MATRADE Elevates Malaysian Presence at Arab Health 2024
Propelling Malaysian Medical Devices and Healthcare Services in the Middle East and North Africa (MENA) Region
MONDAY, 22 JANUARY 2024, KUALA LUMPUR: Malaysia External Trade Development Corporation (MATRADE) continues its commitment to foster export opportunities for Malaysian medical devices and healthcare services in the Middle East and North Africa (MENA) region. The commitment is demonstrated by MATRADE's coordination of the participation of Malaysian companies in Arab Health 2024, scheduled to take place in Dubai, United Arab Emirates (UAE) from 29 January to 1 February 2024. This year marks MATRADE's 20th consecutive year of active participation in this iconic event.
Arab Health, the cornerstone of healthcare growth in the Middle East, stands as the region's largest healthcare trade event and one of the most iconic global trade fairs, offering ample opportunities for business, learning and networking.
MATRADE is orchestrating the involvement of 14 Malaysian companies specialising in innovative medical devices, digital healthcare solutions, pharmaceuticals and biotechnology, among others, at Arab Health 2024. These companies, including Celbridge Sdn Bhd, Diptech Industries Sdn Bhd, Hana Medic Sdn Bhd, JR Engineering and Medical Technologies (M) Sdn Bhd, Kotra Pharma (M) Sdn Bhd, Merah Medical Sdn Bhd, MH Nexus Sdn Bhd, Nulatex Sdn Bhd, Puncak Bumi Utama Sdn Bhd, Timo International Sdn Bhd, TPE Healthcare Sdn Bhd, UWHM Sdn Bhd, Xepa-Soul Pattinson (Malaysia) Sdn Bhd, and Zizi Phamix Sdn Bhd, aim to showcase Malaysia’s strength in a diverse range of innovative healthcare products and services. The event is expected to be visited by over 110,000 global visitors.
Razida Hanim Abdul Razak, the Director of Lifestyle and Life Sciences at MATRADE, highlights the ongoing significance of MATRADE's involvement in Arab Health. She emphasises that MATRADE continues to provide a strategic avenue for Malaysian companies, enabling them to connect with numerous local and international suppliers and buyers across various product categories, establish valuable connections and stay abreast of the latest technological trends and innovations in the industry within a single venue. She added that Malaysia holds the third-highest global ranking in terms of trust in its healthcare system according to a study done by Ipsos in 2023, while Switzerland and Singapore are ranked the second and first, respectively, for their dependable services.
"Observing current trends, we anticipate steady global demand for Malaysian high-quality healthcare products in 2024, while the MENA region offers high potential export opportunities for Malaysia. Various local government policy programmes, such as the UAE Vision 2040 and the Saudi Vision 2030, outline long-term strategies to expand the role of the private healthcare sector and create additional capacity for their growing markets. The anticipated rise in investments from these sectors is expected to generate robust demand for pharmaceutical products, medical equipment and supplies, hospital services and healthcare professionals. GCC countries continue to promote the region as a hub for medical tourism as part of their economic diversification plans."
Razida concludes, "Overall, healthcare spending in the GCC is estimated to reach USD135.5 billion in 2027, growing at a CAGR of 5.4% from USD104.1 billion in 2022. Anticipating a rapidly expanding population, broader coverage of mandatory health insurance, and a high medical inflation rate, the UAE is expected to witness the highest growth rate of 7.4% compared to its GCC counterparts."
Over the years, Malaysian medical devices have gained global acceptance, supported by Malaysia's position as the world's top exporter of medical gloves and catheters—integral products within the Medical Devices category. Malaysian products and services have consistently earned recognition for their high quality and competitive pricing, making them highly in demand by visitors seeking products within a specific segment.
Given the abundance of opportunities, it is recommended for Malaysian healthcare players to be presence in the prominent healthcare exhibitions around the world. This is crucial to understand the market dynamics and business culture, in addition to maintaining follow-ups with potential regional business partners.
