The Malaysia Digital Health market is projected to grow from $xxBn in 2022 to $xxBn by 2030, registering a CAGR of xx% during the forecast period of 2022 - 2030. The market will be driven by positive government initiatives and the higher standard of healthcare that exists in Malaysia. The market is segmented by solution, by deployment & by end-use. Some of the major players include BookDoc, Naluri Hidup & Hypoband.
The Malaysia Digital Health market is projected to grow from $xxBn in 2022 to $xxBn by 2030, registering a CAGR of xx% during the forecast period of 2022 - 2030. The overall healthcare expenditure of Malaysia (%GDP) raised from 3,75% in 2018 to 3.83% in 2019 according to the World Health Organization Global Health Expenditure database. In 2020 there was an increased health spending on early disease detection programs up 39.7% to 2019.
In recent years, digital health has gained popularity in Malaysia. The government has been encouraging the use of digital technology in healthcare in order to enhance access and level of care while also lowering costs. Among the digital health alternatives used in the nation include electronic medical records, telemedicine, and mobile health applications. The Ministry of Health has also drafted the National Digital Health Blueprint, which describes Malaysia's vision and plans for digital health growth.
Market Growth Drivers
After Singapore, Malaysia has the highest standard of health care in Southeast Asia. Diabetes, hypertension, and cardiovascular disease are on the rise as a result of rising earnings and sedentary lifestyles. In terms of the internet of things (IoT), it is projected that the significantly quicker data transmission speed would enable more IoT devices to be connected and communicate data with one another much faster than previously which will lead to enhanced patient care using digital means. Moreover, COVID -19 accelerated the adoption and utilization of digital health in Malaysia to reduce in-person consultations. Positive initiatives and support by the government regulations will furthermore add to the growth of the digital health market in Malaysia.
Market Restraints
The lack of a defined regulatory framework for digital healthcare in Malaysia has created doubts about what is and is not permissible. Potential security risks associated with the internet of medical things in situations where a wearable/implantable (Device) gets hacked, resulting in the loss, misuse, alteration, unauthorized or unintended access or disclosure, modification, or destruction of patient data residing in a Device. Moreover, the lack of digital infrastructure and limited digital literacy amongst certain population segments can be potential restraints to the growth of the digital health market in Malaysia.
Key Players
National Health Accounts (NHAs) are organizations that monitor and evaluate the distribution of healthcare spending throughout the healthcare system. The Malaysian Medical Device Act, of 2012 governs digital health products and medical devices in Malaysia.
In February 2021, The Economic Planning Unit of the Prime Minister’s Department in Malaysia published Malaysia Digital Economy Blueprint. The MyDIGITAL initiative by the Government in terms of healthcare strives to develop a framework for the rapid expansion of healthcare-related products and higher usage of the Malaysia Health Data Warehouse (MyHDW) with the inclusion of blockchain.
The Ministry of Health, the Medical Device Authority, the Medicine Advertisements Board of Malaysia, and the National Pharmaceutical Regulatory Authority of Malaysia are among the primary regulatory authorities involved in digital health.
In Malaysia, digital health reimbursement is primarily handled through the Ministry Of Health (MOH). The MOH is in charge of formulating and enforcing regulations concerning the reimbursement of digital health goods and services. To establish which digital health goods and services will be covered and to what degree, the MOH collaborates with private health insurance companies and other relevant organizations.
1. Executive Summary
1.1 Digital Health Overview
1.2 Global Scenario
1.3 Country Overview
1.4 Healthcare Scenario in Country
1.5 Digital Health Policy in Country
1.6 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
The Digital Health Market is segmented as mentioned below:
By Solution (Revenue, USD Billion):
By Deployment (Revenue, USD Billion):
By End-use (Revenue, USD Billion):
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