The man was rushed to hospital after sustaining gunshot wounds to the stomach and face in a shooting on Bergsgatan shortly before 3pm on Friday afternoon.
According to staff at Skåne University Hospital, the man underwent an operation on Friday night but his injuries remain life-threatening.
According to several witnesses, several shots were fired in the attack near the busy Malmö market place and residential neighbourhood.
“I saw how a man lay on the street and bled from the face. He was surrounded by people and someone was pressing against his stomach,” a witness told the local Sydsvenskan daily.
Malmö police chief Andy Roberts told the newspaper that several photos of the assailant were taken by witnesses.
“We have a good description,” he said.
The area around Bergsgatan was cordoned off for several hours on Friday afternoon as police technicians worked to collect forensic evidence and attempts were made to track the gunman.
The search continued on Saturday with no suspects having yet been detained.
According to a study by the National Crime Prevention Council (Brottsförebyggande rådet – Brå) published in September 2012, daytime shootings are becoming more common within criminal circles in Sweden.
In the month prior to the report, some ten outdoor shootings were reported with police officers in Swedish cities identifying a change in criminal behaviour.
“The impression police have is that shootings are far more reckless than previously,” Brå researcher Danial Vesterhav told the TT news agency at the time.