Malaysia’s healthcare travel industry has been out-performing the global and regional growth rates with an encouraging CAGR of 17% from 2015 – 2018. In 2018 alone, revenue receipts reached RM1.5 billion from an excess of 1.2 million healthcare traveller arrivals, contributing up to RM6 billion to the GDP.
Kuala Lumpur, Malaysia – Malaysia Healthcare hosted the fourth installment of its annual medical travel market intelligence conference, insigHT2019, at the Four Seasons Hotel Kuala Lumpur. Officiated by the Honourable Minister of Finance, Malaysia, YB Tuan Lim Guan Eng, this year, insigHT2019 showcased the country’s healthcare travel industry’s ten-year accomplishments over the past 10 years.
Themed “Differentiation for Excellence”, the international annual conference brings together experts and thought leaders to discuss and share insights on the latest trends and challenges within the healthcare travel industry. Organised by the Malaysia Healthcare Travel Council (MHTC), the two-day conference also unveiled the industry’s inaugural industry report “Malaysia Healthcare Chronicles”. The report details the nation’s healthcare travel achievements over the past ten years including the strategic initiatives taken in driving the industry towards recording a double-digit growth year-on-year.
Malaysia’s healthcare travel industry has been out-performing the global and regional growth rates with an encouraging CAGR of 17% from 2015 – 2018. In 2018 alone, revenue receipts reached RM1.5 billion from an excess of 1.2 million healthcare traveller arrivals, contributing up to RM6 billion to the GDP. This economic impact accounts for expenditure on such as transportation, accommodation, tourism activities which includes shopping and many other activities. As a niche sector, healthcare travel comprises some 7.6% of total tourism revenues and is expected to grow strongly going forward.
Malaysia has gained international recognition for having world-class quality, easily accessible and affordable healthcare. International Living, a US-based organisation, ranked Malaysia as the top country for healthcare in the Global Retirement Index for four years in a row from 2015 to 2018. International Medical Travel Journal, UK has also recently ranked Malaysia as the top destination for healthcare travel in its Medical Tourism Facts and Figures 2018: Report. This is thanks to the strong foundation our healthcare system is based on, formed by the concerted effort put in place by both the private and public sectors to promote Malaysia as a leading global destination for healthcare.
Chief Executive Officer of MHTC, Sherene Azli commented that, “Malaysia Healthcare has moved from strength to strength. Attracting an increasing number of healthcare travellers every year, we have earned the trust of many. We strive further to build upon the trust we have and equip ourselves with the necessary tools to care for more international patients based on our medical capabilities and capacity.”
insigHT2019 saw an almost 80% increase in delegates from the previous year, with participants comprising industry movers and shakers, government officials and industry stakeholders.
insigHT2019 sees heightened collaboration between the public and private sectors, with more private sector players from other industries coming on board. Well-known players such as TMOne, Maybank, Flywire, EcoWorld, MJ Life Health Screening Centre and many more, shared their expertise and valuable knowledge to further advance Malaysia’s healthcare travel industry.
“TM ONE, the business solutions arm of Telekom Malaysia Berhad (TM), is committed in enabling a hyperconnected healthcare ecosystem that provides end-to-end digital solutions for Malaysia's healthcare industry players. We are excited to be part of the growth ahead, especially in the area of healthcare travel,” said Imri Mokhtar, Chief Operating Officer, TM, the title sponsor of this year's conference.
insigHT2019 also featured distinguished local and international industry panelists and speakers such as Dr. Laszlo Puczko, Directory of Industry Intelligence, Resources for Leisure Assets, Vienna; Lutz Lungwitz, President, German Medical Wellness Association, Germany; Kotaro Tanaka, Marketing Director, Medipolis Proton Therapy Research Centre, Japan; Andre Musto, Regional Vice President APAC, Merck Biopharma, Singapore; Dr. Pansak Sugkraroek, Senior Brand Ambassador, VitalLife Scientific Wellness Centre, Thailand; Sherene Azli, Chief Executive Officer of MHTC; Datuk Dr. Kuljit Singh, President of the Association of Private Hospitals of Malaysia (APHM); Dato’ Seri Dr Mohd Azhari Yakub, Chief Executive Officer, IJN, Malaysia; and more.
This conference is one of the many initiatives to streamline the direction and strategies of the multifarious players within the healthcare travel industry towards growing the industry in a consistent and sustainable manner. Come 2020, Malaysia Healthcare will be making a bigger global mark through its inaugural Malaysia Year of Healthcare Travel 2020 (MYHT2020) campaign, running in tandem with Visit Malaysia 2020 (VM2020).
“As we move into 2020, we want to extend the invitation to all healthcare travellers to come Experience Malaysia Healthcare, where we will have so much in store for everyone,” said Sherene Azli, CEO of MHTC.