Malaysia’s medical device market outpaces SEA counterparts to value $3.3b by 2028

The sector is projected to rise at 7.8% CAGR in US dollar terms through 2028.

Malaysia's medical device market is expected to outpace its regional counterparts, including Thailand and Indonesia, to reach a value of approximately $3.3b by 2028, said BMI.

The report revealed that the market is projected to rise at a compound annual growth rate (CAGR) of 7.8% in US dollar terms, trailing behind Vietnam and Singapore, which are expected to grow at rates of 9.9% and 8.9%, respectively.

The sector is anticipated to benefit from an acceleration in Malaysia’s real GDP growth to 4.4% in 2024 and 4.5% in 2025.

This economic upturn is expected to support spending on healthcare and medical devices, as well as investments in product procurement and research and development.

In addition, the market’s expansion is driven by a rising prevalence of chronic diseases, an increase in government health expenditure, and the modernisation of healthcare facilities.

However, the market faces potential risks stemming from Malaysia’s export-oriented economy.

The anticipated weakening growth in major markets, such as Mainland China and the US, could impede Malaysia's medical device sector, given the country’s significant trade links with these economies.