Malaysia’s medical eye care industry is expected to experience significant growth, driven by an ageing population, rising healthcare spending, and the country’s growing reputation as a medical tourism hub, according to Dr. Peter Chong Kuok Siong, CEO and executive director of TopVision Eye Specialist Bhd.
The sector is projected to increase from RM849.5 million in 2024 to RM1.25 billion by 2028, reflecting a compound annual growth rate (CAGR) of 10%. This growth is attributed to a variety of factors, including the rising prevalence of lifestyle-related diseases such as diabetes, hypertension, and obesity, which have led to higher healthcare spending.
“As lifestyle diseases become more common, healthcare expenditure continues to rise, driving demand for medical eye care services,” Chong explained. “In addition, the growing affluence of both local and international consumers has made eye care treatments more accessible.”
Chong also emphasized that Malaysia’s popularity as a medical tourism destination has further accelerated the development of the medical eye care sector, benefiting both local patients and international visitors seeking affordable yet high-quality treatments.
Challenges to Growth
Despite the optimistic outlook, Chong identified several challenges facing the industry, notably the shortage of registered ophthalmologists. With fewer than 900 ophthalmologists currently practicing in Malaysia, there is a significant gap in the workforce to meet the growing demand for services.
“While the medical eye care sector has strong growth potential, the industry’s progress is constrained by the limited number of trained professionals,” Chong noted. “This could slow the pace of expansion unless more ophthalmologists enter the field.”
The sector is also vulnerable to external factors, including political, economic, and social changes. Shifts in healthcare policies, inflation, and geopolitical events could all affect demand both domestically and internationally, he added.
Chong highlighted the regulatory environment as another key concern. The medical eye care industry in Malaysia is highly regulated by the Ministry of Health (MOH), which requires strict compliance with laws and regulations. Any changes in these policies, particularly related to pricing structures or fee caps, could have a significant impact on the business.
“Changes in the maximum chargeable fees may not keep pace with rising operational costs such as salaries, medication, supplies, and equipment,” he said. “While TopVision has maintained compliance with regulations so far, we are mindful of the risks posed by potential non-compliance or policy changes.”
Strategic Plans for Expansion
Despite these challenges, Chong expressed confidence in TopVision’s ability to sustain its growth trajectory. The company plans to expand its footprint both domestically and internationally, with new centres in Petaling Jaya, Kuala Terengganu, and Tawau.
“Two additional ambulatory care centres (ACCs) are being developed as part of our strategy to enhance our presence in Peninsular and East Malaysia,” Chong revealed.
Furthermore, the company’s newly established Topwellness brand will centralize procurement for its centres, enabling it to benefit from economies of scale and achieve cost savings. This approach will support TopVision’s long-term profitability and ensure continued growth in the competitive medical eye care market.
Related topic:
AOP Calls for Major Overhaul of Eye Care in NHS 10-Year Plan
VISTA Eye Specialist Partners with PX Ninety to Enhance Patient Care
NHS Approves Kimmtrak for Treating Uveal Melanoma
