Malaysia's Diabetes Devices Market is expected to witness growth from $37 Mn in 2022 to $65 Mn in 2030 with a CAGR of 7.40% for the forecasted year 2022-30. Patients travel from all over the world to Malaysia for medical tourism, which is well-recognized for doing so. A key factor in the expansion of the diabetes device market is the availability of high-quality diabetes devices and services for patients seeking medical treatment in the country. The market is segmented by type and by the end user. Some key players in this market include GA2 Medical, Transmedia Healthcare, Johnson & Johnson, Medtronic, Roche, Ascensia Diabetes Care, and Dexcom.
Malaysia's Diabetes Devices Market is expected to witness growth from $37 Mn in 2022 to $65 Mn in 2030 with a CAGR of 7.40% for the forecasted year 2022-30. In 2023, Malaysia anticipates spending $16 billion on healthcare, a 7.1% rise from 2019. They forecast that over the next five years, healthcare costs will increase by 7.6%, reaching $22.6 billion by 2027. By 2045, 14% of the population of Malaysia, one of the longest nations in the world, is expected to be 65 or older.
In adults aged 20 to 79, Malaysia has an 18.3% prevalence of diabetes, which equates to 3.9 million people dealing with the disease nationwide. Over the past few decades, diabetes has gradually increased in prevalence in Malaysia. According to estimates, the prevalence of diabetes among people aged 30-64 in 2014 was 2.5%. Adults aged 18 to 69 had a rise of 3.8% by the year 2021.
In Malaysia, to maintain optimal glucose levels and prevent diabetes complications, diabetics use diabetes devices. Medical devices include tools for managing and tracking diabetes. These devices are used to assess blood glucose levels, administer insulin, and track glucose levels over time. Diabetes tools like blood glucose meters monitor blood glucose levels in real-time. To make wise decisions regarding their diet, exercise program, and medication, people with diabetes need to be aware of this knowledge. Insulin is delivered by insulin pumps and insulin needles in diabetics. These devices help diabetics better manage their blood sugar levels and reduce their risk of complications. Diabetes devices, which can also improve a person's quality of life, help those with the disease control their condition more easily. By keeping an eye on glucose levels and dispensing insulin as needed, diabetes devices help to reduce the likelihood of complications linked to diabetes. Because they are frequently covered by the national health insurance system in Malaysia, diabetes devices are more widely accessible and less expensive for people with diabetes.
Market Growth Drivers
Patients travel from all over the world to Malaysia for medical tourism, which is well-recognized for doing so. A key factor in the expansion of the diabetes device market is the availability of high-quality diabetes devices and services for patients seeking medical treatment in the country. People in Malaysia are becoming more and more aware of the importance of controlling their diabetes. This is increasing the demand for diabetes technology and providing opportunities for manufacturers to create new products and expand their market dominance. Modern diabetes device technology, including continuous glucose monitors and intelligent insulin pens, is making it easier to control diabetes. Modern manufacturers have more opportunities to develop and sell cutting-edge devices.
Market Restraints
In Malaysia, particularly for those who lack insurance or have limited financial means, patients may find the cost of diabetes devices to be a significant barrier. Because of this, the Thai market for diabetes devices may be restricted, and manufacturers may have a hard time selling their products. Diabetes device manufacturers from Malaysia and abroad compete fiercely for market dominance. Manufacturers might find it challenging to distinguish their products from one another and compete on price as a consequence.
Key Players
2021: A platform for managing diabetes dubbed Diabeteasy was introduced in 2021 by Sanofi Malaysia in association with the digital health startup DoctorOnCall. The platform gives users access to numerous tools and resources, such as glucose monitoring, meal planning, and medication reminders, to help them control their diabetes.
The Ministry of Health (MOH) and other regulating agencies like the National Pharmaceutical Regulating Agency (NPRA) and the Medical Device Authority (MDA) are in charge of Malaysia's healthcare laws and regulations. The MDA is in charge of overseeing medical devices in Malaysia, including those used in the treatment of diabetes, including those on the market for diabetes devices. Under the Medical Device Act of 2012, diabetes devices like glucose meters, insulin pumps, and continuous glucose monitoring systems are classified as Class B medical devices. Before promoting their products in Malaysia, manufacturers and distributors of diabetes devices must acquire a medical device registration certificate from the MDA. To prove the device's safety and efficacy, technical documentation, clinical data, and labelling information must be submitted as part of the registration procedure. Insulin and other diabetes medications, as well as their importation, export, and selling, are all subject to NPRA regulations in Malaysia. Before being sold in Malaysia, pharmaceutical goods must be registered with the NPRA.
