March 27, 2023 – MMS Ventures Bhd will produce new assembly and test lines to check power components used in medical instruments and automotive industries in the fourth quarter of this year.
Group managing director T.K. Sia told StarBiz that these assembly and test lines with innovative features would be for US customers.
“With these new orders, the group would become more involved in the medical instruments and automotive markets.
“Previously, the medical and automotive business generated about 10% of the group’s revenue. Moving ahead, we can expect to see the contribution increase significantly in the long term,” he said.
Sia said the orders from the smartphone segment had slowed down.
“Branded smartphone manufacturers have indicated that there won’t be substantial changes in the features of smartphones to be released this year,” he said.
According to Sia, the medical instruments market will enjoy steady growth because of the application of new life-saving technologies.
“The growing popularity of affordable wearable medical devices with advanced features also drives the medical instrument market to grow.
“The Global Market Insights report forecast that the wearable medical devices market, valued at US$78bil (RM345bil) in 2022, is expected to grow at a 24% compound annual growth rate (CAGR) from 2023 to 2027,” Sia added.
According to Fortune Business Insights, the global medical devices market will grow from US$495.46bil (RM2.19 trillion) in 2022 to US$718.92bil (RM3.18 trillion) by 2029 at a 5.5% CAGR.
Similarly, the automotive market also shows promising growth potential.
The Future Market Insights report forecast that the automotive test equipment market size, valued at US$3.1bil (RM13.7bil) in 2022, would grow at a 4.3% CAGR till 2032.