Malaysia Clinical Labs Market is Expected to Reach More Than USD ~3000 Mn by 2027F Owing to Growing Medical Infrastructure and Investment in Better Healthcare Services: Ken Research
GURUGRAM, India, Feb. 7, 2023 /PRNewswire/ -- The Malaysia clinical labs market is fragmented with top players being BP Healthcare, Pantai, Premier, Pathology, and Innoquest Pathology. The value chain for independent lab chains in this industry has three core components: equipment manufacturers, clinical laboratories and end –users.
- Increased adoption of digital pathology has further increased the demand for clinical Lab services.
- The government of the country is actively functioning towards advancing the healthcare services in the country.
- Robotics testing, the internet of medical things (IMOT) while leveraging 4G/5G facilities & digital pathology to augment pathological diagnosis are some technological innovations in the market.
Investment in Better Healthcare Services: The trend of the population to invest in better healthcare services and increasing investments in medical equipment, therapeutic products and services, pharmaceuticals, and better patient care are also contributing to the growth of the Malaysian hospital market.
Growing Medical Infrastructure: A rapidly growing medical industry in the country, growing medical infrastructure and increasing number of hospitals in the country are supporting the growth of the Malaysian hospital market. The Malaysian government plans to boost market development by investing in multiple sectors such as drug development and diagnostic tools, clinical research facilities and diagnostic laboratories.
Increasing Number of Cases: The growth of the market is attributed to the increasing number of cases of the disease and the rapid increase in the number of patients in the country. Also, increasing cases of chronic diseases such as cardiovascular diseases, neurological diseases, cancers, and infectious diseases and their long-term treatment are expected to drive the growth of the Malaysian hospital market in the next five years.
Rising Medical Tourism: The government of the country is actively functioning towards advancing healthcare services in the country. There is an increase in medical tourism due to affordable healthcare as compared to western countries and the increasing number of expert professionals in the healthcare industry. Malaysia has many bests in-class private physicians focusing on the different scopes of cutting-edge symptomatic, remedial, and in-patient administrations.
Analysts at Ken Research in their latest publication "Malaysia Clinical Lab Market Outlook to 2027F- Medical tourism and government investment is driving the future of healthcare and clinical Tests in Malaysia" by Ken Research observed that Malaysia clinical lab market is in the growing phase. Growing medical infrastructure, increasing number of hospitals, and medical tourism are some of the factors that will contribute to Malaysia clinical lab market growth.
It is expected that Malaysia's clinical lab market to grow at a robust CAGR for the period of 2023F-2027F.
Key Segments Covered:-
Malaysia Clinical Lab Market
By Type of Lab
- Organized Labs
- Unorganized Labs
By Type of Ownership
- Private
- Public
By Mode of Tests
- Walk-Ins
- Doctor Referrals
- Corporate Clients
- Online Referrals
- External referrals
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By Type of Tests
- Routine
- Esoteric
- Non-Laboratory
By Patient's Age
- 0-20
- 20-40
- 40-60
- 60 and above
By Region
- West Malaysia
- East Malaysia
By Payer
- Out of pocket
- Government
- Private insurance
- Corporates
Key Target Audience
- Clinical Lab companies
- Organized Clinical Laboratories
- Unorganized Clinical Laboratories
- Private Hospitals
- Private Equity and Venture Capitalist
- Industry Associations
- Technology providers
- Government Bodies & Regulating Authorities
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Time Period Captured in the Report:-
- Historical Period: 2017-2022P
- Base Year: 2022P
- Forecast Period: 2022P– 2027F
Companies Covered:-
Diagnostics centers
- BP Leader in Health Check
- Pantai Premier Pathology
- Gribbles
- Lablink Medical Lab
- Clinipath
- Pathlab
- Innoquest
Hospitals
- Sunway Medical Centre
- KPJ healthcare
- Park City medical centre
- Gleneagles Hospital
- PANTAI Hospital
Online Healthcare Apps
- Doctor2U medical Portal
- Bookdoc Connect and Unite
- Doctor Anywhere
- Doc2US
- Docquity
Key Topics Covered in the Report:-
- Executive summary for Malaysia clinical lab market
- Country Overview of Malaysia
- Ecosystem of major entities in Business model of Malaysia clinical lab market
- Timeline of major operating in the Malaysia clinical lab market
