Malaysia Healthcare Aging Population
According to the Economic Outlook 2023 report released by the Ministry of Finance Malaysia, the Department of Statistics Malaysia observed that Malaysia’s aging population is growing at a faster-than-expected rate, whereby more than 15% of its population will be above the age of 65 by 2050. Even though Malaysians live longer, the population is not necessarily living in better health. Khazanah Research Institute has estimated that 9.5 years of life expectancy will be spent in poor health due to the incidence of non-communicable diseases (NCDs) or chronic diseases based on the current trends.
This phenomenon has affected Malaysia’s socioeconomic systems, including healthcare, public retirement plans, and kinship structure of nations. The government has announced plans to support the construction of more care centers for the elderly. In addition, the government will enhance the city infrastructures to be more senior citizen-friendly under the 12th Malaysia Plan, such as by utilizing the Internet of Things (IoT) in homecare monitoring and virtual medical consultations.
In the private sector, aged care services are increasingly in demand. That trend presents opportunities for U.S. businesses that have technology and services regarding senior living villages equipped with high-quality standards and sophisticated medical equipment, qualified and trainable assistants/nurses with specific skill sets, technological advances in healthcare devices, and wearables for preventive and home monitoring.
If you represent a U.S. company with relevant technology or expertise keen to explore opportunities in Malaysia, please contact Commercial Specialist Bethany Tien at email@example.com.