Malaysia Digital Therapeutics Market Analysis

Malaysia Digital Therapeutics Market Analysis


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Malaysia Digital Therapeutics Market is at around $10 Mn in 2023 and is projected to reach $57.47 Mn in 2030, exhibiting a CAGR of 27.4 % during the forecast period. Growing chronic illnesses, government programs, and technological developments are driving market growth. The market is dominated by key players like Naluri Hidup, DoctorOnCall, Omada Health Inc., 2Morrow Inc., Livongo Health Inc., WellDoc, Propeller Health, Canary Health, Noom Inc., and Akili Interactive Labs.

ID: IN10MYDH006 CATEGORY: Digital Health GEOGRAPHY: Malaysia AUTHOR: Aneri Parekh

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Malaysia Digital Therapeutics Market Executive Summary

Malaysia Digital Therapeutics Market is at around $10 Mn in 2023 and is projected to reach $57.47 Mn in 2030, exhibiting a CAGR of 27.4 % during the forecast period.

The Malaysian digital therapeutics market is a developing industry that uses digital technologies, like software and mobile applications, to provide evidence-based therapeutic interventions for the management and treatment of a range of medical diseases. Through the use of technology, this creative approach seeks to improve healthcare outcomes by offering individualized, easily accessible, and reasonably priced solutions. As the advantages of digital therapeutics become more widely known, the market in Malaysia is seeing a rise in their use as an adjunct to traditional healthcare to meet the changing demands of both patients and healthcare professionals in the digital era.

The growing awareness of preventative healthcare and the growing acceptance of digital health solutions are fueling the robust expansion of the Malaysian digital therapeutics market. Leading companies are concentrating on cutting-edge technologies to treat chronic diseases, which is fostering the growth of the market. Initiatives from the government encourage the growth and application of digital therapies in the Malaysian healthcare sector.

The remarkable growth of the digital therapeutics industry is demonstrated by the $6.2 Bn global revenue that was generated in 2023. This business has grown at an incredible rate due to the fundamental shift that contemporary technology and economical production methods brought about. This is the reason why the healthcare industry is increasingly using digital therapies. New developments are expected to support the industry's ongoing performance, as the current trend in the market indicates that additional changes might be approaching.

Leading provider of digital health services in Southeast Asia, Naluri Hidup helps people manage or prevent chronic and mental health disorders by providing digital health coaching that is both human-led and AI-augmented. The Naluri app, which provides individualized coaching programs for managing stress, weight, and chronic illnesses, is the company's main offering. To assist users in reaching their health objectives, the app combines evidence-based methods such as motivational interviewing, mindfulness, and cognitive behavioral therapy (CBT). To expand its reach, Naluri has teamed up with top corporations, medical institutions, and governmental organizations.

Malaysia digital therapeutics market

Market Dynamics

Market Growth Drivers:

Rising Chronic Diseases: As chronic illnesses like diabetes, heart disease, and mental health issues become more common, there is a growing need for cutting-edge and efficient medical treatments, such as digital therapeutics.

Government Initiatives: Government programs and policies supporting digital health solutions can increase the adoption of digital therapies. These could consist of financial schemes, incentives, and regulatory frameworks.

Technological Developments: By offering more individualized and accessible healthcare solutions, technological developments such as wearables, telehealth platforms, and mobile health apps help fuel the expansion of digital therapeutics.

Market Restraints:

Regulatory Difficulties: Companies aiming to introduce digital therapeutics into the Malaysian market may face difficulties due to strict regulatory procedures and permissions. Getting the required approvals and making sure local laws are followed can be expensive and time-consuming.

Healthcare Infrastructure: The extensive use of digital treatments may be hampered by the inadequate healthcare resources and infrastructure in some areas of Malaysia. Certain regions may have restricted access to technology and dependable internet connectivity, which could impact the applicability of digital health solutions.

Adoption by Healthcare Professionals: One major barrier may be the resistance by healthcare professionals. Digital treatments may be less widely used in traditional healthcare settings because some medical professionals may not be familiar with them or may have doubts about their efficacy.

Healthcare Policies and Regulatory Landscape

The executive body in charge of overseeing the registration process for biologics and novel medications in Malaysia is the Drug Control Authority (DCA). Applying online via the QUEST3 system is required. Users can safely conduct online chores for product registration applications with QUEST online membership registration. To meet international standards for Good Clinical Practice and Good Manufacturing Practice, such as those established by the International Council on Harmonization (ICH), DCA needs high-quality data and rigorous protocol adherence. Timelines may get longer and more complicated as a result. Malaysia's great ethnic diversity necessitates thorough evaluations of the safety and efficacy of pharmaceuticals across a range of people. This could call for further data analysis or clinical trials, which would drive up costs.

Competitive Landscape             

Key Players:

  • Naluri Hidup
  • DoctorOnCall
  • Omada Health Inc.
  • 2Morrow Inc.
  • Livongo Health Inc.
  • WellDoc
  • Propeller Health
  • Canary Health
  • Noom Inc.
  • Akili Interactive Labs

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

Malaysia Digital Therapeutics Market Segmentation

By Solution

  • Software
  • Services

By Deployment

  • Cloud-based
  • On-premises

By Application

  • Therapy
  • Diabetes
  • Obesity
  • CNS
  • Respiratory
  • CVD

By End-use

  • Diagnostic Centres
  • Healthcare Players
  • 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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Last updated on: 15 February 2024
Updated by: Ritu Baliya

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