Analysis of Malaysia Medical Tourism market covering 30 + countries including analysis of US, Canada, UK, Germany, France, Nordics, GCC countries, Japan, Korea and many more
The Malaysia medical tourism market was valued at US$ 1.2 Bn in 2020, and is projected to rise at a steady CAGR of 4.5% over the forecast period (2021-2028), with the market valuation reaching US$ 5.1 Bn by the end of 2028.
Market growth is mainly driven by those coming in for cosmetic surgery procedures, which contributes around 17% share to the overall market size.
Malaysia Medical Tourism Market Size (2020)
US$ 1.2 Bn
Projected Year Value (2028)
US$ 5.1 Bn
Market Growth Rate (2021-2028)
Cosmetic Surgery Segment Share (2020)
Key Companies Profiled
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“Rapid Deployment of Efficient Therapeutic Services to Fuel Market Revenue”
As per Fact.MR - a market research and competitive intelligence provider, the Malaysia medical tourism market was valued at US$ 1.2 Bn in 2020.
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.
Malaysia has a large number of state-of-the-art private medical centers with a diverse range of advanced diagnostic, therapeutic, and in-patient services.
Exceptional macro elements like adequate recuperation facilities, transportation, and government support for medical tourism are significant drivers of the Malaysia medical tourism market growth. The government has granted tax benefits on money produced by overseas patients to promote medical tourism.
Thus, the Malaysia medical tourism market is expected to register a CAGR of 4.5% from 2021 to 2028.
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“Growing Adoption of Advanced Technologies & Medical Equipment in the Country”
The Malaysia medical tourism market is expected to grow at a rapid rate over the coming years. The medical tourism business in Malaysia is projected to be driven by the availability of cutting-edge technologies and medical equipment.
In comparison to other countries, the clearance process for medical devices in the country is substantially speedier. The market in Malaysia is expected to grow due to the efficient healthcare system, high government healthcare spending, and affordable medical treatment costs.
Furthermore, a stable political climate and the availability of foreign payment procedures encourage medical patients to seek treatment in Malaysia.
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“State-of-the-art Facilities & Co-existing Private Healthcare Systems”
For millions of medical tourists searching for excellent and economical cosmetic surgery, dental treatment, elective orthopedic treatments, and bariatric surgeries, Singapore, Thailand, Malaysia, India, and South Korea have become favorite healthcare destinations.
The number of medical tourists visiting Malaysia is growing year after year, thanks to factors such as good healthcare infrastructure, competitive and modern medical facilities, government backing through promotional programs, and highly competent medical staff.
Wellness tourism in Malaysia is primarily sourced from Indonesia. Cardiology and orthopedics have been encouraged by medical institutes in high-demand locations such as Indonesia and the Gulf states.
“Technical Difficulties in Medical Devices & Lack of Appropriate Follow-up Care”
Majority of medical devices, including both traditional and smart alternatives, are IT-dependent hardware and software systems that run on electricity. Hardware failure or software problems could compromise the device's overall performance, putting healthcare operations at risk.
One of the key challenges limiting the industry expansion is a lack of appropriate follow-up care. After having medical care overseas, many have trouble receiving follow-up treatment in their native country.
The management of postoperative problems that emerge after returning to their home country is one of the key issues that patients face. Furthermore, home healthcare providers are sometimes hesitant to take on difficult cases, particularly those handled by unknown doctors in other medical tourism locations. These factors are restraining the market growth.
“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.
The COVID-19 pandemic had a considerable impact on the Malaysia health tourism industry. As a result of the pandemic, market conditions were unpredictable, limiting expansion. COVID-19 resulted in supply chain disruptions, clinical trial delays, regulatory review delays, operational challenges, restrictions on medical tourism consumers, and a drop in demand for medical care in Malaysia
Strict preventive measures caused delays in processes, resulting in a decrease in the number of medical tourists arriving. Changed hospital and emergency care guidelines and disturbed medical value travel (MVT) were among the other roadblocks to the healthcare tourism industry growth.
Government agencies are concentrating their efforts on the healthcare industry, enacting favorable rules and encouraging public and private investments in the improvement of healthcare facilities. Companies are attempting to form partnerships with various government organizations in order to take advantage of these opportunities and enhance the flow of medical wellness services.
Medical practitioners are focusing on mission-critical apps in the dental, neurology, and cardiovascular departments to generate continuous financial flow. Before investing in IT-dependent medical devices, Med-tech businesses do data-driven research. Continuous efforts and teleconsulting/telemedicine systems for follow-up treatments are expected to boost the Malaysia medical tourism market growth over the coming years.
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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The Malaysia medical tourism market was valued at US$ 3.75 Bn in 2021.
Low language barrier, affordable medical treatment cost, efficient healthcare system, and competitive and modern medical facilities are driving market growth.
The medical tourism market in Malaysia is estimated to exhibit a CAGR of 4.5% during the forecast period (2021-2028).
KPJ Healthcare Berhad, Dentalpro Group, Prince Court Medical Centre, Island Hospital, and Mahkota Medical Centre are leading companies operating in the Malaysia medical tourism market.
The Malaysia medical tourism market is estimated to be worth US$ 5.1 Bn by 2028.
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