# Malaysia’s Medical Device Market Set to Become One of the Fastest Growing in ASEAN

- Link: https://www.thailand-business-news.com/health/157447-malaysias-medical-device-market-set-to-become-one-of-the-fastest-growing-in-asean
- Published: 2024-08-21T05:57:00+07:00
- Author: News Desk

Malaysia’s medical device market will grow 8.2% annually, driven by NIMP 2030, chronic
diseases, and increased health spending.

**Key View**

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 * Malaysia’s medical device market will grow faster than regional peers including
   Thailand and Indonesia.
 * Malaysia’s New Industrial Master Plan (NIMP) 2030 will be a key driver of medical
   device export growth over our forecast period.
 * The US will remain a leading destination for Malaysia’s medical device exports,
   particularly for advanced product categories such as orthopaedics and diagnostics.

**Malaysia’s medical device market will grow faster than regional peers including
Thailand and Indonesia. **We forecast that Malaysia’s medical device market will
grow by a 2023-2028 compound annual growth rate (CAGR) of 8.2% in local currency
terms and 7.8% in US dollar terms, taking the market to a value of MYR15.4bn (USD3.3bn)
by 2028. This will make it one of the fastest growing in the Association of Southeast
Asian Nations (ASEAN), with only Vietnam and Singapore experiencing faster growth
of 9.9% and 8.9% respectively. Key growth drivers for Malaysia’s medical device 
market include the rising burden of chronic diseases, increasing government health
expenditure, and modernisation of healthcare facilities, which will continue supporting
demand for new and modern medical equipment. Malaysia’s medical device market will
benefit from an acceleration in Malaysian real GDP growth to 4.4% in 2024 and 4.5%
in 2025, up from 3.7% in 2023, which will support healthcare and medical device 
spending, including investments in product procurement, research and development.
Downside risks to the market include Malaysia’s export-oriented economy, which makes
it vulnerable to external economic slowdowns. Our anticipation of weakening growth
in key markets including Mainland China and the US could weigh on market growth 
in the near term given Malaysia’s large medical device trade with both markets.

Malaysia’s medical device market is poised to become one of the fastest-growing 
in the ASEAN region, driven by increasing healthcare demands and advancements in
technology. The country’s strategic location, coupled with a robust healthcare infrastructure,
supports the growth of medical device manufacturing and innovation. As Malaysia 
continues to enhance its healthcare services, investments in medical technologies
are expected to accelerate, further propelling market growth.

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The government’s commitment to improving healthcare access through initiatives like
the Malaysia Healthcare Travel Council (MHTC) has also spurred the demand for high-
quality medical devices. As the population ages and chronic diseases become more
prevalent, the need for advanced medical solutions has never been greater. This 
landscape invites both local and international players to invest in the market, 
creating a competitive environment that fosters innovation and development.

Moreover, Malaysia’s regulatory framework, which aims to align with international
standards, enhances its appeal as a hub for medical device manufacturing. With efforts
directed at facilitating research and development, the country is on track to achieving
its vision of becoming a leading player in the ASEAN medical device market. As such,
Malaysia is not only set for substantial growth but also poised to influence the
overall advancement of healthcare technologies in the region.
[Read More](https://www.fitchsolutions.com/bmi/medical-devices/malaysias-medical-device-market-be-among-fastest-growing-asean-14-08-2024)