BANGKOK, The medical devices market in Malaysia is expected to grow at a compound annual growth rate (CAGR) of 9.5 per cent by 2028, reaching a market value of US$4.5 billion (US$1=RM4.69), said Malaysia External Trade Development Corporation (MATRADE) chairman Datuk Seri Reezal Merican Naina Merican. He said the government is actively promoting Malaysia as a regional manufacturing hub and is committed to developing the healthcare industry, a key contributor to the manufacturing sector, in line with its vision of becoming a high-income economy driven by innovation, creativity, and high-value activities. "To ensure the continued growth and competitiveness of Malaysia's healthcare industry, the New Industrial Master Plan 2030 (NIMP) has identified medical devices and pharmaceuticals as priority sectors. "NIMP focuses on advancing Malaysia's capabilities in product design and development as well as integrated services, aiming to create more value and increase competitiveness," he said in his welcoming remark s during the International Healthcare Week 2024 (IHW) Networking dinner here, Wednesday. Reezal Merican said the industrial blueprint provides a strategic direction for the country to build a stronger healthcare sector and shape a future wherein Malaysia can stand tall in the global arena. "To achieve this vision, Malaysia leverages (free) trade agreements (FTA) to solidify its position as a healthcare industry leader. These FTAs help to streamline trade and investment, integrating Malaysia deeper into the global supply chain and fuelling economic growth across all sectors, including healthcare," he said. To strengthen the medical devices industry globally, he said MATRADE supported the formation of the first medical device manufacturer association in Malaysia, called the Malaysian Medical Device Manufacturers Association (PERANTIM) in November 2018. He emphasised that the objective is to complement the medical device manufacturing ecosystem in Malaysia and as a platform for the local industry players to champion the industry growth through strategic collaborations with all relevant stakeholders. Meanwhile, Reezal Merican also revealed that Malaysia will have the honour of hosting the International Healthcare Week 2025 in Kuala Lumpur scheduled for July 16-18 at the Malaysia International Trade and Exhibition Centre. "We eagerly await your visit to our beautiful country, where you will experience our renowned hospitality and witness our advancements in the healthcare sector," he said. For IHW 2024 in Bangkok, the 10 participating Malaysian companies exhibit a wide range of products including clean room manufacturing, air ventilation systems, smart sensors for data loggers, syringes, blood collection tubes, electric potential therapy devices, collapsible tubes, disposable tourniquets, and in-vitro diagnostic rapid test kits. Source: BERNAMA News Agency