Rising demand for private health care will continue to drive expansion in Malaysia’s medical tourism industry this year, although increasing competition and global economic challenges risk inhibiting growth.
As an established medical tourism destination, Malaysia is well placed to make the shift from core health services to the promising wellness segment, according to a report released in late January by consultancy Frost & Sullivan.
However, the industry will need to invest more heavily in key areas, such as human resources, if it is to achieve sustainable growth and compete against new players in the market.
Malaysia has witnessed slower growth in the medical tourism segment over the last two years.
A total of 882,000 tourists came to Malaysia for health care purposes in 2014, a year-on-year (y-o-y) increase of less than 1%.
In contrast, the number of medical tourists rose by 21% y-o-y in 2013.Year-end 2015 data has yet to be released, but officials have publicly acknowledged that although arrivals were up y-o-y, growth fell short of full-year targets.
While medical tourism accounts for just a fraction of overall foreign tourist arrivals, which are expected to reach 30.4m in 2016, the sector has significant growth potential.
Although Thailand remains the dominant player in Asia-Pacific, with around 50% of the regional market share for medical tourism compared to Malaysia’s share of 3%, Malaysia is well placed to expand its client base and revenue in the coming years.
The Frost & Sullivan report found that medical tourism, along with elder care, would drive health care sector growth in the medium-to-long term.
Despite trailing Thailand in terms of patient numbers and earnings, Malaysia represents a high growth market for medical tourism in the region, with revenue levels rising by around 15% per annum, the report noted, outpacing the broader market.
Department of Foreign Trade (DFT) to organize Southern Trade Fair
The event will provide a platform for business negotiations and stimulate the economy, trade and investment in the three southern border provinces.
BANGKOK, 18 April 2019 (NNT) – The Department of Foreign Trade (DFT) will organize a Southern Border Trade Fair to provide knowledge to entrepreneurs in preparation for accessing the Malaysian market.(more…)
Hong Kong’s Star is Fading – Where Will Asia’s Next Financial Center Be?
Rising concerns over the interventionist policies of the Chinese government have led to Hong Kong losing its luster
Malaysia World’s Best Countries To Invest In Or Do Business For 2018
Thailand ranked number 10, or fourth country of the Asean block after Malaysia, the Philippines and Singapore
What is Forex Trading and how it works?
Why do the investors choose Forex trading? Forex trading is traded by currency pairs. This is because all currency trading...
APRIL International Care opens up TeleHEALTH service to address Coronavirus worries
The TeleHEALTH service means policyholders do not have to leave their home or workplace to “see” a doctor, with a...
Thailand rolls out New Investment Measures to Boost Economy
The new definition of qualified applicants now includes businesses that have not previously received BOI promotion privileges as long as...