Malaysia poised to capture medical device manufacturing market

BATU KAWAN: Malaysia has the right manufacturing landscape and enablers to capitalise on the bright prospects of the global medical devices industry.

MITI Minister Tengku Zafrul Abdul Aziz says the global medical devices industry is projected to grow to US$887 billion by 2032 from US$542 billion projected for 2024.

“Malaysia has what it takes – a solid foundation, a thriving ecosystem, strong political will – to engineer the rapid growth of our manufacturing industry by engaging key stakeholders, particularly industry members themselves.

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“The nation can be a manufacturing hub for medical devices, allowing global brands to serve the ASEAN market, with its 670-million population or even the Asian market, with its 4.7-billion people,“ he says at the groundbreaking ceremony of Plexus Corp’s sixth manufacturing facility, Plexus Bridgeview, in Penang.

He added that Plexus’ focus on Semiconductor Capital Equipment, as well as the Healthcare and Life Sciences sector, aligns with the priority sectors under NIMP2030.

“This will create a strong manufacturing ecosystem, driven by dynamic partnerships between leading global companies and Malaysian firms, powered by world-class talents.

“This is what will make Malaysia a manufacturing and services hub for Asia,“ he added.

Plexus regional president, Victor Tan said the establishment of the new Plexus Bridgeview facility demonstrates its commitment to growth within the region and provides a strong opportunity to meet the growing needs of its valued customers while simultaneously elevating the local small and medium industries.