Demand for medical devices, pharmaceuticals on upswing in Malaysia

With the incidence of non-communicable diseases rising in Malaysia and as household incomes grow, the Southeast Asian nation presents fertile ground for both the pharmaceutical and medical device industries. According to analyst GlobalData, the medical device market in the country, worth $1.28 billion in 2015, increased to $1.74 billion in 2019. If current growth trends continue, it will balloon to $2.28 billion by 2022. The pharmaceutical market, valued at $1.94 billion in 2018, is also projected to grow.