Malaysia enjoys medical tourism boom

SINGAPORE Malaysia’s medical tourism sector is booming, prompting fierce competition among its leading market players, according to the latest report by Transparency Market Research.

Describing Malaysia’s medical tourism market as mature, TMR says prominent enterprises are looking to offer dynamic changes in their services and products to keep reporting sustainable growth.

Despite the presence of a large number of companies, the medical tourism market in Malaysia still exhibits a high degree of consolidation, with the leading players holding the crux of the market, despite growing competition.

Some of the leading companies exhibiting a strong presence in the Malaysia medical tourism market are KPJ Healthcare Berhad, Prince Court Medical Centre, IJN Health Institute, Sunway Medical Centre, and Island Hospital.

These institutions are focusing on expanding their geographic footprint. Enhancing their foreign customer base has therefore become a key tactic for enterprises looking to establish a stronghold in Malaysia.

According to TMR, the medical tourism market in Malaysia is forecast to expand a whopping 30.05% between 2016 and 2024. At this incredible pace, the market will reach USD3.5 billion by the end of 2024, from a valuation of USD424.96 million in 2016.

Approximately 36.6% of medical tourists signed up for dental treatments in 2016, making it the leading segment. Besides this, the market also witnessed considerably high demand in aesthetics/cosmetic surgery procedures and health screening segments.

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