USA, Rockville MD, April 25, 2022 (GLOBE NEWSWIRE) — According to a recently released Fact.MR report, the Malaysian medical tourism market is expected to grow at a compound annual rate (CAGR) of 4.5% between 2021 and 2028 The market is expected to reach $5.1 billion by the end of 2028. request Medical tourism in Malaysia is expected to increase over the forecast period and the market was valued at US$ 1.2 billion in 2020.
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6 Tables and
7 The figures
In Malaysia, medical tourism is a key factor in long-term economic development. Medical therapies are growing as a tourist branch, generating a variety of sources of income in the country. Malaysia has a total of 88 accredited hospitals, eight of which are JCI accredited, according to the Malaysia Healthcare Travel Council and Universiti Sains Malaysia.
Malaysia offers a rare combination of high-quality, low-cost healthcare and attractive vacation spots for health-conscious travellers. Travelers to Malaysia can have their health checked and use facilities such as preventative wellness, spas, cosmetic and dental surgery, etc.
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Medical tourists from all over the world flock to Malaysia to enjoy its low cost and high quality healthcare services. Malaysia is eyeing the medical tourism sector, which has significant revenue-generating potential as patients from wealthy Western countries seek high-quality, low-cost venues that not only provide medical treatment but also tourist attractions.
What type of procedure is likely to accumulate maximum market gains?
“High consumer preference for cosmetic surgery procedures”
The cosmetic surgery segment dominated the medical tourism market in Malaysia with a 17% share in 2020.
Rhinoplasty, breast augmentation, 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 driving the demand for cosmetic surgery in Malaysia.
The expansion of the cosmetic surgery segment is expected to be fueled by an increase in the influence of aesthetic and cosmetic surgery operations among the elderly population. Due to the increasing prevalence of obesity, there is a high demand for various body shaping operations, which is propelling the Malaysian medical tourism industry forward.
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Key segments covered by the Medical tourism in Malaysia Industry survey
Malaysia Medical Tourism Market by Procedure Type:
- Cardio (internal medicine)
- Closure of TSA
- Radiofrequency ablation
- Watchman device implants
- Cardio consultation (internal medicine)
- Cardiothoracic surgery
- Heart valve replacement
- Bypass surgery
- Heart transplant
- Cardiothoracic consultation
- Other procedures (cardiomyoplasty, PTMC valve)
- Bone marrow transplant
- Oncology consultation
- Other procedures
- Fertility treatments (IVF)
- Embryo transplants
- Consultation on fertility treatments (IVF)
- Other procedures
- Medical technology companies in Malaysia were found to be increasing their domestic manufacturing capabilities to reduce their dependence on other countries for raw materials and medical device components or products. They maintain optimal inventory levels to ensure a steady supply of vital medical technology.
- Major players are focusing on R&D initiatives to provide better troubleshooting of IT dependent medical technology devices. To implement technological improvements in medical equipment, they collaborate with experts from Malaysian healthcare institutions.
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The key players in the Medical tourism in Malaysia Market
- KPJ Healthcare Berhad
- Dentalpro Group
- Prince Court Medical Center
- island hospital
- Mahkota Medical Center
- Sunway Medical Center
- LohGuanLye Specialist Center
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Main takeaways from Health tourism Market research
- The medical tourism market in Malaysia was valued at US$1.2 billion in 2020.
- The market is expected to reach a valuation of US$4.44 billion by the end of 2028.
- The cosmetic surgery segment accounted for 17% of the medical tourism market in Malaysia in 2020.
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