KUALA LUMPUR, Oct 14 — Malaysia’s healthcare services market size is expected to reach US$48.41 billion (US$1=RM4.28) by 2028 at a compound annual growth rate (CAGR) of 13.5 per cent, according to the Malaysia External Trade Development Corporation (Matrade).

Its export and market access division (lifestyle and life sciences sectors) deputy director, Abdul Halim Mohamed Shariff, said the global market size for the medical devices industry is projected to reach nearly US$745 billion by 2030.

"The healthcare services and medical device market is continuously going to grow rapidly — with the change of lifestyle, the ageing population, these factors will contribute to the growth of the healthcare industry globally,” he said during a presentation at a networking event for the upcoming International Healthcare Week (IHW) 2025, here today.

Abdul Halim noted that the health tourism sector is expected to generate a total of US$526 million in revenue for 2024 and is projected to contribute to an economic spillover to other industries of about US$2.1 billion.

"As for the medical device industry, it is forecasted to grow over the years at a CAGR of 9.5 per cent from 2023 to 2028, and reach the value of US$3.6 billion by 2028,” he said.

Meanwhile, during a press conference after the presentation, Matrade deputy chief executive officer (exporters development) Abu Bakar Yusof said Malaysia’s healthcare sector is poised for significant growth, driven by increasing life expectancy, technological advancements and the rising need for treatment of chronic disease.

"This optimistic outlook aligns with the projection of this global industry, which is expected to soar by 63 per cent from RM2.53 trillion in 2024 to RM4.3 trillion by 2032.

"This significant growth presents exciting opportunities for Malaysian companies to strengthen their position in the global healthcare landscape,” he said.

Earlier, Matrade chief executive officer Datuk Mohd Mustafa Abdul Aziz exchanged a memorandum of understanding (MoU) between Matrade and exhibitions organiser Informa Markets Malaysia Sdn Bhd, represented by its country general manager Gerard Leeuwenburgh, to further elevate Malaysia’s standing in the global healthcare landscape.

In addition, Informa Market Malaysia also inked a MoU with the Malaysian Organisation of Pharmaceutical Industries (MOPI) and the Association of Malaysian Medical Industries (AMMI) to collaborate on IHW 2025.

"This collaboration is set to promote the growth of the nation’s export of medical device and pharmaceutical sectors as well as attracting valuable foreign investments,” Abu Bakar added.

The IHW 2025 is scheduled to be held from July 16 to 18, 2025, at the Malaysia International Trade and Exhibition Centre (Mitec) here and is a collaboration between Matrade and Informa Market Malaysia as the organiser. — Bernama