The Association of Malaysian Medical Industries (AMMI) is projecting exports of medical devices from Malaysia to record a year-on-year growth of eight percent and cross RM23 billion in 2019.
The findings of a recent survey by the association revealed that 50 percent of its members were optimistic of double-digit export growth and Malaysia would continue to evolve as a hub for medical device manufacturing, with over 200 medical device manufacturing companies thriving within a well-connected industry ecosystem.
“The on-going trade war between the United States and China will have a positive impact on Malaysia,” it said in a statement.
AMMI chairperson Christophe Marque said combined export sales of AMMI members rose to RM11.4 billion, up from RM9.7 billion, recorded in the previous year.
“This outpaces most global indices, with a healthy 16.3 percent compound annual growth rate (CAGR) between 2013 and 2017,” he said.
AMMI also disclosed that its Medical Device Industry Status and Outlook Report 2018/2019, which is based on a survey of 46 AMMI members, highlighted that 74 percent of them had future expansion plans in the pipeline involving buildings, machinery, equipment, facilities and product lines.
The combined projected value of these foreseeable future expansion plans are about RM1.5 billion.