Malaysia Radiology Service Market Analysis

Malaysia Radiology Service Market Executive Summary

The Malaysia Radiology Service market is at around $6.4 Mn in 2023 and is projected to reach $17 Mn in 2030, exhibiting a CAGR of 14.9% during the forecast period.

There are many techniques used in radiology. MRI (Magnetic Resonance Imaging) scan is a powerful imaging technique that uses magnets instead of radiation to create images of the body. It is excellent for visualizing soft tissues like the brain, muscles, and organs. Areas investigated through MRI scanning include spinal cord and brain abnormalities, cysts and tumors, joint injuries, breast tissue anomalies, and abdominal and liver irregularities. Radiography is a type of radiological imaging technique which applies X-ray radiation. X-ray mammograph is also a type of radiological imaging technique which is used specifically to identify abnormalities or lesions in the human breast. MRA (Magnetic Resonance Angiogram) scan is an examination that produces detailed versions of the blood vessels in the body. Compared to X-rays, CT (Computed Tomography) uses a low dose of radiation and also provides a better overview of the interior of the body. An ultrasound or sonography is a technique that uses high frequency ways to produce images. As it does not involve the use of radiation it is the most widely used technique for monitoring pregnancy. A Positron Emission Tomography (PET) scan is an advanced technique used to reveal the metabolic or biochemical functions of tissues and organs. Lastly, a Single-Photo Emission Computerized Tomography (SPECT) uses a radioactive substance and a special camera to create 3-D images.

The increased prevalence of chronic diseases is placing a strain on the healthcare sector in Malaysia.  The Malaysia Radiology Service Market is thus driven by significant factors such as the increasing burden of chronic diseases, aging population, and technological advancements. However, high cost, radiation exposure concerns, and regulatory compliance restrict the growth and potential of the market.

The major players of the Malaysia Radiology Service Market are KPJ Damansara Specialty Hospital, Mahkota Medical Centre, Gleneagles Intan Medical Centre, Sunway Medical Centre, and Gleneagles Medical Centre Penang, among others.

Market Dynamics

Market Growth Drivers

Increasing Burden of Chronic Diseases: The increased prevalence of chronic diseases is placing a strain on the healthcare sector in Malaysia. According to a WHO report, it is estimated that 1 in 5 adults are living with diabetes, 1 in 3 are living with hypertension, and almost half are obese. The chronic conditions, compared to the acute diseases, require long-term care which is associated with growing demand for diagnostic imaging procedures. Radiology’s role is very crucial to the overall chronic disease management, which leads to the market growth.

Aging Population:  In 2022, the share of the Malaysian population aged over 65 years was at 7.2%, an increase compared to 7% in the previous year. Compared to the younger population in the country, the rising geriatric population in the country is more likely to require the medical diagnostic services due to an increased risk of chronic diseases. They increase the demand for the radiology services and thus acts as a significant driver of the Radiology Service Market.

Technological Advancements: Advances in imaging technologies, such as the PET and SPECT scan, enable more precise and earlier diagnosis of various medical conditions. Advanced imaging techniques and computer aided planning have made it possible to precisely target tumours with minimal destruction of surrounding healthy tissues. This has allowed for improved treatment outcomes with reduced side effects for cancer patients. These technologies drive market growth by improving patient outcomes and expanding the capabilities of radiology as a service.

Market Restraints

High Cost: High cost prevents the expansion of the radiology services industry by restricting patient access and affordability, which in turn lowers demand. The high cost of radiology technology and equipment discourages new competitors from entering the market and puts a pressure on the budgets of current providers, making it more difficult to expand their offerings and make investments in new technologies. The high cost of radiology services thus poses a challenge to the growth of the Radiology Service Market.

Radiation Exposure Concerns: Although there is not enough clinical evidence, even the less likely health risks associated with exposure to ionizing radiation from diagnostic imaging procedures, such as X-rays and CT scans, faces hindrance from the widespread use. Radiation risks during pregnancy and during infancy and early childhood is higher which restricts the population which can use the radiology services. This reduces the overall demand from the patients which can hinder the expansion of the Radiology Service Market.

Regulatory Compliance: Strict regulations and standards imposed for the medical devices by the regulatory body of the Malaysia, the National Pharmaceutical Regulatory Agency (NPRA), can increase operational costs and complexity for radiology service providers. Also, navigating through the regulatory requirements can be challenging as it requires a great deal of time, resources, and expertise. This can slow down the adoption of new technologies and can hinder the market expansion.

Regulatory Landscape and Reimbursement Scenario

In Malaysia, the National Pharmaceutical Regulatory Agency (NPRA) is the regulatory agency for healthcare products, including pharmaceuticals, medical devices, and traditional health supplements. The NPRA operates under the Ministry of Health to ensure the efficacy, safety, and quality of healthcare products that are available in the nation.

Before new medications, medical equipment, and herbal health supplements can be sold in Malaysia, the NPRA is responsible for examination and market authorization. Strict quality control procedures are implemented to guarantee that medical supplies fulfil the necessary requirements for both efficacy and safety. This includes conducting quality control methods, maintaining laboratories for product testing, and inspecting production facilities. Overall, the NPRA protects the public health in Malaysia by its rigorous and stringent evaluation and oversight procedures.

Malaysia’s healthcare system offers a mix of public and private options for financing medical care. The government of Malaysia provides a highly subsidized public healthcare system. Citizens and permanent residents can receive basic medical care for little to no cost under this system. Although public hospitals provide high-quality healthcare, waiting period may be longer and access to cutting-edge therapies may be more restricted than in private hospitals. Beyond the services public system offers, private health insurance offers additional coverage. It gives users access to a greater variety of services, such as private medical facilities and clinics, specialist consultations, sophisticated diagnostic techniques and processes, and quicker access to medical services.

Competitive Landscape

Key Players

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

• KPJ Damansara Specialty Hospital
• Mahkota Medical Centre
• Gleneagles Intan Medical Centre
• Sunway Medical Centre
• Gleneagles Medical Centre Penang
• KPJ Tawakkal Specialty Hospital
• Damai Service Hospital
• Penang Adventist Hospital
• ParkCity Medical Centre
• Assunta Hospital