1. Executive Summary
1.1 Device Overview
1.2 Global Scenario
1.3 Country Overview
1.4 Healthcare Scenario in Country
1.5 Regulatory Landscape for Medical Device
1.6 Health Insurance Coverage in Country
1.7 Type of Medical Device
1.8 Recent Developments in the Country
2. Market Size and Forecasting
2.1 Market Size (With Excel and Methodology)
2.2 Market Segmentation (Check all Segments in Segmentation Section)
3. Market Dynamics
3.1 Market Drivers
3.2 Market Restraints
4. Competitive Landscape
4.1 Major Market Share
4.2 Key Company Profile (Check all Companies in the Summary Section)
4.2.1 Company
4.2.1.1 Overview
4.2.1.2 Product Applications and Services
4.2.1.3 Recent Developments
4.2.1.4 Partnerships Ecosystem
4.2.1.5 Financials (Based on Availability)
5. Reimbursement Scenario
5.1 Reimbursement Regulation
5.2 Reimbursement Process for Diagnosis
5.3 Reimbursement Process for Treatment
6. Methodology and Scope
By Type (Revenue, USD Billion):
The market is divided into blood glucose monitoring systems, insulin delivery systems, and mobile applications for managing diabetes within the type segment. Due to its convenience, ease of use, and usefulness in providing patients and healthcare professionals with real-time insights regarding diabetic conditions for integrated diabetes management, the segment for diabetes management mobile applications is anticipated to grow at the highest rate during the forecast period. Bare-metal Stents
By End User (Revenue, USD Billion):
The diabetes market is divided into hospitals & specialty clinics and self & home care, based on the end user.
Insights10 will provide you with the reports within 10 key parameters which are:
Based on our many years of experience, we believe that these are the parameters that are critical to decision-making for business stakeholders. Our focused approach to developing reports focused on 10 key parameters, enabled us to arrive at the name “Insights10”.
Stage I: Market Data Collection
Primary Interviews: We have developed a network of experts, freelancers, and researchers across countries through which we engage with local experts to gather key data points and assumptions about each market. We also engage regularly with some of the best market research agencies such as Atheneum, GuidePoint, GLG, etc. to conduct surveys and interviews, and build intelligence. We have language translators as a part of our team, who between them can cover 30+ languages allowing us to extract better local insights.
Secondary Data Collection: We have developed strong expertise and experience in secondary data collection methods for developing unique data sets and research material. We gather data from multiple reliable sources to maintain a high level of accuracy and consistency. The market data is analyzed and forecasted using appropriate statistical and coherent models. The report offers an overall analysis of the market size, growth, and market share as well as a segment-level analysis of the specific market. Our report includes precise, to-the-point information related to the overall market, competition, growth drivers, challenges, regulatory updates, and competition.
Data Sources: We have access to multiple highly reliable free and subscription data sources. We have many years of experience to understand which sources are more dependable for what and which to prefer for the reliable and latest information. The key sources of information include the following, but are not limited to:
Stage II: Market Data Analysis and Statistical Model
Market Trends: We generally look at macro parameters and micro indicators. The macro parameters include changes in government policies, demand and supply of the market, government intervention programs, and major market share. The micro indicators are GDP growth, market size, market volume, etc. We also understand nuances specific to each country like the US, Canada, India, Germany, etc., and have worked across 60+ countries and hence not only understand global trends but how these differ by country, how payment models, market structure, cultural parameters, etc. differ in each country.
Market Sizing and Analysis: Our expert data analytics team has created various market forecast models by employing the top-down approach i.e. starting with the large overall market and segmenting different areas and the bottom-up approach i.e. starting with population and epidemiology and rolling up based on spend, etc., estimating the size of the market, and distributing among the geographic and/or product segments.
The top-down approach is mainly used for new product forecasting and the bottom-up approach is used for demand estimation of any product for different countries summed up to form the total market. We are able to round off insights and build stronger forecasts because we always do both these methods and triangulate the final numbers.
The study on the market covers the analysis of the leading geographies such as Asia-Pacific, Africa, Europe, Middle East, North America, and Latin America for the period of 2022 to 2030. The qualitative analysis covers the industry landscape and trends, market opportunities, competitive landscape, and policy and regulatory scenario, and the quantitative analysis covers different market estimates and forecasts.
Data Triangulation & Validation:
Data triangulation of various sources and results of the research are carried out by benchmarking with reliable sources such as industry statistics, statistical databases, and company-level averages, etc.
We make sure to finalize the numbers in alignment with the market research. Firstly, our internal experts ensure thorough validation and checking to ensure accurate and precise analysis and then validation is also done using a multiple-data analysis model. Two-level validation is done and entails the finalization of the report scope and the way of representation pattern.
Stage III: Interpretation and Presentation
Analysis & Interpretation: The information gathered is then analyzed and synthesized. The second series of interviews are done if necessary to check and validate. The future opportunities are analyzed by understanding product commercialization and many other factors. It also comprises the analysis of data discrepancies observed across various data sources. Information procured from secondary and primary results is then, interpreted by considering the following parameters: (a partial list)
Insights: Our reports deliver actionable insights backed with supporting facts and figures to assist you in achieving exemplary growth. Our in-depth analyses are interspersed with relevant insights and statistics to offer an executive-level view of a given market. The description helps in correlating many minor factors affecting the market and their impact on the different segments within the market.
Data curated from the analysis and interpretation are drawn to portray all in one consolidated report.
Presentation & Reporting: The market research report is presented in different forms such as charts by using a scientific approach for easy understanding. Historic, current, and future analysis is provided for each market in terms of both value and volume. The size of the market is interpreted in the US Dollar value and the respective unit, based on the product, for volume consumption.
The foreign exchange rates are calculated on the respective dates and for the respective regions covered in the study.
We value your inquiry and offer free customization with every report to fulfil your exact research needs.
This report addresses
Need more?