Malaysia provides a rare combination of high-quality, low-cost healthcare, and 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.
The Malaysia medical tourism market, which is expected to rise at a CAGR of 4.5% over the forecast period (2021 to 2028). 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.
According to a Fact.MR study, Malaysia provides a rare combination of high-quality, low-cost healthcare, and 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.
Continuous advancements in medical devices, stringent ethical standards, quick access to experts, and better medical facilities for value-based treatments are factors expected to fuel market growth over the forecast period.
Key Takeaways from the 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.
“Rising investments in R&D to design better troubleshooting for IT-dependent med-tech devices, lower medical service costs, and ongoing government efforts to synergize the industry are major factors driving market revenue,” says a Fact.MR analyst
Mid- and small-sized businesses place a premium on technological improvements and high-quality services to introduce new products at cheaper prices and expand their market share. Companies are engaging with various suppliers and ecosystem partners to maintain business continuity.
Key players in the medical tourism industry are using various strategies such as marketing techniques and research partnerships with other organizations to introduce novel products and consolidate their market position in Malaysia.