Medical device exports to increase to RM17.8 billion
KUALA LUMPUR: Malaysia’s total exports of medical devices are expected to increase by 15 per cent to RM17.8 billion this year, up from RM15.5 billion in 2015 on the back of huge demand from international markets, especially the US.
The US accounted for 49 per cent of the total world medical devices market worth US$324 billion last year, according to the Medical Device Industry Outlook 2016 report released by the Association of Malaysian Medical Industries.
“In January to May this year, exports of medical devices totalled RM6.3 billion.
“We are confident of achieving this year’s target,” Malaysian Investment Development Authority Deputy Chief Executive Officer, Datuk N. Rajendran, told reporters after the launch of the Medical Device Industry Outlook 2016 Report here yesterday.
Rajendran launched the report on behalf of MIDA Chief Executive Officer, Datuk Azman Mahmud.
Azman said Germany, Belgium and Japan were also the top export destinations for medical devices apart from the US.
Among the major products were surgical and examination gloves, disposable tubes, catheters, ultrasound scanning apparatus, or thopaedic appliances/ instruments devices, sheath contraceptives and contact lenses, he said.
The text of his speech was read by Rajendran.
In the first three months of the year, the approved investments rose by 79 per cent to RM841 million against RM468 million in the corresponding period last year, Azman said.
He said of the amount, 76 per cent was from foreign sources and the remaining 24 per cent was from domestic sources.
“Currently, there are RM1.4 billion worth of medical device projects in the pipeline, so in total, it is still higher as compared with RM1.8 billion of approved investments in last year,” he said.
To date, there are more than 190 medical device companies in the country, mainly dominated by small and medium enterprises and 30 multinational corporations, including those from the US, Germany, Switzerland and Japan, he said. — Bernama