KUALA LUMPUR: Malaysia is positioning itself to become a leading global hub in the medical technology (medtech) sector by leveraging strategic policies and investments, including the implementation of the New Industrial Master Plan 2030 (NIMP 2030), as announced by Minister of Investment, Trade and Industry Tengku Datuk Seri Zafrul Abdul Aziz. The government is committed to industrial reforms to ensure the sustainable growth of the medtech industry, the minister stated at the International Medical Device Exhibition and Conference.
According to Lao News Agency, NIMP 2030 outlines Malaysia’s ambition to cement its role as a medtech leader, with goals to safeguard lives, boost ASEAN growth, and support the global health and wellness industry. Minister Abdul Aziz highlighted the critical role of medtech in enhancing healthcare delivery, improving patient outcomes, and fostering economic development, noting its significance in tackling global health challenges.
The global medical devices market, valued at over 5
18 billion USD in 2023, is expected to grow to nearly 887 billion USD by 2032. Malaysia’s medtech sector benefits from robust policies under NIMP 2030, which aim to promote sustainable growth. The government plans to develop policies that encourage the adoption of Industry 4.0 technologies, such as artificial intelligence, the Internet of Things, and robotics, to enhance economic complexity and efficiency.
Minister Abdul Aziz also stressed the need for strategic partnerships between global medtech firms and local industry leaders to strengthen Malaysia’s ecosystem and integrate local companies into global supply chains. Malaysia currently hosts over 200 medical manufacturers, with exports of medical devices reaching 6.37 billion USD in 2023. Notably, 30 multinational companies, including Abbott and B-Braun, have established manufacturing bases in Malaysia.
From January to September this year, Malaysia’s medical device exports were valued at 6.15 billion USD, marking a 30% increase compared to the same perio
d last year.