Malaysia's Medtech Sector Poised For High-value Growth
KUALA LUMPUR, Oct 2 (Bernama) -- Malaysia’s medical technology (medtech) industry has witnessed impressive growth, reaffirming the country’s position as a key player in the global medtech landscape, said the Malaysian Investment Development Authority’s (MIDA) and Association of Malaysian Medical Industries (AMMI).
In a joint statement today, MIDA chief executive officer Sikh Shamsul Ibrahim Sikh Abdul Majid said that it is clear that Malaysian professionals are not only masters of their technical craft but also driven by a commitment to quality and compliance with global standards.
“This potent combination of talent and government support, as seen in initiatives such as the prioritisation of the medical device sector in the Twelfth Malaysia Plan and the New Industrial Master Plan (NIMP) 2030, has propelled Malaysia to the forefront of medtech innovation.
“MIDA is dedicated to supporting the sector’s continued expansion through strategic partnerships and proactive measures, and we’re excited to see what the future holds for this dynamic industry,” he said.
Sikh Shamsul said this after the release of AMMI’s ‘Medical Device Industry Status and Outlook 2024/2025 Report: Malaysia, A Medtech Success Story’ at the Malaysia Medtech Industry Summit 2024 in Penang today.
Meanwhile, AMMI chairman Andy Lee said Malaysia boasts the largest medical device market in Southeast Asia, with its market size reaching RM10.6 billion in 2023 and ranked among the top ten markets in Asia.
“It extends far beyond traditional manufacturing, offering robust capabilities in sterilisation, biocompatibility testing, packaging and conformity assessment,” he said.
Lee also said Malaysia hosts the largest sterilisation capacity in Southeast Asia, providing the most comprehensive range of sterilisation technologies in the region, including Ethylene Oxide (EtO), Gamma, and Electron beam (E-beam) sterilisation.
“Furthermore, Malaysia stands as the first country in Southeast Asia to establish an X-ray sterilisation facility.
“Driven by its sophisticated infrastructure, adherence to international standards, and strong government support, Malaysia is well-positioned to remain competitive on the global stage,” he added.
Meanwhile, the AMMI report revealed respondents to a survey said they plan to invest a collective amount of RM2.7 billion in expansion, RM927 million in new products and RM162 million in new research and development (R&D)/ centre of excellence (COE) and Industry 4.0.
The report also highlighted that collectively, AMMI sourced RM4.1 billion of raw materials and RM2.5 billion of services from local suppliers and small and medium-sized enterprises (SMEs).
“Additionally, contracts worth RM1.4 billion were outsourced to local suppliers, with 95 per cent directed toward finished products,” the report said.
-- BERNAMA