United States, Rockville MD, April 25, 2022 (GLOBE NEWSWIRE) -- According to a recently published Fact.MR report, the Malaysia Medical Tourism market is projected to grow at a compound annual rate (CAGR) of 4.5% between 2021 and 2028. The market is expected to reach US$ 5.1 Bn by the end of 2028. The demand for Malaysia Medical Tourism is expected to rise over the forecast period and the market was valued US$ 1.2 Bn in 2020.
Browse in-depth TOC on "Demand of Malaysia Medical Tourism Market"
6 Tables and
7 Figures
170 Pages
In Malaysia, medical tourism is a key contributor to long-term economic development. Medical therapies are growing as a tourist branch, generating a variety of revenue streams in the country. Malaysia has a total of 88 approved hospitals, eight of which are JCI accredited, according to the Malaysia Healthcare Travel Council and the Universiti Sains Malaysia.
Malaysia provides a rare combination of high-quality, low-cost healthcare, and an appealing vacation locations for health-conscious travelers. Travelers to Malaysia can have their health checked and use facilities such as preventive wellness, spas, cosmetic and dental surgery, and so on.
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Medical tourists from all over the world are flocking to Malaysia to take advantage of its low-cost, high-quality healthcare services. Malaysia is eyeing the medical tourism sector, which has significant revenue-generating potential because patients from rich western countries are looking for high-quality, low-cost sites that provide not only medical treatments but also tourist attractions.
Which Procedure Type is Likely to Accrue Maximum Market Gains?
“High Consumer Preference towards Cosmetic Surgery Procedures”
The cosmetic surgery segment dominated the Malaysia medical tourism market with a 17% share in 2020.
Rhinoplasty, breast enlargement, hair restoration, and facelift operations are just a few of the cosmetic procedures available. The growing importance of attractive facial features in people's lives is boosting the demand for cosmetic surgery in Malaysia.
Expansion of the cosmetic surgery segment is predicted to be fueled by an increase in the influence of aesthetic and cosmetic surgical operations among the older population. Because of the increasing prevalence of obesity, there is a strong demand for various body sculpting operations, which is propelling the Malaysia medical tourism industry forward.
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Key Segments Covered in the Malaysia Medical Tourism Industry Survey
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
Competitive Landscape
- Med-tech companies in Malaysia have been discovered to be increasing their domestic manufacturing capabilities to lessen their reliance on other nations for raw materials and medical device components or products. They keep optimal inventory levels to ensure a steady supply of life-saving medical technology.
- Key players are focusing on R&D initiatives to provide better troubleshooting for IT-dependent medical technology devices. To implement technological improvements in medical equipment, they are collaborating with experts from Malaysia health care institutions.
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Key players in the Malaysia Medical Tourism Market
- KPJ Healthcare Berhad
- Dentalpro Group
- Prince Court Medical Centre
- Island Hospital
- Mahkota Medical Centre
- Sunway Medical Centre
- LohGuanLye Specialists Centre
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Key Takeaways from Health Tourism Market Study
- The Malaysia medical tourism market was valued at US$ 1.2 Bn in 2020.
- The market is expected to reach a valuation of US$ 4.44 Bn by the end of 2028.
- The cosmetic surgery segment accounted for 17% share of the medical tourism market in Malaysia in 2020.
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