Medical Imaging Technology: Visualising the Future Healthcare Tech - MIDA | Malaysian Investment Development Authority
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Medical Imaging Technology: Visualising the Future Healthcare Tech

>Manufacturing>Medical Imaging Technology: Visualising the Future Healthcare Tech

Medical Imaging Technology: Visualising the Future Healthcare Tech

A wide variety of medical issues occur inside the body, which may require complicated diagnosis procedures. However, medical imaging has made this challenge far more manageable over the last century, resulting in a significant impact on public health.

Medical imaging is the technique of generating visual illustrations of internal body parts for medical intervention and clinical analysis.

While medical digital imaging systems are highly regulated by the Digital Imaging and Communication in Medicine (DICOM) Standards, many types of medical imaging are emerging in the market as the methodology for imaging continues to develop. The main types of imaging used in modern medicine include:

Opportunities ahead

Presently, the global environment for the medical devices industry is becoming increasingly competitive, triggered by the rapid development of new and innovative products. Manufacturers are not only expanding their portfolios to include higher- value products but also prioritising product and process R&D as well as design and prototyping.

The Globalnewswire network on 28 September 2020, reported that the global medical digital imaging
systems market size is expected to reach USD$28 billion by 2026, with a compound annual growth rate (CAGR) of 10.4 per cent during the forecasted period. The industry undoubtedly holds much promise.

Among the forerunners in the global medical digital imaging systems market include reputable giants such as Samsung Electronics Co., Ltd., Siemens AG, and Medtronic PLC. While, companies such as Koninklijke Philips N.V., Canon, Inc., General Electric (GE) Co., Esaote SpA, Shimadzu Corporation, Hologic, Inc., and Hitachi, Ltd. are some of the key innovators.

In Malaysia, the manufacturing of medical imaging technology equipment and components remains relatively untapped. According to the Malaysian Investment Development Authority’s (MIDA) records, there are four (4)
manufacturers approved to manufacture medical imaging technology-related products; Alliance Contract Manufacturing, Toshiba Medical Systems Manufacturing Asia, Angelomedic and Plexus Manufacturing.

While the industry is still at its infancy in Malaysia, it is gaining popularity due to its wide application in the medical field. The approved companies are the budding potentials in Malaysia to be part of the global medical digital imaging supply chain. Global industry players are encouraged to leverage on Malaysia’s competitive advantage and skilled workforce in areas of R&D, commercialisation, contract manufacturing, engineering support services and distribution to set up operations in Malaysia and tap the vast regional market of ASEAN and beyond.

MIDA continues to promote the entire value chain of the medical imaging technology industry in Malaysia through supportive ecosystem approach and dedicated funding and incentives. It is essential for the country to make scientific advancements to transform lives and livelihoods as MIDA is optimistic to grow the medical devices industry.

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Source: MIDA e-Newsletter December 2020