Global Malaysia Medical Tourism Industry Analysis Size, Share, Status and Forecast
Albany, NY -- (SBWIRE) -- 09/24/2020 -- A number of countries in the Asia Pacific region have made formidable progress in the domain of healthcare. Malaysia is one such country that has attracted the attention of several key regions in terms of medical advancements and research. The Malaysian government lays emphasis on the importance of medical tourism by inviting several international researchers. The presence of a robust and growth-oriented medical research industry in the country has favoured medical tourism in the region. Furthermore, the potential for exploration and healthcare development in the region is also an important distinction for the country. Therefore, the Malaysia medical tourism market is expected to grow at a stellar rate in the years to follow.
The tourism industry of Malaysia accounts for a significant share of the GDP, opening avenues for innovation in the economy. Tourists from across the globe travel to the country for recreation and leisure. This has helped in exposing the healthcare sector of the region to the foreign populace, and the country has earned accolades for its deftness in medicine and healthcare. Therefore, medical tourism in Malaysia has emerged as a resultant of leisure travel to the country. The outbreak of the coronavirus across the globe could restrict tourism and travel across regions. This factor could hinder the growth of the global Malaysia medical tourism market in the years to follow.
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The medical tourism market in Malaysia is forecast to grow at a robust pace between 2016 and 2024. Persistent government activities synergizing the medical tourism industry and lower cost of medical services compared to their counterparts in developed nations are boosting the medical tourism market in Malaysia. Over the course of the forecast period from 2016 to 2024, the market is poised to exhibit an impressive 30.05% CAGR. At this pace, its valuation is expected to increase from US$424.96 mn in 2016 to US$3.5 bn before 2024 ends.
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Among the segments based on procedure type, the Malaysia medial tourism market was dominated by dental treatment in 2016. The aesthetics/cosmetic surgery segment trailed closely emerging as the second-leading market segment in the same year. According to TMR, approximately 36.6% of the medical tourists visiting Malaysia opt for dental treatment. Factors such as the low cost of services compared to those offered in the U.S. and favorable government activities are expected to aid growth witnessed in the aforementioned categories. Besides this, the market is forecast to witness rising demand for orthopedic treatment, cosmetic surgeries, and regular health screening. These segments, coupled with the field of dental treatment, occupied over 70% of the overall medical tourism market in Malaysia.
Key Players of on Malaysia Medical Tourism Report:
Some of the key enterprises operating in the Malaysia medical tourism market are Pantai Holdings Berhad, KPJ Healthcare Berhad, Dentalpro Group, Prince Court Medical Centre, Island Hospital, IJN Health Institute, Mahkota Medical Centre, Sunway Medical Centre, LohGuanLye Specialists Centre, and Tropicana Medical Centre.