Malaysia MRI Market Analysis

Malaysia MRI Market Executive Summary

The Malaysia MRI Market is at around $10.68 Mn in 2023 and is projected to reach $16.81 Mn in 2030, exhibiting a CAGR of 6.7% during the forecast period.

Magnetic resonance imaging (MRI) is a type of diagnostic test that can create detailed images of nearly every structure and organ inside the body. It uses strong magnetic fields and radio waves to produce detailed images of the inside of the body. The MRI machine is a large, cylindrical (tube-shaped) device that generates a powerful magnetic field around the patient and emits pulses of radio waves from a scanner. Some MRI machines resemble narrow tunnels, while others are more spacious. The intense magnetic field produced by the MRI scanner causes the atoms in your body to align in the same direction. Subsequently, radio waves are emitted from the MRI machine, which disrupt this alignment, causing the atoms to return to their original positions. As the radio waves cease, the atoms revert to their initial alignment and emit radio signals. These signals are then picked up by a computer, which transforms them into an image of the area being examined. This image is displayed on a viewing monitor.

Traumatic Brain Injury (TBI) accounts for about 30-40% of all injury-related deaths in Malaysia. The market therefore is driven by significant factors like increasing prevalence of chronic diseases, technological advancements in MRI, and increasing government expenditure. However, high cost, shortage of trained radiologists, and limited reimbursement scheme restrict the growth of the market.

The leading pharmaceutical companies include Siemens Healthineers and GE Healthcare for MRI machines. Koninklijke Philips NV, Fujifilm Holdings Corporation, Esaote, and Best Contact (M) Sdn Bhd. are also significant contributors to the MRI market, with continuous research and development activities.

Market Dynamics

Market Growth Drivers

Increase Prevalence of Chronic Diseases: Similar to global trends, Malaysia is seeing an increase in chronic illnesses like cardiovascular diseases, cancer, and respiratory problems, which serves as a growth factor contributing to the expansion of the Magnetic Resonance Imaging (MRI) market. Cancer is the fourth leading cause of death in Malaysia. About 50,000 new cancer cases are reported each year. The use of MRI allows for detailed visualization of internal anatomy, aiding in accurate diagnosis and planning of treatment for these medical ailments.

Technological Advancements: Technological innovations have resulted in MRI scanners becoming faster and more efficient in Malaysia. Patients can now complete MRI scans in a shorter amount of time, making the process more convenient and less uncomfortable. There is a growing trend in Malaysia towards combining MRI with other imaging modalities, such as CT or ultrasound, to enable more accurate diagnosis and treatment planning.

Increasing Government Expenditure: The government has focused on building new hospitals and expanding the number of polyclinics, particularly in underserved regions. It has allocated a significant portion of the social sector development budget to public healthcare, with an increase of more than 47% over the previous figure.

Market Restraints

High Cost: The high cost of advanced 3T MRI systems is a significant restraint on the growth of the MRI market in Malaysia. The installation and maintenance of these high-field machines can be prohibitively expensive, making it difficult for smaller healthcare facilities to invest in them. This financial barrier limits the adoption of cutting-edge MRI technologies across various regions in Malaysia.

Shortage of Trained Radiologists: The shortage of qualified radiologists in Malaysia is a significant restraint on the growth of the MRI market. With only around 870 registered radiologists serving a population of 33.57 Mn, the country faces a severe shortage of specialized professionals capable of accurately interpreting MRI scans. This lack of human resources can slow the adoption and utilization of advanced MRI technologies across various regions in Malaysia.

Limited Reimbursement Scheme: The lack of comprehensive reimbursement policies for MRI scans in Malaysia's healthcare system poses a significant barrier to accessing these services, particularly for patients from lower socioeconomic backgrounds. Without adequate insurance coverage or government subsidies, the high costs of MRI scans can make them unaffordable for many Malaysians, limiting their access to this important diagnostic tool and potentially delaying or preventing timely medical treatment.

Regulatory Landscape and Reimbursement Scenario

The Medical Device Authority (MDA) is responsible for enforcing the Medical Device Act and Regulations, including overseeing the registration, licensing, and conformity assessment of MRI systems and other medical devices in Malaysia. MRI scans, unlike X-rays, don't involve ionizing radiation. However, they do utilize strong magnetic fields. The Malaysian Radiation Protection Board (MRPB) plays a crucial role in establishing safety standards for exposure to magnetic fields generated by MRI machines, protecting both patients and healthcare professionals. The manufacturer or their authorized representative in Malaysia needs to submit a registration application to the MDA. The MDA will review the application package and may request additional information or testing if necessary. Upon successful review and evaluation, the MDA will issue a registration certificate for the MRI system. This certificate authorizes the sale and distribution of the system in Malaysia.

Competitive Landscape

Key Players

Here are some of the major key players in the Malaysia MRI Market:

• Siemens Healthineers
• GE Healthcare
• Fujifilm Holdings Corporation
• Koninklijke Philips NV
• Canon (Canon Medical Systems Corporation)
• Shimadzu
• Best Contact (M) Sdn Bhd.
• Esaote
• I-MEDIC IMAGING SDN. BHD
• Hitachi Medical Systems