The Malaysia medical tourism market depicts a fierce competition to exist between its players thanks to numerous healthcare providers who are improving their footing in the region, says Transparency Market Research on the basis of a recently published report. However, in spite of numerous players operating in the market, the vendor landscape showcases substantial consolidation to exist, as only a handful of players hold maximum shares.
Most companies are focusing on expanding their geographical reach as a chief strategy to attract a handsome revenue. Improving foreign customer bases is another key scheme, which is being implemented by many players operating in the global Malaysia tourism market. With innumerable companies projected to make their foray in this field during the forthcoming years, the level of competition is expected to further intensify. Pantai Holdings Berhad, Tropicana Medical Centre., KPJ Healthcare Berhad, IJN Health Institute, Prince Court Medical Centre, LohGuanLye Specialists Centre, Sunway Medical Centre, Dentalpro Group, Island Hospital, and Mahkota Medical Centre, are a few prominent companies working in the Malaysia medical tourism market.
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The medical tourism market in Malaysia will expand at a stellar CAGR of 30.05% from 2016 to 2024, consequently attracting a revenue worth US$3.5 bn by 2024. This is an incredible rise in the market’s revenue, especially after a low initial valuation of US$424.96 mn that was achieved in 2016.
Rise in Sporting Events Boosts Medical Service Sector Owing to Higher Injury Occurrences
Offering healthcare services for cheaper costs compared to the expense of the same services and treatments provided in developed countries is attracting many people to Malaysia to opt for the same. Thus, the lure of cheap, yet quality medical care is one of the foremost factors responsible for driving the Malaysia medical tourism market. Rise in sporting events in Southeast Asia has also caused the market to witness a phenomenal growth, as players and athletes might experience injuries frequently. Thus, timely treatment made available through fast-paced medical facilities in Malaysia has been notably driving the global Malaysia tourism market. Lastly, widespread advancements occurring in the healthcare and medical sector of this region have managed to trigger the Malaysia medical tourism market to pick up a substantial pace too.
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Medical Inflation Poses as an Enemy to the Market, Dampens Revenue Gained
On the flipside, the Malaysia medical tourism market is being greatly hindered due to a prominent instance of medical inflation that had occurred in 2015. However, effects of this inflation are still affecting the market to this date. Low revenue generated per client, rising healthcare costs, and surging burden on the country’s healthcare system are other factors posing as substantial restraints affecting the Malaysia medical tourism market. Nevertheless, the market is still expected to attract a sizeable number of travelers seeking medical attention, thereby opening new doors towards generating bountiful revenue during the upcoming years.
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