Malaysia Medical Tourism Market, By Type (Inbound v/s Outbound), By Treatment Type (Orthopedic Treatment, Cardiovascular Treatment, Gynecological Treatment, Dental Treatment, Fertility Treatment, Cosmetic Treatment, Others), By Region, Competition, Forecast & Opportunities, 2018-2028F

Malaysia Medical Tourism Market is anticipated to witness an impressive growth during the forecast period on account of numerous initiatives taken by the Malaysian government to boost medical tourism in the country. Some of the initiatives taken by the Malaysian government include the inception of Malaysian Healthcare Travel Council (MHTC) in 2005 to facilitate medical tourism in the country. This has led to an increased number of visitors in Malaysia for different kinds of treatments. For instance, around 1.22 million people travelled to Malaysia for medical purposes in 2019. Additionally, in 2020, Malaysia was recognized as the Health and Medical Tourism: Destination of the Year by International Medical Travel Journal (IMTJ) Medical Travel Awards. Recently, the MHTC unveiled the Malaysia Healthcare Travel Blueprint for the period between 2021-2025 with its goal of achieving a revenue of USD380 million or RM1.7 billion by 2025. Besides, MHTC has also started promoting its hospitals for availing different types of treatments to various countries including Cambodia, Vietnam, Myanmar, Brunei, and Middle Eastern countries such as Qatar, Saudi Arabia, and Oman. All these factors are expected to create lucrative opportunities for the market growth in the coming years. Malaysia has world-class medical facilities with modern equipment and highly qualified medical professionals. The country has some of the best hospitals and clinics in the world, offering a wide range of medical treatments and procedures. Malaysia has established itself as a leading destination for medical tourism. Medical tourism is the process of traveling to another country to receive medical care, and Malaysia has become an attractive destination for medical tourists due to the high-quality healthcare facilities, affordable medical costs, specialized treatments, government support, and cultural diversity. Malaysia faces fierce competition from other medical tourism destinations such as Thailand, India, and Singapore. These countries offer similar healthcare services at competitive prices, which can make it challenging for Malaysia to attract medical tourists. Malaysia's healthcare industry is heavily regulated, and this can create challenges for medical tourism providers who need to navigate a complex regulatory environment. Regulations can affect the quality of services offered, the pricing of medical treatments, and the marketing of medical tourism services. Insurance coverage for medical tourists is limited, and this can deter potential medical tourists from choosing Malaysia as their destination for medical treatments. Many insurance policies do not cover medical treatments outside of the policyholder's home country, and this can limit the number of medical tourists who can afford to seek treatment in Malaysia. Malaysia is a multicultural country with multiple languages spoken. Language and cultural barriers can make it challenging for medical tourists to communicate with healthcare providers and navigate the healthcare system, which can create a negative experience for medical tourists. Economic instability in Malaysia can impact the healthcare industry and medical tourism market. Economic downturns can lead to a decrease in medical tourism, as people may not have the financial resources to travel overseas for medical treatments.

Increasing Adoption of Advanced Technologies

The widespread adoption of advanced healthcare technologies, treatments and devices in the country is expected to attract a lot of medical tourists to the country. For instance, in 2020, the National Heart Institute successfully implanted Micra AV pacemaker. This made National Heart Institute the first hospital outside of the United States to perform such procedure. Additionally, supportive government initiatives such as the Traditional & Complementary Medicine (T&CM) Act of 2016, which focuses on incorporating traditional and complementary medicine in the country is expected to drive the growth of medical tourism market in the forecast period. Malaysia has invested heavily in its healthcare industry and boasts world-class medical facilities. The country has numerous private and public hospitals and clinics that offer top-quality medical treatments and procedures. The facilities are well-equipped with modern equipment and staffed with highly trained medical professionals who offer excellent medical care. Compared to other countries, medical treatments and procedures in Malaysia are relatively affordable. This has made the country a popular destination for medical tourists who are looking for quality medical care at a reasonable cost. Medical tourists can save up to 80% on medical expenses compared to the cost of similar treatments in other countries.

Affordability and Internationally Recognized Hospitals

The overall cost of availing different treatments is much lesser in Malaysia than that in western world. For instance, a coronary artery bypass graft surgery which costs around USD77,000 only amounts to USD16,000 in Malaysia. Additionally, presence of JCI accredited hospitals in the country is further expected to support the market growth during the forecast period. As of 2020, Malaysia had around 12 JCI Accredited hospitals. Malaysia has become a hub for specialized medical treatments such as cosmetic surgery, fertility treatments, and cardiology. The country's medical facilities are well-equipped to offer these treatments, which has attracted many medical tourists from around the world. Additionally, Malaysia offers traditional and alternative medical treatments such as Ayurveda, traditional Chinese medicine, and acupuncture.

