Malaysia Digital Health Market Analysis

Malaysia Digital Health Market Analysis


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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.

ID: IN10MYDH005 CATEGORY: Digital Health GEOGRAPHY: Malaysia AUTHOR: Vidhi Upadhyay

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Malaysia Digital Health Market Executive Summary

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.

malaysia digital health market analysis

Market Dynamics

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.

Competitive Landscape

Key Players

  • BookDoc (MYS): It is a service provider that enables patients to book appointments with practitioners digitally offering health coaching and telehealth services. BookDoc along with the Malaysian Ministry of Health joined forces to create a digital platform for COVID-19 resources, including webinars, appointment settings, news, and health advisories.
  • Naluri Hidup (MYS): The platform provides individualized coaching and employs evidence-based Cognitive Behavioural Therapy and Motivational Interviewing techniques to increase users' mental resilience and resolve to achieve and maintain better health outcomes such as weight loss, improved stress management, or lower blood pressure or blood sugar levels.
  • Hypoband (MYS): They have developed a wearable “Cold sweat device” to enable patients with diabetes to manage their condition by tracking symptoms using a smartphone.
  • HealthMetrics (MYS): In September 2020, they secured $5Mn (RM20.7 million) in Series A funding. They plan to utilize these funds to expand their product offering as well as their geographical footprint. One of the first new aspects of the company to launch is the online pharmacy.
  • MedKad (MYS): Provider of mobile app for electronic patient records and solutions to companies in managing their staff medical benefits.

Healthcare Policies and Regulatory Landscape

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.

Reimbursement Scenario

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

Digital Health Market Segmentation

The Digital Health Market is segmented as mentioned below:

By Solution (Revenue, USD Billion):

  • Software
  • Services

By Deployment (Revenue, USD Billion):

  • Cloud-based
  • On-premises

By End-use (Revenue, USD Billion):

  • Diagnostic Centres
  • Healthcare Payers
  • Healthcare Research Centres
  • Hospitals & Clinics
  • Nursing Care Centres
  • Others

Insights10 will provide you with the reports within 10 key parameters which are:

  1. Market Overview
  2. Market Growth Drivers & Restraints
  3. Epidemiology of Disease Type
  4. Market Segmentation
  5. Market Share
  6. Competitive Landscape
  7. Key Company Profiles
  8. Healthcare Policies & Regulatory Framework
  9. Reimbursement Scenario
  10. Factors Driving Future Growth

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)

  • Establishing market drivers and trends
  • Analyzing the regulatory landscape to understand future growth
  • Market Segment based analysis to obtain revenue/volume
  • ​Analyzing current needs and determining penetration to estimate the market

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.

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This report addresses

  • Intelligent insights to take informed business decisions
  • Qualitative, acute and result oriented market analysis
  • Market size and forecasts from 2022 to 2030
  • Opportunities for expansion and in-depth market analysis
  • Segmentation and regional revenue forecasts
  • Analysis of the market share and competitive landscape
  • Strategic Recommendations to chart future course of action
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Last updated on: 25 January 2023
Updated by: Dr. Purav Gandhi

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