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. Read Report Overview @ https://www.transparencymarketresearch.com/malaysia-medical-tourismmarket.html 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 market. Request Sample Report @ https://www.transparencymarketresearch.com/sample/sample.php? flag=S&rep_id=20159 About Us Transparency Market Research (TMR) is a global market intelligence company providing business information reports and services. The company’s exclusive blend of quantitative forecasting and trend 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. TMR’s data repository is continuously updated and revised by a team of research experts so that it always reflects the latest trends and information. With extensive research and analysis capabilities, Transparency Market Research employs rigorous primary and secondary research techniques to develop distinctive data sets and research material for business reports. Contact Transparency Market Research State Tower, 90 State Street, Suite 700, Albany NY - 12207 United States Tel: +1-518-618-1030 USA - Canada Toll Free: 866-552-3453 Email: [email protected] Website: www.transparencymarketresearch.com
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.
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