedures (Cardiomyoplasty, PTMC Valve) Oncology Bone Marrow Transplant Oncology consultation Other procedures Fertility treatments (IVF) Embryo Transplants Fertility treatments (IVF) consultation Other procedures Orthopedic treatment

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Arthroplasty Arthroscopy Fracture repair Hip replacement Internal fixations Knee replacement Physiotherapy Orthopedic consultation Dental treatment Dental Implants Dental treatment consultation Other procedures Ophthalmology Corneal Transplants Ophthalmology consultation Other procedures Aesthetics / Cosmetic Surgery Hair Transplants Breast Augmentation Procedures Rhinoplasty Face Lift Liposuction Tummy Tuck Aesthetics / Cosmetic consultation Other procedures Neurology Brain Surgery Neurology consultation Other procedures Regenerative Therapy (Stem cells) Stem Cell Transplant Regenerative Therapy (Stem cells) consultation Other procedures Medical check - ups (Health screening) Others Kidney and Liver Transplants Other general consultation Other procedures About Us Transparency Market Research (TMR) is a market intelligence company, providing global business information reports and services. Our exclusive blend of quantitative forecasting and trends analysis provides forward-looking insight for thousands of decision makers. TMR’s experienced team of analysts, researchers, and consultants, use proprietary data sources and various tools and techniques to gather, and analyze information. Our business offerings represent the latest and the most reliable information indispensable for businesses to sustain a competitive edge.

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