Malaysia’s healthcare industry is growing rapidly. The industry is estimated to grow 8 to 9% year-on-year until 2025. The success of the Malaysian healthcare industry can be attributed to investments in world-class facilities, which allow both public and private hospitals to provide specialist services and training.
An in-depth analysis from Malaysia healthcare consulting experts can help you understand the healthcare market better and formulate effective market entry strategies.
Malaysia Healthcare Consulting: Medical Devices
The Malaysian medical device industry comprises over 200 manufacturers. 30 of them are multinational medical device manufacturers that have made the country their manufacturing base. These include Braun, Abbott, and Toshiba Medical Systems, among many others.
One of the reasons Malaysia is attractive to many multinational manufacturers is the country’s location. Malaysia’s strategic location allows it to be a medical manufacturing hub in Southeast Asia.
Malaysian government considers the medical device industry as a high-potential growth area that can revitalize the country’s manufacturing sector. It comes as no surprise if the healthcare sector becomes a National Key Economic Area with the medical device industry as the main priority.
In 2019, the exports of medical devices were valued at USD 5.6 billion. More than 90% of medical devices manufactured in Malaysia are exported. Over 50% of the exported medical devices are going to the US, China, Germany, and Japan.
Malaysia is one of the world’s top supplier for catheters and medical gloves, with market shares of 80% and 60%, respectively.
In 2019, the Malaysian pharmaceutical industry was valued at over USD 1 billion. The industry comprises more than 100 companies which can be divided into three categories:
- Over-the-counter manufacturers
- Generic drug manufacturers
- Research-based pharmaceutical companies
An aging population, rising health literacy, as well as a rise in non-communicable diseases like hypertension, diabetes, hypercholesterolemia, and others lead to increasing demand for pharmaceuticals.
Local generic drug manufacturers are only able to meet 30% of the domestic demand. The remaining 70% are covered by imports.
Malaysia aims to become a pioneer in the manufacture, certification, and distribution of halal pharmaceuticals. This comes as no surprise considering how lucrative the global halal pharmaceutical market is. By 2025, the market is projected to be worth USD 174 billion.
Some of the major Malaysian companies in the halal pharmaceutical industry are Pharmaniaga Bhd, Duopharma Biotech Berhad, Simpor Pharma Sdn Bgd, and Chemical Company of Malaysia.
The Malaysian healthcare industry has great potential. It grows rapidly and steadily. Medical devices and pharmaceuticals are two segments with high and increasing demands. Our Malaysia healthcare consulting experts can provide you with data-backed insights and local strategies for the market.