Malaysia External Trade Development Corporation (MATRADE) is set to showcase the strength of Malaysian medical devices and healthcare services at the prestigious Arab Health 2024, scheduled to be held in Dubai, United Arab Emirates, from January 29 to February 1, 2024.
With a 20-year legacy of active participation, MATRADE is orchestrating the involvement of 14 leading Malaysian companies specialising in innovative medical devices, digital healthcare solutions, pharmaceuticals, and biotechnology.
These companies aim to demonstrate Malaysia’s prowess in diverse healthcare products and services, ranging from Celbridge Sdn Bhd to Zizi Phamix Sdn Bhd.
Arab Health stands as the largest healthcare trade event in the Middle East and is a global hub for business, learning, and networking. Over 110,000 global visitors are expected to explore the event, providing a platform for Malaysian companies to showcase their cutting-edge solutions.
MATRADE Director of Lifestyle and Life Sciences, Razida Hanim Abdul Razak highlighted the ongoing significance of Malaysia’s presence at Arab Health.
She emphasised that MATRADE’s involvement continues to be a strategic avenue for Malaysian companies to connect with local and international stakeholders, establish valuable connections, and stay abreast of the latest technological trends.
“Observing current trends, we anticipate steady global demand for Malaysian high-quality healthcare products in 2024, especially in the MENA region, which offers high potential export opportunities for Malaysia,” stated Razida. She noted the long-term strategies outlined by local government policy programs, such as the UAE Vision 2040 and the Saudi Vision 2030, which aim to expand the role of the private healthcare sector and create additional capacity for growing markets.
Razida highlighted the anticipated rise in investments from these sectors, 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.
“Overall, healthcare spending in the GCC is estimated to reach USD 135.5 billion in 2027, growing at a CAGR of 5.4% from USD 104.1 billion in 2022,” Razida explained. “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.”
Malaysia’s global acceptance in the medical devices sector, supported by its position as the world’s top exporter of medical gloves and catheters, positions the country as a key player in the industry. Malaysian products and services are recognized for their high quality and competitive pricing, making them highly sought after.
In light of these opportunities, Malaysian healthcare players are recommended to participate in prominent healthcare exhibitions globally. This is crucial for understanding market dynamics, business culture, and maintaining follow-ups with potential regional business partners.
As MATRADE propels the Malaysian presence at Arab Health 2024, the spotlight is on Malaysia’s commitment to advancing healthcare innovation and fostering international collaborations in the dynamic MENA region. Stay tuned for groundbreaking developments at one of the world’s premier healthcare events.
