How much money does medical tourism generate?
According to the report, global medical tourism market was valued at approximately USD 15.5 billion in 2017 and is expected to generate revenue of around USD 28.0 billion by the end of 2024, growing at a CAGR of around 8.8% between 2018 and 2024.
How much does Malaysia earn from tourism?
| Malaysia Trade | Last | Highest |
|---|---|---|
| Tourism Revenues | 12688.20 | 86143.50 |
| Tourist Arrivals | 9645.00 | 2806565.00 |
| Gold Reserves | 38.88 | 38.88 |
| Crude Oil Production | 528.04 | 791.00 |
Why is medical tourism in Malaysia is booming?
Malaysia is enormously popular when it comes to medical tourism. A few years ago not many would think of Malaysia as a country with high-quality care. Medical tourists come to Malaysia for their treatments because besides the high quality of the care offered you can also have a brilliant holiday.
What is the status of medical tourism in Malaysia?
According to the Malaysia Healthcare Travel Council (MHTC), Malaysia reportedly received 641,000 foreign patients in 2011, 728,800 in 2012, 881,000 in 2013, 882,000 in 2014, 859,000 in 2015, and 921,000 in 2016.
What are the types of medical tourism?
There are multiple types of medical tourism, however, given below are the top 10 types of medical tourism treatment patients visit Worldwide.
- Dental or Dentistry:
- Orthopedics:
- Cosmetic/Plastic surgery:
- Cardiology:
- Bariatric surgery:
- Fertility treatment:
- Eye surgery:
- Ears, nose, and throat:
Does Malaysia rely on tourism?
Tourism is the third biggest contributor to Malaysia’s GDP, after manufacturing and commodities. In 2018, this sector contributed around 5.9 percent to the total GDP.
How big is tourism industry in Malaysia?
Tourism is the third-largest contributor to Malaysia’s GDP, after the manufacturing and commodities sectors. In 2019, the sector contributed about 15.9 per cent to the total GDP.
What are the benefits of medical tourism?
Benefits of Medical Tourism
- Affordability & Cost Effectiveness. Costs of medical procedures in developed countries such as U.S., U.K., etc.
- High Quality Healthcare.
- Immediate Treatment.
- Privacy or Anonymity.
- Travel Opportunities.
- No or Less Insurance Coverage.
- Availability of Medical Experts.
- Availability of Advance Equipments.
How is healthcare in Malaysia?
Overview of Malaysia’s Healthcare System Malaysia provides universal healthcare for all citizens and legal residents. However, the system is based not on a national insurance program. Instead, the government heavily subsidizes the cost of care through public facilities.
Why is medical tourism cheaper?
Medical tourists often take advantage of their stay in a foreign country to travel for pleasure by scheduling a vacation before or after their procedure. This is an especially inexpensive way to travel to a foreign country, especially if their insurance provider is paying for the flight and the cost of staying is low.
How much does Malaysia make from medical tourism?
In 2019, the revenue from medical tourism in Malaysia was about 1.7 billion Malaysian ringgit. The revenue from medical tourism in Malaysia has increased by more than one billion Malaysian ringgit since 2011. Already a member?
How many foreign patients visit Malaysia each year?
The number of Malaysia Healthcare Travel Council–endorsed medical facilities in Malaysia has increased over the years (e.g., 35 in 2009, 49 in 2011, 63 in 2012, 72 in 2013 and 78 in 2014 ), playing a role in increasing the official figures on foreign patients.
Who is the CEO of Malaysian healthcare travel Council?
The Malaysian Healthcare Travel Council (MHTC) has revised 2020 medical tourism revenue to RM500 million. Malaysian Healthcare Travel Council (MHTC) chief executive officer Sherene Azli.
Which is the world’s largest medical tourism destination?
Slowly overtaking Singapore as a medical tourism destination despite the greater availability of cutting-edge technology and skilled professionals in Singapore, Malaysia still has Thailand as its strong competitor. Only in 2017, Thailand recorded more than 2 million medical tourist arrivals into the country.
