Malaysia's healthcare sector well-positioned to capture growth in global medical devices

New Straits Times

16-07-2025

KUALA LUMPUR: Malaysia's healthcare industry is well-positioned to tap into the growing global medical devices market over the next eight years.
Investment, Trade and Industry Minister Tengku Datuk Seri Zafrul Abdul Aziz said the global market is projected to grow 63 per cent from RM2.53 trillion in 2024 to RM4.13 trillion by 2032.
He said the global healthcare sector has proven to be not only resilient but also transformative, offering immense opportunities in medical devices, pharmaceuticals, biotechnology and digital health solutions.
"Thanks to our strong industrial reform agenda, robust industrial ecosystem, progressive policies, investor-friendly environment and a skilled, industry-ready workforce, Malaysia's healthcare industry is well-positioned to capture this growth.
"From pharmaceuticals and medical devices to healthcare services and medical tourism, this sector is a catalyst for high-value job creation, innovation and exports," he said at the International Healthcare Week (IHW) 2025 today.
Tengku Zafrul said local medical devices and pharmaceutical industries garnered RM2.13 billion in combined investments last year.
The investments created over 2,700 high-value jobs across manufacturing, research and development, as well as and regulatory services.
He said eight of the world's top 30 medical device companies have established operations in Malaysia.
Tengku Zafrul said Malaysia is home to over 300 healthcare companies, comprising multinational companies (MNCs) and domestic players.
The MNC partners, he said, lead in producing advanced products, from anaesthesia disposables to digital health technologies
"This is no accident. It is the result of a well-developed manufacturing ecosystem, supported by, for example, strong E&E suppliers; the region's largest medtech talent pool; as well as our homegrown medical devices' champions," he added.
Tengku Zafrul said pharmaceutical exports for January till May 2025 have increased by 7.8 per cent due to industrial reform initiatives.
"Reforms build industrial resilience, which in turn feeds into our exports' resilience," he said.
Malaysia External Trade Development Corporation (Matrade) said Malaysia's medical device sector recorded a remarkable 27.7 per cent growth in 2024, reaching a trade value of RM46.5 billion.
Its chairman Datuk Seri Reezal Merican Naina Merican said the performance also had an increase of 31.6 per cent in exports from the previous year, with a value of RM37 billion.
Top export destination in the past year was the US amounting to over RM13 billion (37 per cent), followed by Belgium (RM3.8 billion or 10 per cent), Germany (RM3.14 billion or 8.5 per cent) and Asean (RM3.48 billion).
Reezal Merical said the medical device trade had tripled to RM46.5 billion last year from RM13.49 billion in 2014.
"We have evolved from producing basic medical supplies to manufacturing sophisticated healthcare technologies - like advanced stents, precision pacemakers, orthopaedic implants and cutting-edge diagnostic equipment that serve patients worldwide.
"It was also very encouraging to see, that in 2024, Malaysia was being recognised as a one of the top destinations for healthcare travellers.
"It tells us we are on the right track in providing quality, affordable care and what we value most is knowing that international patients feel confident and secure in our healthcare system," he added.