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The Medical Device Market: Malaysia
Espicom Business Intelligence Ltd, Oct 2011, Pages: 58
Malaysia’s medical devices and supplies are mainly imported, especially the more technologically advanced items. The analyst estimates current growth in the market to be a strong 9.1% per year, reaching US$1.9 billion, or US$61 per capita, by 2016.
Malaysia’s major natural resource is rubber, and the country’s medical device exports are dominated by latex products such as surgical gloves and catheters, which together accounted for 59.1% of the export total in 2009. The share of these two sub-categories has slowly started to diminish with the steady growth of diagnostic imaging exports in recent years, particularly electrocardiographs and other electrodiagnostic apparatus.
The Malaysian government has attempted in recent years to encourage domestic manufacturers to expand production into more technologically advanced products and develop services such as Information and Communications Technology and other support related services. This has been detailed in the Third Industrial Master Plan 2006-2020.
In the five years from 2005 to 2009, imports rose at a CAGR of 10.3%. Imports are expected to continue growing at a strong rate, in line with rising health expenditure growth, and the country’s heavy reliance on imports to meet its healthcare needs.
The Medical Device Bill, Malaysia’s first set of medical device regulations, was finalised in March 2008, and the next step will be for it to be tabled and approved by parliament. There is currently no mandatory registration for medical devices, but this is expected to change, along with the other related regulations involving production and importation of medical devices, including surveillance and monitoring.
Includes 3 quarterly updated outlook reports!
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