Malaysia aims to become global medical technology hub

Malaysia is on its way to becoming a global medical technology hub through effective policies to attract and realise the right investments, including the New Industrial Master Plan 2030 (NIMP 2030). This was announced by country's Minister of Investment, Trade and Industry Tengku Datuk Seri Zafrul Abdul Aziz.

The minister said the Malaysian government will continue to implement industry reforms to ensure the sustainability and stable growth of the medtech sector in the country. Under NIMP 2030, Malaysia aims to strengthen its position as a medtech hub, which will not only protect lives but also promote growth in ASEAN regions as well as support the global healthcare sector.

Tengku Abdul Aziz emphasised that medtech plays a key role in improving the quality of healthcare services, patient outcomes and economic development, highlighting its importance in combating global health challenges.

According to the data, the global medical devices market size was valued at over US$518 billion in 2023 and is expected to grow to US$542 billion in 2024, reaching nearly US$887 billion by 2032. This is reported by Vietnam News Agency, a partner of TV BRICS.

The minister also noted that the Malaysian medtech industry is supported by effective government initiatives that are geared towards sustainable growth under NIMP 2030. In the near future, Malaysia will develop new policies to incentivise industries to adopt Industry 4.0 technologies such as Artificial Intelligence, Internet of Things and Robotics, which will enhance economic sophistication, efficiency, and value addition.