Malaysia Medical Tourism Market: Introduction
According to the report, the medical tourism market in Malaysia was valued at US$ 1.2 Bn in 2020 and is projected to expand at a CAGR of 4.5% from 2021 to 2028. Medical tourism is defined as patients traveling to various destinations seeking medical treatment. Malaysia is a strategically located destination in Asia Pacific and has internationally recognized clinics and hospitals. The country observes significant inflow of medical travelers to avail various medical procedures.
Key medical treatments or procedures availed by medical tourists are cardio (internal medicine), cardiothoracic surgery, oncology, fertility treatments (IVF), orthopedic treatment, dental treatment, ophthalmology, aesthetics/cosmetic surgery, neurology, regenerative therapy (stem cells), and medical check-ups (health screening).
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High Quality Treatment at Low Cost: Key Driver
The medical tourism market is gaining momentum in Malaysia due to factors such as high quality treatment at low cost, well-established health care infrastructure, and low language barrier. Moreover, excellent macro factors such as good recuperation facilities, increase in government initiatives in medical tourism, and excellent transport facilities boost the growth of the medical tourism market in Malaysia. In order to boost medical tourism, the government has offered tax incentives on the revenue generated from foreign patients.
Additionally, tax exemptions were granted on the expenses of international accreditation and setting up of international units. Moreover, medical tourism is one of the 12 National Key Economic Areas (NKEAs) of the Government of Malaysia, and hence is considered a key driver of economic growth.
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Lack of Suitable Infrastructure in Low- and Middle-income Countries to Restrain Market
Most of the medical devices, including both smart and conventional, are IT-dependent hardware and software, and are powered with the help of electricity. Failure of hardware or bugs in software could affect the overall performance of the device, while risking healthcare operations. A power failure or dependence on rechargeable batteries also poses a risk in areas with limited electrical infrastructure. Moreover, most of the developed world is largely electrified; however, low- and middle-income countries still struggle with providing adequate electricity in remote regions. This could cause restrictions in the penetration of medical tourism across regions, thereby hampering the growth of the market.
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Dental Treatment Segment to Dominate Market
In terms of procedure type, the medical tourism market in Malaysia has been segmented into cardio internal medicine, cardiothoracic surgery, oncology, fertility treatments (IVF), orthopedic treatment, dental treatment, ophthalmology, aesthetics/cosmetic surgery, neurology, regenerative therapy, medical check-ups, and others. The demand for orthopedic treatment, cosmetic surgeries, and regular health screening is rising in the market in the country. These segments, along with the dental treatment segment accounted for over 70% share of the medical tourism market in Malaysia.
The medical tourism market in Malaysia is fragmented in terms of number of players. Key players in the market include 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.
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