Medical Technology - Malaysia

Malaysia

In Malaysia, the projected revenue in the Medical Technology market market is expected to reach US$3.66bn in 2024.
The largest market within this market is Medical Devices, with a projected market volume of US$3.34bn in the same year.
It is anticipated that the revenue will experience an annual growth rate of 7.51% (CAGR 2024-2028), resulting in a market volume of US$4.89bn by 2028.
In comparison to other countries, the United States is expected to generate the highest revenue, amounting to US$215.80bn in 2024.
Malaysia's medical technology market is experiencing a surge in demand for advanced imaging devices and telemedicine solutions.

Key regions: United States, Germany, China, Japan, France

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Analyst Opinion

The Medical Technology market in Malaysia has been experiencing significant growth in recent years, driven by customer preferences, trends in the market, local special circumstances, and underlying macroeconomic factors. Customer preferences in Malaysia have been shifting towards more advanced and innovative medical technologies. Patients are increasingly seeking out treatments and procedures that are less invasive, more precise, and offer faster recovery times. This has led to a growing demand for medical devices and equipment that can deliver these benefits. Additionally, as the population in Malaysia ages, there is a greater need for healthcare solutions that can address age-related conditions and improve the quality of life for older individuals. Trends in the market have also played a role in the development of the Medical Technology market in Malaysia. One key trend is the increasing adoption of digital health technologies. The use of telemedicine, remote monitoring devices, and mobile health applications has become more prevalent, especially in rural areas where access to healthcare services may be limited. This trend has been further accelerated by the COVID-19 pandemic, which has highlighted the importance of remote healthcare solutions. Another trend in the market is the focus on personalized medicine. Advances in genetic testing and molecular diagnostics have made it possible to tailor medical treatments to individual patients based on their genetic makeup. This has led to a greater demand for diagnostic tools and precision medicine technologies in Malaysia. Local special circumstances in Malaysia have also contributed to the growth of the Medical Technology market. The government has been actively promoting the development of the healthcare sector, including the medical technology industry, through various initiatives and policies. This has attracted both local and foreign investments in the sector, leading to the establishment of manufacturing facilities and research and development centers in the country. Underlying macroeconomic factors have also played a role in the development of the Medical Technology market in Malaysia. The country has experienced steady economic growth, which has resulted in an expanding middle class with greater purchasing power. This has increased the demand for healthcare services and medical technologies. Additionally, Malaysia has a well-developed healthcare infrastructure and a skilled workforce, which has attracted foreign companies to set up operations in the country. In conclusion, the Medical Technology market in Malaysia is experiencing growth due to customer preferences for advanced and innovative medical technologies, trends in the market such as the adoption of digital health and personalized medicine, local special circumstances including government support, and underlying macroeconomic factors such as economic growth and a well-developed healthcare infrastructure.

Methodology

Data coverage:

Data encompasses B2B, B2G, and B2C spend. Figures are based on medical devices and IVD revenues allocated to the country where the money is spent at manufacturer price levels excluding VAT.

Modeling approach / Market size:

Modeling employs a top-down approach with a bottom-up validation, using financial information of the key players by market. Market sizes are determined by a top-down approach, based on a specific rationale for each market market and allocated to the covered countries according to the global market shares. As a basis for evaluating markets, we use relevant key market indicators and data from country-specific associations, such as healthcare expenditure per capita, health risk factors, healthcare system, and regulations concerning medical products. Next, we use further relevant key market indicators and data from country-specific associations, such as healthcare expenditure per capita, health risk factors, healthcare payer system, and regulations concerning medical products. This data helps us estimate the market size for each country individually.

Forecasts:

In our forecasts, we apply diverse forecasting techniques. The selection of forecasting techniques is based on the behavior of the particular market. For example, forecasts are based on historical developments, current trends, and key market indicators.

Additional notes:

Data is modeled in US$ using current exchange rates. The market is updated twice per year in case market dynamics change. The impact of the COVID-19 pandemic is considered at a country-specific level.