Malaysia Healthcare Insurance Market Report 2022 to 2030

Malaysia Healthcare Insurance Market Analysis

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The Malaysia healthcare insurance market is projected to grow from $3.26 Bn in 2022 to $5.94 Bn by 2030, registering a CAGR of 7.8% during the forecast period of 2022-2030. The main factors driving the growth would be increasing healthcare costs, government initiatives, a rise in medical tourism and technological advancements. The market is segmented by the component, provider, coverage, by health insurance plans and end-user. Some of the major players include Tune Protect, Etiqa Insurance, Hong Leong Assurance, Great Eastern Life Assurance and Generali.

ID: IN10MYHS008 CATEGORY: Healthcare Services GEOGRAPHY: Malaysia AUTHOR: Neha Davda

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Malaysia Healthcare Insurance Market Executive Summary

The Malaysia healthcare insurance market is projected to grow from $3.26 Bn in 2022 to $5.94 Bn by 2030, registering a CAGR of 7.8% during the forecast period of 2022-2030. In 2019, Malaysia spent $437 per person on health costs or 3.83% of GDP. In order to provide a range of therapies, Malaysia, an upper middle-income country, has a health system that blends public and private providers.

The Malaysian government has launched a number of efforts to enhance the healthcare sector and promote the expansion of the market for health insurance. For instance, to promote Malaysia as a destination for medical tourism, the government established the Malaysia Healthcare Travel Council (MHTC) in 2009, which raised the demand for health insurance.

In Malaysia, private healthcare insurance is getting more and more popular. To fulfil the needs of various clients, several insurers provide a variety of healthcare insurance products. These products include, among others, medical insurance, critical illness insurance, and hospitalisation insurance.

Malaysia Healthcare Insurance Market Report 2022 to 2030

Market Dynamics

Market Growth Drivers

The Malaysia Healthcare Insurance market is expected to be driven by factors such as:

Increasing healthcare costs- The cost of medical technology, the ageing population, the rise in the prevalence of chronic diseases, and other variables have all contributed to an increase in healthcare costs in Malaysia in recent years. In an effort to lessen the financial burden of medical bills, this has increased demand for healthcare insurance
Government initiatives- The Malaysian government has launched a number of initiatives to promote the expansion of the health insurance sector. For instance, the government introduced the mySalam scheme in 2018, which offers low-income Malaysians with certain serious illnesses free insurance coverage
The rise in medical tourism- An estimated 1 Mn medical tourists travel to Malaysia each year, making it a well-liked location for this type of travel. Due to this, both domestic and foreign patients now have a greater need for healthcare services, including healthcare insurance
Technology advancements- With the use of electronic health records and telemedicine services, Malaysia has made tremendous technological advancements in the healthcare sector. As a result, there is now more demand for health insurance that includes these kinds of treatments

Market Restraints

The following factors are expected to limit the growth of the healthcare insurance market in Malaysia:

Low affordability- For many Malaysians, especially those with lesser incomes, the cost of healthcare insurance premiums might be exorbitant. This may prevent some people from purchasing health insurance, especially those from lower-income families
Limited coverage- In Malaysia, many health insurance plans only provide minimal coverage, especially for pricey medical procedures or treatments. This may reduce the appeal of health insurance to customers looking for all-inclusive coverage
Fragmented market- In Malaysia, there are numerous small businesses participating in the healthcare insurance sector, which is relatively fragmented. This may result in a lack of openness and standardisation, which could make it challenging for customers to evaluate various policies and come to wise judgements

Competitive Landscape

Key Players

Tune Protect (MYS)- In order to satisfy the demands of every individual, it offers thorough and reasonably priced internet protection plans. Travel, personal calamities, or even snatch theft are all protected. PRO-Health Medical, which offers cost-effective plans customised to a person's needs, with premiums starting at just $11.12 per month and annual limits as high as $33358, was introduced by Tune Protect Malaysia earlier this year
Etiqa Insurance (MYS)- It is a Leading insurer and takaful operator in ASEAN. It provides a comprehensive selection of life and general insurance plans and is a member of the Maybank Group. In Malaysia, Etiqa is made up of four primary operational entities: Etiqa General Insurance Berhad, Etiqa Life Insurance Berhad, and Etiqa General Takaful Berhad
Hong Leong Assurance (MYS)- HLA is the biggest regional life insurance provider in Malaysia. It is a reputable and well-known Malaysian company that provides security and financial planning services to satisfy the needs of Malaysians at various phases of their lives. For six years between 2016 and 2021, HLA won the Asian Banking and Finance Insurance Asia Awards' Domestic Life Insurer of the Year - Malaysia honour with pride
Great Eastern Life Assurance- Medical card plans, critical illness coverage, hospitalisation and surgical plans, and other healthcare insurance products are all available from Great Eastern
Generali- One of the biggest providers of asset management and insurance worldwide is Generali. The promise to be a customer's Lifetime Partner is at the core of Generali's strategy. This is accomplished through individualised and creative solutions, best-in-class customer service, and digitalized worldwide distribution capabilities. The Group completely integrated sustainability into all strategic decisions with the goal of generating value for all stakeholders and fostering the development of a more just and resilient society

Notable Deals

August 2022- Generali has finalised the acquisition of the majority shares in the AXA-Affin joint ventures in Malaysia, making it a top-tier General Insurer player in the nation, in accordance with its aim to increase its leading position in high-potential countries. In the joint venture between AXA and Affin for life insurance, Generali has bought a 70% ownership (49% from AXA and 21% from Affin), as well as a roughly 53% stake in the joint venture between AXA and Affin for general insurance (49.99% from AXA and 3% from Affin).

