As per the reports given by Business Times, the Malaysian Investment Development Authority i.e. MIDA is positive on the growth prospects for medical devices in their country with growing regional demand for medical products.
The ageing population, increased access to healthcare especially in the Asia Pacific, changes in lifestyles and a shifting trend towards health tourism are the main factors for the growth of medical devices sector in Malaysia.
Under the government’s National Key Economic Area i.e. NKEA, high priority is given to the Malaysian medical devices industry, which can contribute significantly to the country’s growth.
Malaysia’s medical devices industry was valued at about RM3.5 billion last year and is expected to reach RM5.3 billion by 2015, and the global medical device industry is valued at US$320 billion i.e. RM977.6 billion, which represents 25 per cent of the overall healthcare market, according to the health ministry. The report also says that by 2020, the industry will contribute RM11.4 billion to the country’s revenue and create 86,000 jobs.
Report says, Jaswant Singh the director of life science industry division, said that MIDA is working to change the investment trend in the medical devices sector, with the aim of adding value. He also added that Malaysia has the potential to place itself as a developer, manufacturer and supplier of medical devices and become a hub for Asia’s growth region.
According to the reports given, Malaysia already has devices industry, primarily in catheters, surgical gloves, cannulae and medical instrumentation, out of which it supplies 80% of the global market in catheters and 60 per cent of the rubber glove market. There are around 190 medical device manufacturers in Malaysia, with the majority concentrating in the production of surgical and examination gloves. Apart from producing gloves, they are also involved in the manufacture of higher value products such as catheters, safety intravenous cannula needles, orthopaedic products, medical electrodes, dialysers and contact lenses.
Major foreign companies with manufacturing facilities in the Malaysia are B. Braun Melsungen AG, Ansell Ltd, CR Bard Ltd, Rusch Inc, Tyco Healthcare International Ltd, Ambu Inc and Japan Medical Products and the native companies with strong market shares are Top Glove, WRP Asia Pacific and Supermax.
Source : Business Times