Growing use of generative artificial intelligence tools for healthcare-related queries could encourage Malaysians to seek medical attention earlier, potentially creating a new demand driver for private hospital operators, according to Hong Leong Investment Bank (HLIB) Research.
HLIB said large language models such as ChatGPT, Claude and Google Gemini are gaining traction among Malaysians, with a Vodus survey conducted between late December 2025 and early January 2026 showing that 67% of Malaysians had used an AI tool in the preceding three months.
While Malaysia-specific data on healthcare-related AI usage remains limited, HLIB pointed to overseas surveys as an indication of the potential trend. A Boston Consulting Group survey across 15 countries found that 57% of adults had used generative AI for their own health or that of family members, while a US survey cited in the report showed 60% of adults had used AI for health-related questions.
HLIB said symptom checking was among the most common uses, with AI tools offering low-cost, round-the-clock access to personalised and interactive information.
The research house believes this could help reduce the traditional “wait-and-see” approach among some patients by encouraging them to assess symptoms and seek professional care earlier when warning signs emerge.
HLIB said the potential effect could be particularly relevant in Malaysia, where several major diseases continue to be diagnosed late.
For cardiovascular disease, it cited data showing ischaemic heart disease remained Malaysia’s leading cause of death in 2022 and 2024. HLIB also noted clinical data indicating that a large proportion of acute coronary syndrome patients had pre-existing conditions or risk factors that could potentially have been identified earlier.
For cancer, HLIB cited the Malaysia National Cancer Registry Report 2017–2021 showing 65.1% of cancer cases were detected at Stage 3 or Stage 4, up from 63.7% in the preceding 2012–2016 period.
Cancer-related deaths also rose to 19,180 in 2024 from 5,231 in 2001, underscoring the potential benefits of earlier diagnosis and treatment.
HLIB said greater use of AI tools to understand symptoms, medical conditions and treatment options could therefore translate into higher utilisation of diagnostic services, cardiac care and oncology services.
The research house also highlighted survey findings showing that patients place importance on access to second opinions, trustworthy medical advice, clear information and knowing where to seek care — areas where AI tools could help guide patients before they enter the formal healthcare system.
Private Hospitals Seen As Key Beneficiaries
HLIB believes Malaysian hospital operators could be among the main beneficiaries if AI-driven health awareness results in higher patient traffic.
Unlike longer-term structural themes such as population ageing, rising non-communicable diseases and preference for private healthcare, the research house said increasing use of LLMs for healthcare queries could provide a more immediate demand tailwind.
HLIB identified IHH Healthcare Bhd, KPJ Healthcare Bhd and Sunway Healthcare as potential beneficiaries of the trend.
Its top sector picks remain IHH, with a target price of RM9.10, and KPJ, with a target price of RM3.79.
HLIB said both companies are well positioned to benefit from the emerging trend, while recent weakness in their share prices has also made valuations more attractive.
