Transparency Market Research (TMR)
observes, the Malaysia medical tourism market is highly competitive due
to presence of number of companies operating in the market. Some of the
key players operating in the Malaysia medical tourism market are Pantai
Holdings Berhad, Dentalpro Group, KPJ Healthcare Berhad, Island
Hospital, and Prince Court Medical Centre. Despite of this competition
and presence of numerous players, the market is dominated by the handful
of companies which is leading to increase consolidation of market.
A report estimates, the medical tourism
market in Malaysia is expected to attain value of US$3.5 bn by the end
of 2024 with a CAGR of 30.05% over the forecast period of 2016 to 2024
from valuation of US$424.96 mn in 2016. Based on the procedure type, the
dental treatment segment dominated the medical tourism market in
Malaysia in 2016 accounted for 36.6% of shares in the market.
Additionally, the segments such as cosmetic surgeries, orthopedic
treatment, and regular health screening segments collectively accounting
for 70% of the shares in the medical tourism market in Malaysia.
Growing Advancement in Developing Countries to Propel Growth
The Malaysia medical tourism market is
gaining traction due to surging medical tourism industry and lower cost
of medical services compared to the developed nations are influencing
positively on the growth of the medical tourism market in Malaysia. The
healthcare expenditure in Canada and US is relatively costly and has a
longer waiting time which is leading to transferring the preference of
patients to the other countries where healthcare facilities are better
and which is likely to fuel growth of the medical tourism market. The
medical tourism in Malaysia is higher from the developing and
underdeveloped countries of the Middle East and North Africa (MENA) and
other neighboring countries. Additionally, another factor propelling
growth of the market in the Malaysia is low language barrier and
presence of advanced healthcare infrastructure.
Tax exemptions by government on the
income of hospitals from foreign patients also excellent transport
facilities is fuelling adoption of the medical tourism and likely to
fuel growth of the global medical tourism market. In addition, the
medical tourism in Malaysia, offers the services in comparatively in the
low cost. Thus, the attraction to the cheap yet the quality and
efficient medical care is propelling the medical tourism industry in the
Malaysia.
Furthermore, rise in the sport events in
the Southeast Asia is encouraging growth of the medical tourism due to
growing incidence of injuries. These growing incidences are boosting
growth of the medical tourism market in Malaysia. Also, growing
geriatric population which are susceptible for chronic diseases are
fuelling growth of the market.
Low Revenue Generation to Hamper Growth of Market
Despite these growth prospects, low
revenue generation and rising healthcare cost are restraining growth of
the medical tourism market. Additionally, the low cost of the healthcare
is increasing burden on economy of country which is posing as a
challenge to the growth of the global medical tourism market.
Nonetheless, growing number of travelers are opening doors of multiple
opportunities and expected to offer lucrative opportunities over the
forecast period. Also, growing advancements in the healthcare and
medical sectors triggered the growth of the medical tourism in Malaysia
is offering opportunities over the forecast period.
This information is encompassed in the
new report by TMR, titled “Medical Tourism Market (Procedure Type –
Cardio Internal Medicine, Cardiothoracic Surgery Oncology, Fertility
Treatments, Orthopedic Treatment, Dental Treatment, Ophthalmology,
Aesthetics/Cosmetic Surgery, Neurology, Regenerative Therapy, Medical
Check-Ups, and Kidney and Liver Transplants) – Malaysia Industry
Analysis, Size, Share, Growth, Trends, and Forecast 2016 – 2024.”
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