Medical tourism can be well-defined as an organized travel around the international borders to prevail the medical treatment of some form, which may or may not be prevalent in the travellers’ home country. Medical tourists travel around the international borders for the maintenance, improvement, or restoration of their health through economical healthcare facilities & treatments prevalent in other countries, which are comparatively luxurious in their own country. Medical tourists travel to receive the medical treatments such as dental treatment, neurological treatment, and cardiovascular treatment.
According to the report analysis, ‘Malaysia Medical Tourism Industry Outlook to 2015’ states that Malaysia is poised to accomplish the growth during the future in the medical tourism sector with mounting popularity of economical quality healthcare treatments, growing healthcare costs in urban nations and heartening experience of several exotic locations.
Affordability and convenience of high-quality healthcare services and assistance from tourism departments and local governments are the foremost factors that propel the growth of the Malaysia medical tourism market. In addition, obtainability of latest medical technologies in medical tourism hubs, throughout the region, is projected to propel the market growth. However, lengthy, partial reimbursement by payers and difficulties linked with travel, language barriers, obtainability of documentation, and VISA approval issues hinder the growth of the medical tourism market. On the contrary, broader hospital network under insurance coverage for cashless transactions is projected to serve as an opportunity for the enlargement of the Malaysia medical tourism market.
The factors linked with the growth of the market involve the higher treatment costs in developed countries, accessibility of the latest medical technologies, augmenting the compliance with international quality standards, high superiority of service, health insurance portability, and advertising and marketing of the medical tourism.
The Malaysia region presently dominates the medical tourism market and it is projected to continue its stronghold for a few more years. This region is anticipated to augment its market share in the future, due to the raised preference for medical tourism around the country.
Not only has this, effective growth in technological innovations in the healthcare industry in the terms of medical devices, surgical processes, connected healthcare, wearables and many more have brought the world closer to implementing the better medical amenities for the value-based care.
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The availability of additional advantages involving better healthcare, latest technologies, innovative medicines, modern devices, improved hospitality, and customized care are some of the drivers of this market. The market is projected to grow at a speedy rate over the forecast duration. Factors influencing market growth entail inadequate insurance benefits and no healthcare insurance in the local market. In addition, growing demand for procedures, which are not covered by insurance such as gender reassignment functions, fertility treatment, dental reconstruction, and cosmetic surgery is also propelling the market. Therefore, it is predicted that during the neat period the market of medical tourism will augment more proficiently over the review period.
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Malaysia Medical Tourism Market Revenue Share
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