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.
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Attribute
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Details
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Base
Year
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2022
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Historic
Data
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2018 – 2021
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Estimated
Year
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2023
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Forecast
Period
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2024 – 2028
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Quantitative
Units
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Revenue in USD Million, and CAGR for 2018-2022 and 2023-2028
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Report
coverage
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Revenue
forecast, company share, competitive landscape, growth factors, and trends
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Segments
covered
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·
By Type
·
By Treatment Type
·
By Region
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Regional
scope
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West
Malaysia; East Malaysia
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|
Key
companies profiled
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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
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|
Customization
scope
|
10%
free report customization with purchase. Addition or alteration to country,
regional & segment scope.
|
|
Pricing
and purchase options
|
Avail customized purchase options to meet your exact research
needs. Explore purchase options
|
|
Delivery
Format
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PDF and Excel through Email (We can also provide the editable
version of the report in PPT/Word format on special request)
|
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).
Malaysia Medical
Tourism Market is an upcoming report to be released soon. If you wish
an early delivery of this report or want to confirm the date of release, please
contact us at [email protected]