Medical devices industry continues to perform well
Published on: Wednesday, December 07, 2016
Kuala Lumpur: Malaysia's medical devices industry continues to perform well, both at home and beyond, driven by advances in technology and growth in the private healthcare market.Boey Charn Hong, the Head of Country (Malaysia), Boston Scientific Corporation (BSC) said 2016 was an active year for the company in Malaysia.It broke new ground by starting construction and development of its first manufacturing facility in Asia, with the completion date expected to be in the fourth quarter of 2017. ADVERTISEMENT "The state-of-the-art facility will enable BSC to expand its global presence in the Asian Pacific, Middle East and Africa (AMEA) region and provide support for local research and development," Boey said in a year-ender and Outlook for 2017 commentary. A Frost and Sullivan report said analysts expect the Malaysian healthcare market to continue to grow, buoyed by robust private healthcare spending. It is projected that the private healthcare sector will grow from 46 per cent of total healthcare expenditure to close to 50 per cent by 2020. Analysts also expect medical tourism to bring in RM1.3 billion this year.Stay up-to-date by following Daily Express’s Telegram channel.
Daily Express Malaysia
Recent reports have indicated that Malaysian consumers have increasingly more information, resources and options for their healthcare decisions, and other factors such as medical tourism may further boost revenue for the industry.ADVERTISEMENT According to the Malaysia External Trade Development Corporation Chief Executive Officer Datuk Dzulkifli Mahmud, the Asean medical device market will double to RM8 billion by 2017, compared to RM4 billion this year. – Bernama