MalayMail-Feb 17
The healthcare tourism market has become a major economic driver in South-east Asia, generating billions in revenue for the region. According to a 2024 report by RHB titled “Medical Tourism in ASEAN”, the global healthcare tourism market was valued at US$13.1 billion (RM58.55) in 2023, with medical tourists visiting Asean countries accounting for a third of the global healthcare tourists.
In ASEAN, Malaysia is among the top destinations for medical tourism within the region and took in over RM2 billion in revenue for 2023. According to the report, Malaysia is a preferred destination for medical tourism, particularly for affluent Indonesians seeking high-quality healthcare treatments. Official reports show that over 60 per cent of Malaysia’s healthcare tourism revenue comes from Indonesian patients, followed by visitors from China, India, Singapore, and the UK. Malaysia’s strategic location and competitive pricing make it an attractive destination, particularly for Indonesians seeking convenient and short-distance travel solutions. Recent policy changes, including visa-free travel arrangements for tourists from China and India, have further bolstered Malaysia’s appeal, drawing new demographics to its healthcare market. The National Heart Institute is also a popular destination for many medical tourists, thanks to the hospital being recognized as the Cardiology Service Provider of the Year in Asia Pacific by the Global Health and Travel Award for seven consecutive years. But the lucrative nature of medical tourism means Malaysia is not the only country that is chasing international patients. Thailand recorded the highest medical tourism revenue in Asean in 2023, generating approximately US$850 million (RM3.79 billion) that year. Singapore ranked third in 2023, with estimated revenues of US$270 million, although exact figures are unknown due to the government’s decision to stop reporting medical tourism receipts since 2015. Although smaller in scale, Singapore targets patients requiring complex treatments from more developed markets. However, the strong Singaporean dollar and higher cost of living might deter cost-sensitive medical tourists within the region. Read more at:
