KUALA LUMPUR: Malaysia's medical eye care industry is poised for robust growth, driven by the country's ageing population, rising healthcare spending.

This will also be driven by the country's status as a medical tourism hub, according to TopVision Eye Specialist Bhd chief executive officer and executive director Dr Peter Chong Kuok Siong.

The medical eye care industry in Malaysia is projected to maintain its growth trajectory and is expected to grow from RM849.5 million in 2024 to reach RM1.25 billion by 2028, representing a compound annual growth rate (CAGR) of 10.0 per cent during the period.

Chong said the increasing prevalence of lifestyle diseases such as diabetes, hypertension and obesity has amplified healthcare expenditure, creating a demand surge for medical eye care services.  

"Additionally, growing affluence among Malaysian and global consumers is making eye care treatments more accessible.  

"Malaysia's popularity as a medical tourism destination has also catalysed the development of the medical eye care industry.

"This, coupled with lifestyle diseases affecting more individuals each year, ensures continued growth in healthcare expenditure, benefitting industry players," he said in an interview.

*Challenges in Eye Care Services*

Despite the positive outlook, Chong highlighted key challenges facing the sector. 

Chief among these is the limited number of registered ophthalmologists in Malaysia, which could constrain growth.

With over 860 registered ophthalmologists currently in the country, there remains a gap to meet rising demand.

"The Malaysian medical eye care industry is also susceptible to political, economic, and social changes.

"Factors like shifts in healthcare policies, insurance systems, inflation, and even geopolitical issues can impact local and international demand for our services," Chong said.

As a provider of medical eye care services, Choing said TopVision operates in an industry that is highly regulated by the Ministry of Health (MOH).

This required the company to comply with various laws and rules and regulations.

He stressed that any adverse changes to the laws and rules and regulations may affect the industry that we operate in.

"Additionally, changes to the maximum chargeable fees for medical eye care services may not occur in a timely manner or may not be adequate to cover the rise in costs such as salaries and wages, the cost of medication, supplies and other consumables, or cover new machinery and equipment when required.

"While our company has not experienced any past non-compliance or enforcement actions and the resulting consequences, there can be no assurance that we may not be subject to and be negatively affected by instances of non-compliance and changes in laws and rules and regulations," he said.  

*Strategic Expansion for Sustainable Growth*

Despite these challenges, Chong underscored that TopVision's year-on-year revenue growth is expected to remain sustainable, supported by its strategic plans to expand and diversify its services.

He said this optimism will be supported by the establishment of its international eye specialist centre in Petaling Jaya as well as the company's business expansion into Kuala Terengganu and Tawau.

"Two additional ambulatory care centres (ACCs) are being developed in Kuala Terengganu, Terengganu, and Tawau, Sabah, as part of the company's efforts to strengthen its presence in Peninsular and East Malaysia," he said.

Chong believes the centralised procurement with the Topwellness brand will help to support its outlook in the future.

"With the establishment of Topwellness, we will practise centralised procurement whereby ACCs will place an order with Topwellness which will oversee procurement of eye care and general health supplements from our suppliers.

"Through this arrangement, our company can expect to benefit from economies of scale, thus resulting in cost savings," he added.

The revenue generated by TopVision in FYE Dec 31, 2023 was RM43.0 million, which was equivalent to 5.5 per cent of the market size of the medical eye care industry in Malaysia in 2023.

The market share is derived from dividing the aforementioned revenue figure of RM43.0 million by the estimated market size of the medical eye care industry in Malaysia of RM775.8 million in 2023.

https://www.nst.com.my/business/corporate/2024/12/1144374/malaysias-medical-eye-care-sector-set-robust-growth