Malaysia Medical Tourism Market SWOT Analysis, Dynamics, Drivers, Key Indicators and Forecast 2028

Malaysia Medical Tourism Market Outlook 2028

The Malaysia medical tourism market was valued at US$ 1.2 Bn in 2020

It is estimated to expand at a CAGR of 4.5% from 2021 to 2028

The Malaysia medical tourism market is expected to reach the value of US$ 5.1 Bn by the end of 2028

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Malaysia's Medical Tourism Instrumental for Region's Economic Growth

The medical tourism market is gaining momentum in Malaysia due to favorable factors such as low language barrier, high quality treatment at affordable cost, and a robust healthcare infrastructure. Excellent macro factors such as good recuperation facilities, transport facilities, and government support for medical tourism are key drivers that are bolstering the growth of the Malaysia medical tourism market. In order to expand medical tourism, the government has offered tax incentives on the revenue generated from foreign patients.

Furthermore, tax exemptions have been granted on the expenses for international accreditation and setting up of international units. Moreover, it has been found that 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.

Companies Ramp-up Local Device Manufacturing in Malaysia During COVID-19 Crisis

Healthcare providers in Malaysia are concentrating on mission-critical applications in the dental, neurology, and cardiovascular department during ongoing COVID-19 crisis is generate continuous cash flow. Med-tech companies are conducting data-driven research before investing in IT-dependent medical devices.

Med-tech companies in Malaysia are found to ramp-up local manufacturing capabilities to reduce dependence on other countries for raw materials and for medical device components or products. They are maintaining optimum inventory levels to ensure robust supply of life-saving med-tech devices. Companies are partnering with alternate suppliers and ecosystem partners to ensure business continuity owing to business uncertainties and changing demand trends for medical devices.

Better Troubleshooting for IT-dependent Medical Devices Helps Improve Patient Outcomes

Most of the medical devices, including both conventional and smart options, are IT-dependent hardware & software systems that are powered with the help of electricity. The failure of hardware or bugs in software could affect the overall performance of the device, while risking healthcare operations. Hence, companies in the Malaysia medical tourism market should invest in R&D to design better troubleshooting for IT-dependent med-tech devices. They should partner with think-tanks and researchers from top universities to deploy technological advancements in medical devices.

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Favorable Healthcare Ecosystem in Malaysia Benefitting Foreign Patients

The Malaysia medical tourism market is predicted to expand at a high CAGR during the forecast period. The availability of latest medical equipment and technologies is expected to spark growth in the Malaysia medical tourism market. The process of medical device approval in the country is much faster in comparison with other countries. This can be attributed to the availability of skilled healthcare personnel and surgeons.

Well-established healthcare system and high healthcare expenditure by government are likely to augment the growth of the Malaysia medical tourism market. Moreover, availability of international reimbursement policies and stable political environment are encouraging foreign patients to visit Malaysia for medical treatments.

Surging Demand for Cosmetic Procedures Augmenting Market Growth

The cosmetic surgery segment accounted for 17% share of the Malaysia medical tourism market in 2020. Cosmetic surgeries include rhinoplasty, breast augmentation, hair restoration, and facelift procedures, among others. Increase in influence of aesthetic facial features among people is driving the demand for cosmetic surgeries across Malaysia.

Rise in influence of aesthetic and cosmetic surgical procedures among the geriatric population is expected to fuel the growth of the cosmetic surgery segment. The high prevalence of obesity leads to high demand for various body contouring procedures, which is accelerating growth in the Malaysia medical tourism market.

Malaysia Medical Tourism Market: Overview

According to Transparency Market Research's latest report on the medical tourism market in Malaysia for the historical period 2017-2019 and forecast period 2021-2028, persistent government activities synergizing the medical tourism industry and lower cost of medical services than their counterparts in developed countries are projected to boost the medical tourism market in Malaysia during the forecast period

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Availability of Technologically Advanced and Minimally Invasive Surgical Procedures for Cosmetic Purposes: Key Driver

The cosmetic surgery segment accounted for 17% share of the medical tourism market in Malaysia in 2020. Cosmetic surgeries include breast augmentation, hair restoration, facelift procedures, and rhinoplasty. Increase in influence of aesthetics among people drives the demand for cosmetic surgeries across Malaysia.

Rise in influence of aesthetic and cosmetic surgical procedures among the geriatric population is expected to fuel the growth of the segment. Increase in cases of obesity leads to high demand for various body contouring procedures, which accelerates the growth of the market in the country.

Availability of Latest Technologies and Medical Equipment: Major Driver

The medical tourism market in Malaysia is expected to expand at a high CAGR during the forecast period. Availability of latest technologies and medical equipment is expected to drive the medical tourism market in Malaysia.

The process of medical device approval in the country is much faster than other countries. This is attributed to availability of skilled surgeons and other healthcare personnel.

Complicated healthcare system and high healthcare expenditure by government is likely to augment the market in Malaysia. Moreover, stable political environment and availability of international reimbursement policies encourage medical patients to visit Malaysia for medical treatments.

Malaysia Medical Tourism Market: Competition Landscape

This report profiles major players in the medical tourism market in Malaysia based on various attributes such as company overview, financial overview, product portfolio, business strategies, and recent developments

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The medical tourism market in Malaysia is highly fragmented, with the presence of a large number of international as well as regional players

Leading players operating in the medical tourism market in Malaysia 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

Tropicana Medical Centre

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