Malaysia diagnostic
labs market stood at USD 1011.24
Million in 2021 and is expected to reach a CAGR of 7.89% during the forecast
period. The rise in non-communicable diseases is increasing the demand for
regular check-ups and multiple tests. In Malaysia, the prevalence of non-communicable
diseases (NCDs) has increased during the last two decades. According to
Novartis Malaysia, non-communicable diseases are responsible for 74% of all
fatalities in Malaysia. In addition to the contagious COVID-19 virus, people with non-communicable
diseases are more likely to experience additional consequences that can
dramatically deteriorate their health. Initiated by Novartis Malaysia, the
"NCDs in the New Normal" workshop aims to actively educate patients,
caregivers, and the public to manage their health.
Furthermore, the rise in the geriatric population of Malaysia is
another factor associated with non-communicable diseases. According to a
declaration made by Malaysia's Chief Statistician in July 2019, there will be
an increase of 15% in the current geriatric population by 2030. Malaysia's age
distribution has changed during the last ten years. The percentage of people
aged 0 to 14 has been rapidly declining, but the opposite was true for people
65 and older. This trend was reflected by the average age of the Malaysian
population, which was projected to rise from 28.2 years in 2015 to 34.1 years
in 2030. Due to changes in dietary habits, poor dentition, and amounts of food
consumed, malnutrition is also a major problem in the elderly of the nation. The
growing aging population and the rise of non-communicable diseases in the
country will lead to more visits to diagnostic centers for disease diagnosis
before hospitalization, enhancing the growth of the Malaysia diagnostic labs
market.
Use of Digital Pathology to Augment Pathological Diagnosis
Digital pathology boosts productivity and efficiency, which helps pathologists to assess
and cooperate quickly, remotely, transparently, and consistently. In the long
run, computer-assisted diagnosis (CAD) and personalized care may all be a
future of digital pathology. Pathologists can specialize in big data software,
which extracts information from many data sets at once. This software can
easily manage data for teaching and training and enables the expansion of
practices to more geographically diverse areas. As a result of the development
of digital pathology, pathologists can now operate remotely and collaborate
with other professionals when a second opinion is required because digital
pictures are saved on secure servers and can be viewed on computer monitors.
Using digital pathology speeds up productivity and allows quicker diagnosis.
Growth in Medical Tourism
Malaysia is now considered one of Asia's most
perceived emerging nations for medical
tourism. Patients
worldwide are running to Malaysia for great medical care administration.
Malaysia has many bests in-class private physicians focusing on the different
scopes of cutting-edge symptomatic, remedial, and in-patient administrations.
Individuals are selecting Malaysia for medical assistance and treatment
administrations. The government of Malaysia has allowed tax cuts, a change in
tax law that works by reducing the amount of tax a person pays, hence advancing
the growth of the clinical and travel industry in medical tourism. Medical care
in Malaysia is under the Ministry of Health (MOH) domain. Malaysia has become
one of the best options for unfamiliar patients looking for all medical
services abroad.
Demand of Genetic Testing
Expanding interest in genetic testing also
drives the market. Genetic testing helps patients make significant choices in
the treatment or early discovery of genetic problems. The high occurrence rate
of irresistible illnesses in Malaysia, as well as developing attention to the
significance of early diagnosis and accuracy in test analysis, is expanding the
patients' visits to diagnostic laboratories for testing.
Government Initiatives
for Investment in Healthcare Sector
Malaysia's government
plans to advance market development by investing in multiple sectors like developing
drug and diagnostic tools, clinical research facilities, and diagnostic
laboratories. A-Bio has contributed a whooping amount of USD1.8 million to
Clinipath Malaysia Sdn. Bhd. (Clinipath) to catalyze the digitalization of the
medical care industry in Malaysia. Malaysia has a strategy of all-inclusive
wellbeing inclusion. The public authority/government plans to give sponsored
medical care at minimum charges. The sponsored plans are looked after and
managed by the Ministry of Health (MOH) through its government, state, and
local offices. General health check-ups conducted by the government of Malaysia
are on the rise, presenting a possible chance of market growth.
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Market Segmentation
The Malaysia diagnostic labs market is
segmented based on provider type, test type, end user,
and regions distribution. Based on provider type, the market can be split among
hospital based diagnostic labs,
diagnostic chains, and stand-alone diagnostic labs. Based on test type, the
market can be divided into pathology and radiology. In terms of end users, the
market can be categorized into referrals, walk-ins, and corporate clients.
Company Profiles
Pantai
Premier Pathology Sdn Bhd, Sunway Medical Centre, Lablink (M) Sdn Bhd,
Pathology & Clinical Laboratory (M) Sdn. Bhd., Quantum Diagnostics Sdn Bhd,
B.P. Clinical Lab Sdn. Bhd. (BP Lab), Innoquest Pathology, Clinipath Malaysia
Sdn. Bhd., Neogenix Laboratoire Sdn Bhd, Sysmex Malaysia Sdn. Bhd.
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Attribute
|
Details
|
|
Market size value in 2021
|
USD1011.24 Million
|
|
Revenue Forecast in 2027
|
USD1643.30
Million
|
|
Base Year
|
2021
|
|
Historical Years
|
2017 –
2021
|
|
Estimated Year
|
2022
|
|
Forecast Period
|
2023
– 2027
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|
Quantitative Units
|
Revenue in USD Million, and CAGR for 2017-2021 and 2022E-2027F
|
|
Report Coverage
|
Revenue
forecast, company share, competitive landscape, growth factors, and trends
|
|
Segments Covered
|
·
Provider Type
·
Test Type
·
End User
|
|
Regional Scope
|
West;
East
|
|
Key Companies Profiled
|
Pantai Premier Pathology Sdn Bhd, Sunway Medical Centre, Lablink (M)
Sdn Bhd, Pathology & Clinical Laboratory (M) Sdn. Bhd., Quantum
Diagnostics Sdn Bhd, B.P. Clinical Lab Sdn. Bhd. (BP Lab), Innoquest
Pathology, Clinipath Malaysia Sdn. Bhd., Neogenix Laboratoire Sdn Bhd, Sysmex
Malaysia Sdn. Bhd.
|
|
Customization Scope
|
10%
free report customization with purchase. Addition or alteration to country,
regional & segment scope.
|
|
Pricing and Purchase Options
|
Avail customized purchase options to meet your exact research
needs. Explore purchase options
|
|
Delivery Format
|
PDF and Excel through Email (We can also provide the
editable version of the report in PPT/pdf format on special request)
|
Report Scope:
In this report, Malaysia diagnostic labs market has
been segmented into following categories, in addition to the industry trends
which have also been detailed below:
- Malaysia Diagnostic Labs Market, By Provider Type:
- Hospital Based Diagnostic Labs
- Diagnostic Chains
- Stand Alone Diagnostic Labs
- Malaysia Diagnostic Labs Market, By Test Type:
- Malaysia Diagnostic
Labs Market, By End User:
- Referrals
- Walk-ins
- Corporate Clients
- Malaysia Diagnostic Labs Market, By Region:
- West
Malaysia
- East
Malaysia
Competitive Landscape
Company
Profiles: Detailed
analysis of the major companies present in Malaysia diagnostic
labs market.
Available Customizations:
With the given market data, TechSci Research offers
customizations according to a company’s specific needs. The following
customization options are available for the report:
Company
Information
- Detailed analysis and profiling of
additional market players (up to five).