- Cross comparison of clinical laboratories market in Malaysia with south-east Asia
- Malaysia clinical lab market
- Value chain analysis of clinical lab market
- Malaysian healthcare system
- Market overview of Malaysia healthcare market
- Malaysia Clinical Lab Market Size, FY'2017-FY'2022P
- Malaysia Clinical Lab Market Segmentation, FY'2022P
- Segmentation by type of labs and ownership, region and by type of test, by patient age, mode of test, by payer
- Industry Analysis
- SWOT analysis of Malaysia clinical lab market
- Trends and development in Malaysia clinical lab market
- Growth driver in Malaysia clinical lab market
- Technological innovation in Malaysia clinical lab market
- Investment scenario in Malaysia clinical lab market
- Issues and challenges in Malaysia clinical lab market
- Government initiatives
- Impact of covid-19 on Malaysia clinical lab market
- Competitive Landscape of Malaysia Clinical Lab Market
- Market Share of Major Players in Malaysia Clinical Lab Market
- Market Positioning of Major Players in Malaysia Clinical Lab Market
- Gartner Magic Quadrant
- Cross-Comparison of Major Players in Malaysia Clinical Lab Market
- Future Outlook – Market Size and Segmentation, FY'22P-FY'27F
For more insights on the market intelligence, refer to below link:-
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According to Ken Research estimates, the Philippines Clinical Laboratory Market – which grew from approximately ~800 USD Mn in 2017 to approximately ~1000 USD Mn in 2022 – is forecasted to grow further into ~1500 USD Mn opportunity by 2027F, owing to the New Government Policies, Rising Health Consciousness, Newer Delivery Models and New Players in the Market. Market is highly fragmented with over 4000+ medical labs across Philippines. Philippines Government is increasing its Health Budget every year with $ 3.71 Billion PHP in 2021. There are 3185 (87.8%) private independent labs and 441 (12.2%) government independent labs in Philippines.
Over the forecast period 2022-2026F, the Indonesia Clinical Lab Market Revenue is further anticipated to increase by year 2026F, thus showcasing a CAGR of 12.5%. It is expected that the implementation of JKN will increase the demand for laboratory services. This will lead the public hospitals to refer samples to private independent laboratories for clinical testing, resulting in the growth of external referrals for private independent laboratories. Players, Investing to increase its testing capabilities and has adopted several advanced tests and technologies introduced in the global market, particularly specialized tests. Further, the major private independent laboratories chains are expected to undergo geographic expansion beyond key cities into underdeveloped areas. This will further lead to increase in market share in the overall Indonesia clinical laboratory market.
According to Ken Research estimates, the Vietnam Clinical Laboratories Market expanded at a CAGR of 24.2% in between 2017 and 2022 on the basis of revenue generated. The market faced rapid growth in the year of 2020 owing to Covid and reflected high growth in 2022 too but the growth is expected to normalize in the coming years. Vietnam Clinical Laboratories Market is estimated to grow at a positive CAGR of 10.4% in between 2023E and 2027E. The Private Health Insurance market is set to grow in double digits which in turn would benefit Private Healthcare and boost the bottom-line.
The Clinical Laboratories Market in the Vietnam has seen emergence of more than 20-30 players over the past 5 years. Most healthcare facilities in the industry are concentrated in two cities, Ho Chi Minh and Hanoi owing to the higher per capita income, higher population and center for commerce and industrial growth. Medic-Lab and Diag Laboratories are market leaders for Independent Lab Chains and Hoan My and FV Hospital for Private Hospitals.
According to Ken Research estimates, the Thailand Clinical Laboratory Market – which grew at a CAGR of 9.0% in the period of 2016-2021 – is expected to grow at a CAGR of 9.5% in the forecasted period of 2022F-2026F, owing to the increasing healthcare spending by aging population, expanding healthcare spending by the Government, growth in non-communicable disease and chronic diseases and increasing public awareness. The market is led by N Health; having the major share of the Clinical Laboratory Market in Thailand. Other players include Pathlab, Thonburi Clinical Labs, Bangkok Medical Labs, Medical Line Lab, Innotech Laboratories and others. Around 60.0% of medical decisions regarding early disease diagnosis, patient prognosis and treatment selection are based on laboratory diagnostic results.
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