Albany, NY -- (SBWire) -- 06/12/2017 --The medical tourism industry in Malaysia is booming, which contributed to the fierce competition amongthe 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.

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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.

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.

This review is based on a TMR PR, titled " Medical Tourism Market – Malaysia Industry Analysis, Size, Share, Growth, Trends, and Forecast 2016 – 2024."

Browse Global Strategic Business Report: http://www.transparencymarketresearch.com/malaysia-medical-tourism-market.html

The report segments the Malaysia medical tourism market as:

Malaysia medical tourism Market, By Procedure Type

Cardio (Internal medicine)
Angiogram
Angioplasty
ASD closure
Atherectomy
Pacemakers
Radiofrequency ablation
Watchmen device implants
Cardio (Internal medicine) consultation
Others
Cardiothoracic Surgery
Heart Valve Replacement
Coronary artery bypass
Heart transplant
Stenting
Cardiothoracic consultation
Other Procedures (Cardiomyoplasty, PTMC Valve)
Oncology
Bone Marrow Transplant
Oncology consultation
Other procedures
Fertility treatments (IVF)
Embryo Transplants
Fertility treatments (IVF) consultation
Other procedures
Orthopedic treatment
Arthroplasty
Arthroscopy
Fracture repair
Hip replacement
Internal fixations
Knee replacement
Physiotherapy
Orthopedic consultation
Dental treatment
Dental Implants
Dental treatment consultation
Other procedures
Ophthalmology
Corneal Transplants
Ophthalmology consultation
Other procedures
Aesthetics / Cosmetic Surgery
Hair Transplants
Breast Augmentation Procedures
Rhinoplasty
Face Lift
Liposuction
Tummy Tuck
Aesthetics / Cosmetic consultation
Other procedures
Neurology
Brain Surgery
Neurology consultation
Other procedures
Regenerative Therapy (Stem cells)
Stem Cell Transplant
Regenerative Therapy (Stem cells) consultation
Other procedures
Medical check – ups (Health screening)
Others
Kidney and Liver Transplants
Other general consultation
Other procedures