1. Executive Summary
1.1 Service Overview
1.2 Global Scenario
1.3 Country Overview
1.4 Healthcare Scenario in Country
1.5 Healthcare Services Market in Country
1.6 Recent Developments in the Country

2. Market Size and Forecasting
2.1 Market Size (With Excel and Methodology)
2.2 Market Segmentation (Check all Segments in Segmentation Section)

3. Market Dynamics
3.1 Market Drivers
3.2 Market Restraints

4. Competitive Landscape
4.1 Major Market Share

4.2 Key Company Profile (Check all Companies in the Summary Section)

4.2.1 Company
4.2.1.1 Overview
4.2.1.2 Product Applications and Services
4.2.1.3 Recent Developments
4.2.1.4 Partnerships Ecosystem
4.2.1.5 Financials (Based on Availability)

5. Reimbursement Scenario
5.1 Reimbursement Regulation
5.2 Reimbursement Process for Services
5.3 Reimbursement Process for Treatment

6. Methodology and Scope

Malaysia Healthcare Insurance Market Segmentation

By Provider (Revenue, USD Billion):

It mainly includes healthcare insurance that provides safety against the increasing cost of medical treatments and in case of health emergencies such as critical illnesses. Hence, it is the best way to safeguard medical expenses.

Public
Private

By Coverage Type (Revenue, USD Billion):

In terms of sales and market share, it is anticipated to rule the market over the projection period. This is explained by a number of benefits provided by life insurance, including guaranteed death payout and permanent coverage. Additionally, investing in these kinds of plans enables working professionals to save taxes

Life Insurance
Term Insurance

By Health Insurance Plans (Revenue, USD Billion):

Health Maintenance Organization (HMO)
Preferred Provider Organization (PPO)
Exclusive Provider Organization (EPO)
Point of Service (POS)
High Deductible Health Plan (HDHP)

By Demographics (Revenue, USD Billion):

Minors
Adults
Seniors

There is a high prevalence of lifestyle disease in the adult population that can increase health risks in the future. The population is more prone to cardiac and other diseases that require hospitalization. Healthcare insurance plans for seniors are more of a necessity, especially in the case of retirement. Also, it carries various advantages such as no medical screening before buying plans, includes coverage of the outpatient department, and provides the benefit of fee annual checkups along with lifetime renewability.

By End-user (Revenue, USD Billion):

Individuals
Corporates

A large number of people buy individual health plans as they are also customizable. Also, it gives more control over deductibles, co-pays, and benefits limits and is not dependent on employment status.

Methodology for Database Creation

Our database offers a comprehensive list of healthcare centers, meticulously curated to provide detailed information on a wide range of specialties and services. It includes top-tier hospitals, clinics, and diagnostic facilities across 30 countries and 24 specialties, ensuring users can find the healthcare services they need.

Additionally, we provide a comprehensive list of Key Opinion Leaders (KOLs) based on your requirements. Our curated list captures various crucial aspects of the KOLs, offering more than just general information. Whether you're looking to boost brand awareness, drive engagement, or launch a new product, our extensive list of KOLs ensures you have the right experts by your side. Covering 30 countries and 36 specialties, our database guarantees access to the best KOLs in the healthcare industry, supporting strategic decisions and enhancing your initiatives.

How Do We Get It?

Our database is created and maintained through a combination of secondary and primary research methodologies.

1. Secondary Research

With many years of experience in the healthcare field, we have our own rich proprietary data from various past projects. This historical data serves as the foundation for our database. Our continuous process of gathering data involves:

Analyzing historical proprietary data collected from multiple projects.
Regularly updating our existing data sets with new findings and trends.
Ensuring data consistency and accuracy through rigorous validation processes.

With extensive experience in the field, we have developed a proprietary GenAI-based technology that is uniquely tailored to our organization. This advanced technology enables us to scan a wide array of relevant information sources across the internet. Our data-gathering process includes:

Searching through academic conferences, published research, citations, and social media platforms
Collecting and compiling diverse data to build a comprehensive and detailed database
Continuously updating our database with new information to ensure its relevance and accuracy

2. Primary Research

To complement and validate our secondary data, we engage in primary research through local tie-ups and partnerships. This process involves:

Collaborating with local healthcare providers, hospitals, and clinics to gather real-time data.
Conducting surveys, interviews, and field studies to collect fresh data directly from the source.
Continuously refreshing our database to ensure that the information remains current and reliable.
Validating secondary data through cross-referencing with primary data to ensure accuracy and relevance.

Combining Secondary and Primary Research

By integrating both secondary and primary research methodologies, we ensure that our database is comprehensive, accurate, and up-to-date. The combined process involves:

Merging historical data from secondary research with real-time data from primary research.
Conducting thorough data validation and cleansing to remove inconsistencies and errors.
Organizing data into a structured format that is easily accessible and usable for various applications.
Continuously monitoring and updating the database to reflect the latest developments and trends in the healthcare field.

Through this meticulous process, we create a final database tailored to each region and domain within the healthcare industry. This approach ensures that our clients receive reliable and relevant data, empowering them to make informed decisions and drive innovation in their respective fields.