By 2024 , Malaysia Medical Tourism Market To Grow at a CAGR of 30.05%

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 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
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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.