Increasing Fertility Tourism

Malaysia leads among different countries in terms of in-vitro fertilization success rates. Most of the reputed clinics in Malaysia have a success rate of around 65-70% which is highest as compared to other parts of the globe. This in turn leads to attraction of large number of visitors from across the globe to Malaysia for availing in-vitro fertilization treatments. Additionally, the cost of in vitro fertilization treatment is quite affordable in Malaysia and ranges between USD3163.84-USD3615.82 (RM14,000-RM16,000). Also, the presence of highly experienced team of fertility specialists, embryologists, nurses, and support staff is further expected to increase the number of visitors in Malaysia for fertility treatments. This in turn is expected to boost the medical tourism market in the country. The Malaysian government has been supportive of the medical tourism industry, providing tax incentives to medical facilities and investing in infrastructure to attract more medical tourists to the country. This support has contributed significantly to the growth of the medical tourism industry in the country. Malaysia's cultural diversity has also contributed to the growth of medical tourism. The country's diverse population has resulted in a wide range of medical treatments and procedures being offered, catering to the needs of different cultures and ethnicities. Additionally, the country's tourism industry offers a variety of cultural experiences, making it an attractive destination for medical tourists looking for a combination of medical treatments and cultural experiences. Malaysia has become a popular destination for fertility tourism, attracting couples from around the world who are seeking fertility treatments. Fertility tourism refers to the practice of traveling to another country for fertility treatments, often due to lower costs or better quality of care. One of the reasons for the growth of fertility tourism in Malaysia is the affordability of treatments. Fertility treatments in Malaysia are generally less expensive than in many other countries, making them more accessible to couples who may not be able to afford treatments in their home country. Additionally, Malaysia has a favorable exchange rate, making the country an attractive destination for couples from countries with a stronger currency. Another reason for the growth of fertility tourism in Malaysia is the quality of care provided by medical facilities in the country. Many of the medical facilities in Malaysia are accredited by international organizations, and the country's fertility specialists have received training and education from top medical institutions around the world.

Recent Development

• In 2021, Sunway Group, a leading Malaysian conglomerate, acquired Tropicana Medical Centre (TMC), a private hospital located in Petaling Jaya. The acquisition aimed to strengthen Sunway's position in Malaysia's healthcare industry and expand its healthcare services to cater to the growing demand for medical tourism in the country.
• In 2020, Raffles Medical Group, a leading healthcare provider in Singapore, acquired IMU Healthcare, a subsidiary of International Medical University (IMU). The acquisition aimed to expand Raffles Medical Group's presence in Malaysia's healthcare market and enhance its medical tourism services in the region.
• In 2019, Qualitas Medical Group, a leading primary healthcare provider in Malaysia, acquired Sunway Medical Centre Velocity, a private hospital located in Kuala Lumpur. The acquisition aimed to strengthen Qualitas' position in Malaysia's healthcare industry and expand its services to cater to the growing demand for medical tourism in the country.
• In 2019, Mitsui & Co., a Japanese conglomerate, acquired a 50.1% stake in Columbia Asia Hospitals, a leading chain of hospitals in Malaysia. The acquisition aimed to strengthen Mitsui's healthcare business in Southeast Asia and expand Columbia Asia's reach in the region.
• In 2018, IHH Healthcare, one of the largest healthcare providers in Asia, acquired Global Doctors, a Malaysian-based chain of primary care clinics. The acquisition aimed to enhance IHH's primary care services and expand its presence in Malaysia's healthcare market.

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Market Segmentation

 Malaysia Medical Tourism Market can be segmented based on type, treatment type and region. Based on type, the market can be divided into Inbound and Outbound. Based on treatment type, the market can be segmented into Orthopedic Treatment, Cardiovascular Treatment, Gynecological Treatment, Dental Treatment, Fertility Treatment, Cosmetic Treatment, and Others.

Market Players

KPJ Healthcare Berhad, Dentalpro Group, Island Hospital, Mahkota Medical Centre, Prince Court Medical Centre, IJN Health Institute, Mahkota Medical Centre, Sunway Medical Centre, Tropicana Medical Centre, Pantai Holdings Berhad are some of the leading players operating in the Malaysia Medical Tourism Market.

Report Scope:

In this report, Malaysia Medical Tourism Market has been segmented into following categories, in addition to the industry trends which have also been detailed below:

• Malaysia Medical Tourism Market, By Type:

o    Inbound

o    Outbound

• Malaysia Medical Tourism Market, By Treatment Type:

o    Orthopedic Treatment

o    Cardiovascular Treatment

o    Gynecological Treatment

o    Dental Treatment

o    Fertility Treatment

o    Cosmetic Treatment

o    Others

• Malaysia Medical Tourism Market, By Region:
• West Malaysia
• East Malaysia

Competitive Landscape

Company Profiles: Detailed analysis of the major companies present in Malaysia Medical Tourism Market.

Available Customizations:

With the given market data, TechSci Research offers customizations according to a company’s specific needs. The following customization options are available for the report:

Company Information

• Detailed analysis and profiling of additional market players (up to five).

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