Albany, NY -- (SBWIRE) -- 05/15/2019 -- Malaysia Medical Tourism Market: Snapshot
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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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.
Other factors such as low language barrier and the presence of sophisticated healthcare infrastructure will continue fuelling opportunities in the medical tourism market of Malaysia.
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Medical Travelers from Indonesia Highest in Number
Country-wise, the influx of medical tourists from the neighboring country Indonesia is recorded at the highest. In addition, the nation welcomes an increasing number of medical travelers from India, China, Nepal, Iran, Libya, Australia, the U.S., and the U.K. The healthcare industry in Malaysia has been identified as one of the 12 national key economic areas hence, the nation's government keep no stone unturned to attract an increasing number of foreign patients every year. For instance, it offers lucrative incentives and tax exemptions on revenue generated from medical travelers. Besides this, the government of Malaysia has developed the Malaysia healthcare travel council (MHTC) within its healthcare ministry to support foreign patients and their families visiting Malaysia in every way possible.
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In order to woo patients from the Middle-east the country maintains favorable stance on the Halal medical tourism. Hence several hospitals in the nation offer halal medical services to patients from the Middle East country. Under these services, the hospitals provide a full range of Muslim friendly services to their patients. Medical tourism assistance centers are also set up in places to help patients and their families traveling from the Middle East or other nations with Islam dominance.
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