Healthcare market seen more than doubling to RM158bil by 2029

Malaysia's private healthcare market is projected to expand more than double, reaching RM158 billion by 2029, according to Informa Markets. This significant growth is attributed to an ageing population, the rise of chronic diseases, and the increasing demand for private care services. The data from Frost & Sullivan reveals that the market is expected to grow at a compound annual growth rate of 11.4 per cent, from RM74 billion in 2022.

The expansion of private hospital capacity and medical tourism will provide wider opportunities for healthcare providers, medical device manufacturers, pharmaceutical companies, and other suppliers. By 2028, private hospital capacity is projected to reach about 23,500 beds, with investments focusing on oncology, cardiology, day surgery, diagnostics, digital health, and aged care.

The healthcare travel industry is also contributing to the market's growth, with Malaysia's revenue reaching RM3.35 billion in 2025, more than double the pre-pandemic levels, led by Indonesia's contribution of 66 per cent. Major private healthcare providers such as IHH Healthcare, KPJ Healthcare, and Sunway Healthcare have reported revenue growth between 9 per cent and 21 per cent in their latest financial reports.

International Healthcare Week 2027, organised by Informa and Matrade, will take place in Kuala Lumpur from July 13-15, aiming to connect businesses across the region and support Malaysia's healthcare market expansion. This event, featuring CPHI South East Asia, World Health Expo (WHX) Kuala Lumpur, and Medtec Southeast Asia, will provide a platform for healthcare companies, particularly micro, small, and medium enterprises, to meet international buyers and investors.