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Medical Tourism Market Report | Future Opportunity Assessment
Malaysia Medical Tourism Market
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.
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.
Competition Landscape
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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Malaysia Medical Tourism Market: Segmentation
Malaysia Medical Tourism Market, by Procedure Type
Cardio (Internal Medicine)
Angiogram
Angioplasty
ASD Closure
Atherectomy
Pacemakers
Radiofrequency Ablation
Watchman 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
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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 & Liver Transplants
Other general consultation
Other Procedures
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Transparency Market Research, a global market research company registered at Wilmington, Delaware, United States, provides custom research and consulting services. The firm scrutinizes factors shaping the dynamics of demand in various markets. The insights and perspectives on the markets evaluate opportunities in various segments. The opportunities in the segments based on source, application, demographics, sales channel, and end-use are analysed, which will determine growth in the markets over the next decade.
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