By 2018, the Malaysian healthcare sector is expected to have a growth of 8.4% i.e. around RM11.29 in comparison with the growth of RM6.96 billion in 2012, according to the predictions made by Frost & Sullivan.
In 2018, Malaysia’s healthcare expenditure is expected to almost double up to RM68.4 billion with an annual growth rate of 6.5% and the growth will be mainly because of the cost incurred by healthcare services and medication.
In Asia Pacific regions, the healthcare expenditure will have an exponential growth mainly because of increased patient demands for better healthcare. Whereas in some countries, there are huge difficulties faced since medical costs are heavily funded by the government and are now in the process of reforming the medical costs.
A number of trained resources which include ancillaries and specialists, equal healthcare throughout the nation, and management of healthcare costs are the top three challenges faced by the Malaysia’s healthcare sector. And these challenges can be overcome through balanced cooperation between the government and private sectors.
As per the research, the top five healthcare sectors of the country which include medical tourism, day care surgery, specialty hospitals, private medical insurance, and healthcare information technology will have plenty of growth opportunities in the near future.
The country’s medical tourism market is exponentially growing mainly driven by a large number of visitors seeking medical treatments attracted by medical expertise, tourism appeal and attractions.
Over the last 10 years, there is a tremendous increase in specialist hospitals, clinics and dental surgeries in Malaysia. The country has the world class standard of health care services and its medical cost is one of the most competitive in the world.
A large number of Malaysian private hospitals are actively participating in health tourism with the support from the government. Due to which the country offers medical services in various fields such as fertility treatment, cancer treatment and pain management, orthopaedics surgery and rehabilitative medicine, cardiology and cardiothoracic surgery, general screening and wellness.
The Malaysian government is currently working on medical tourism sector in order to expand healthcare options for Malaysians and also boost the medical tourism market. In 2018, the Asia-Pacific healthcare market is expected to reach RM2.32 trillion in 2018 as compared to RM1.14 trillion in 2012.