Fast Market Research recommends "The Medical Device Market: Malaysia" from Espicom Business Intelligence, now available
Boston, MA -- (SBWIRE) -- 04/09/2014 -- Malaysia's medical devices and supplies are mainly imported, especially the more technologically advanced items. Espicom estimates current growth in the market to be a strong 15.9% per year, reaching US$2.8 billion, or US$90 per capita, by 2017.
The major natural resource is rubber, and the country's medical device exports are dominated by latex products such as surgical gloves. The share of this sub-category has slowly started to diminish with the steady growth of diagnostic imaging exports in recent years, particularly electrocardiographs and other electrodiagnostic apparatus.
The Malaysian government has attempted in recent years to encourage domestic manufacturers to expand production into more technologically advanced products and develop services such as Information and Communications Technology and other support related services. This has been detailed in the Third Industrial Master Plan 2006-2020.
Malaysia's first set of regulations for medical devices, the Medical Devices Act 2012 (Act 737), was approved in March 2012. Effective November 2012, it became mandatory for all medical devices to be registered with the Medical Devices Authority (MDA). The regulations are aligned with the guidelines drawn up by the ASEAN Harmonisation Working Party (AHWP) and the Global Harmonisation Work Force (GHTF).
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