Medical Devices - Malaysia | Statista Market Forecast

The projected revenue in the Medical Devices market market in Malaysia is expected to reach MYR US$3.12bn in 2024.
Among the different markets, Cardiology_Devices is anticipated to be the largest, with a projected market volume of MYR US$525.50m in the same year.
The market is expected to witness a steady annual growth rate (CAGR 2024-2029) of 7.45%, resulting in a market volume of MYR US$4.46bn by 2029.
In comparison to other countries, the United States is projected to generate the highest revenue in the Medical Devices market market, with an estimated amount of US$181.00bn in 2024.
Malaysia's medical device market is experiencing rapid growth due to increasing healthcare investments and a growing aging population.

Definition:
The Medical Devices market includes instruments and machines helping for the prevention, diagnosis, and treatment of diseases. This market is further broken down into 6 submarkets according to medical specialties or types of application. Medical devices that treat the heart, such as pacemakers, can be found in the Cardiology Devices market. The Diagnostic Imaging market covers machines and instruments for diagnosis of many different kinds of conditions. Devices for orthopedic applications, such as joint implants, are included in the Orthopedic Devices market. Ophthalmic Devices are devices used for conditions related to the eye. The General & Plastic Surgery Devices covers many different products required for surgeries. The Other Medical Devices market provides information on additional areas that are not covered by the main markets.

Additional information:
Market values represent revenues paid to primary vendors at manufacturer price level either directly or through distribution channels (excluding VAT). Reported market revenues include spending by consumers (B2C), enterprises (B2B) as well as governments (B2G). Revenues are allocated to the country where the money is spent.

Company examples: Medtronic, Johnson & Johnson, Siemens Healthineers.

Implants and prostheses
Assistive technology products (e.g., hearing aids, wheelchairs)
Clinical engineering products
Imaging devices
Active medical devices (i.e., operating with electrical energy)

Services (i.e., treatment expenses)
Consumer technologies, e.g., fitness trackers
Products for laboratory testing (IVD)

The Medical Devices market in Malaysia is experiencing significant growth and development due to various factors.

Customer preferences: Customers in Malaysia are increasingly demanding high-quality medical devices that are technologically advanced and can provide accurate and reliable results. They are also looking for devices that are user-friendly and can be easily operated by healthcare professionals. Additionally, there is a growing demand for medical devices that are portable and can be used in remote areas or during emergencies.

Trends in the market: One of the key trends in the Medical Devices market in Malaysia is the increasing adoption of digital health technologies. This includes the use of telemedicine, remote patient monitoring, and mobile health applications. These technologies are enabling healthcare providers to deliver care to patients in a more efficient and convenient manner. They are also helping to improve patient outcomes and reduce healthcare costs. Another trend in the market is the growing demand for minimally invasive medical devices. These devices are less invasive compared to traditional surgical procedures and offer several benefits such as shorter recovery times, reduced pain, and lower risks of complications. The increasing prevalence of chronic diseases and the aging population in Malaysia are driving the demand for minimally invasive procedures, which in turn is fueling the growth of the market for these devices.

Local special circumstances: One of the unique aspects of the Medical Devices market in Malaysia is the presence of a strong government support and regulatory framework. The Malaysian government has implemented various initiatives to promote the development and manufacturing of medical devices in the country. This includes tax incentives, grants, and funding opportunities for local companies. The government is also actively involved in regulating the market to ensure the safety and quality of medical devices.

Underlying macroeconomic factors: The growing healthcare expenditure in Malaysia is a major driver of the Medical Devices market. The government has been increasing its healthcare budget to improve the accessibility and quality of healthcare services in the country. This has led to increased investments in medical devices and technologies. Additionally, the rising prevalence of chronic diseases such as diabetes and cardiovascular diseases is driving the demand for medical devices in Malaysia. These devices are essential for the diagnosis, treatment, and management of these diseases. In conclusion, the Medical Devices market in Malaysia is experiencing significant growth and development due to customer preferences for high-quality and technologically advanced devices, the adoption of digital health technologies, and the demand for minimally invasive procedures. The local special circumstances such as strong government support and regulatory framework further contribute to the growth of the market. The underlying macroeconomic factors of increasing healthcare expenditure and the rising prevalence of chronic diseases also play a significant role in driving the market.

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.

This report presents a comprehensive analysis and additional information on the Health market, in a PDF format.

Medical technology plays a role in the lives of everyone. It includes most of all, medical devices which simplify the prevention, diagnosis, and treatment of diseases and illnesses. The most well-known medical technology products are, among others, pacemakers, imaging instruments, dialysis machines, and implants. The global medical technology industry was worth over 567 billion U.S. dollars annually. Established centers of this industry include North America and Western Europe. The United States is home to the world’s largest medical technology companies. As of 2022, Abbott Laboratories had the largest global revenue at over 31.2 billion U.S. dollars. The main focus of devices manufactured by the Chicago-based company are diagnostics, cardiovascular, and diabetes care. Two other medtech companies that round off the top three largest companies –Medtronic and Johnson & Johnson – are both based in the United States. Although, industry trends show that Asia, and in particular China, is about to play a more prominent role in the years to come.