This is a best prospect industry sector for Malaysia. Includes a market overview and trade data.
Market Overview
Malaysia’s healthcare expenditures are expected to double to $2.8 billion by 2028. In prioritizing public healthcare to build national resilience in preparation for the endemic phase of COVID-19, the government has allocated $7.7 billion to the Ministry of Health (MOH) for operating and development expenditures. The allocation for MOH is the second largest in the National Budget 2022. With 10% of the population over 60, options for elder care are a focus in the healthcare system. In addition, given the high percentage of deaths caused by non-communicable diseases, management of NCDs through monitoring and prevention are other vital issues. Unfortunately, Malaysians have the highest rate of diabetes in SE Asia (equivalent to 1 in 5 adults in the country).
Malaysia offers both public and private healthcare systems. Private healthcare providers are driving health technology adoption and pursuing partnerships with international healthcare providers to strengthen their service offerings to medical travelers. Public health care providers are expanding their abilities to handle prevention and screening and offering healthcare access in remote parts of the country. The public healthcare systems require technology and products to provide more extensive NCD prevention and screening for all Malaysians, even in the more remote parts of the country.
Over the next ten years, the public and private healthcare sectors are focused on expanding investment in healthcare technology, medical devices, and digital health to ensure world-class quality healthcare service delivery. Those developments are part of a broader modernization effort aimed at outbreak preparedness, elder care, and non-communicable disease management. Key opportunities exist for medical devices, health technology, healthcare partnerships, medical travel, and clinical research.
Opportunities
Non-communicable diseases (NCDs)
As the incidence of COVID-19 reaches endemic levels, the Malaysian government will focus on the national Agenda of Healthy Malaysia to promote a healthy lifestyle for its citizens. Given the high percentage of deaths caused by NCDs, management of NCDs through monitoring and prevention are other vital issues. Market opportunities for U.S. companies are consumer medical devices, senior care, and diagnostics devices.
Medical devices
Even though Malaysia is a leading exporter of medical devices and products, Malaysia imports around 88% of medical devices from foreign countries, mainly focusing on high-tech medical devices. The medical device prospects in Malaysia are auxiliary equipment, diagnostic imaging products, surgical dental instrumentals, medical instruments and appliances, orthopedic and prosthetic implants, and consumer medical devices for monitoring health conditions.
Health technology
The COVID-19 pandemic has expedited the adoption of plans by the Government of Malaysia to implement healthcare digitalization. Harnessing technology for storing, sharing, and analyzing healthcare information will be increasingly important. Market opportunities for U.S. companies exist in supporting virtual consultations with health professionals, the tracking of electronic medical record systems (EMR), and health information exchange (HIE) for sharing needed health records and results. The increase in digitization is also generating demand for technology to protect the privacy and security of that medical information.
Medical travel
Malaysia aims to enhance the current healthcare travel ecosystem and strengthen the Malaysia healthcare brand, to develop its capabilities and reputation as the Fertility Hub of Asia, Cardiology Hub of Asia, and Cancer Care Centre of Excellence. Private healthcare providers are driving health technology adoption and pursuing partnerships with international healthcare providers to strengthen their service offerings to medical travelers.
Clinical research
Malaysia conducted the most clinical research in various medical fields in 2021, making it one of the leading players in the region. Clinical research studies were carried out in infectious diseases, oncology, cardiology, and hematology. Market opportunities exist for U.S. companies to partner with local hospitals or research institutes in clinical research.
Trade Events
International Rubber Glove Conference and Exhibition 2022: September 6-8, 2022
Smart Nation Expo 2022 (Smart Healthcare): September 27-29, 2022
Lab Asia: Virtual – October 18 –20, 2022; Physical – October 10 – 12, 2023
APHM International Healthcare Conference & Exhibition 2023: May 30 – June 1, 2023
Resources of Malaysian Government Authorities
Halal Malaysia Official Portal
Malaysia’s Medical Device Authority (MDA)
Ministry of Science, Technology and Innovation (MOSTI)
National Pharmaceutical Regulatory Agency (NPRA)