By Kenny Teng Khoon Hock

BANGKOK, July 10 (Bernama) — The medical equipment market in Malaysia is expected to grow at a compound annual growth rate (CAGR) of 9.5 per cent by 2028, reaching a market value of US$4.5 billion (US$1 = RM4.69), said Datuk Seri Reezal Merican Naina Merican, president of Malaysia External Trade Development Corporation (MATRADE).

He added that the government is actively promoting Malaysia as a regional manufacturing hub and is committed to developing the healthcare sector, a key factor in the manufacturing sector, in line with the country’s vision of becoming a high-income economy driven by innovation, creativity and high-value activities.

To ensure the continued growth and competitiveness of the Malaysian healthcare industry, the New Industrial Master Plan 2030 (NIMP) has identified medical devices and pharmaceuticals as priority sectors.

“NIMP focuses on developing Malaysia’s capabilities in product design and development, as well as integrated services, with the aim of creating greater value and enhancing competitiveness,” he said in his welcome speech at the International Health Week 2024 (IHW) networking dinner on Wednesday.

Reezal Merican said the industrial project sets a strategic direction for the country’s development, aiming to build a stronger healthcare sector and shape a future where Malaysia can stand tall in the international arena.

“To achieve this vision, Malaysia is leveraging free trade agreements (FTAs) to cement its leadership position in the healthcare industry. These FTAs ​​help streamline trade and investment, integrating Malaysia deeper into the global supply chain and driving economic growth across all sectors, including healthcare,” he said.

He added that in order to strengthen the global medical device industry, MATRADE supported the establishment of the first medical device manufacturers association in Malaysia called the Malaysian Association of Medical Device Manufacturers (PERANTIM) in November 2018.

He emphasised that the aim is to complement the medical device manufacturing ecosystem in Malaysia and create a platform for local industry players to support the development of the industry through strategic collaboration with all stakeholders.

Meanwhile, Reezal Merican also revealed that Malaysia will have the honour of hosting the Kuala Lumpur International Healthcare Week 2025, scheduled for July 16-18 at the Malaysia International Trade and Exhibition Centre.

“We look forward to your visit to our beautiful country, where you will be able to experience our renowned hospitality and see our progress in the healthcare sector,” he said.

At IHW 2024 in Bangkok, 10 participating Malaysian companies will showcase a wide range of products, including cleanroom manufacturing, air ventilation systems, smart sensors for data loggers, syringes, blood collection tubes, electro-magnetic therapy devices, collapsible tubes, disposable tourniquets and in vitro diagnostic rapid test kits.