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Singapore will remain one of the fastest-growing markets in developed Asia. The outlook for Singapore’s medical device market is looking positive despite the impact on supply chains and inflationary pressures.
Singapore’s healthcare sector is considered one of the best in the world, providing some of the most advanced healthcare services. This is attributed to strong regulatory governance, a cost-sharing system between the private and public sectors, and contributions from medical saving accounts.
Investors are attracted by Singapore’s strong base for research and innovation that help medtech firms in designing new business models in healthcare, such as the use of big data to provide better patient-centric care. This, in turn, provides medtech companies with the capabilities to export their products or services to go-to-markets in ASEAN as well as Asia.
Singapore has a strong base for research and innovation that helps medtech firms in designing new business models in healthcare, such as the use of big data to provide better patient-centric care; there are over 220 medtech startups and small to medium sized entreprises in Singapore who export their products or services to the developing ASEAN and Asian markets
Among its ASEAN peers, it spends the most annually in healthcare on a per capita basis and this is expected to rise faster than GDP given the country’s aging population and changes in demographics.
Singapore serves as the healthcare and medical hub of the region and offers Asia’s best healthcare system. The Joint Commission International (JCI) has accredited 13 Singapore hospitals and healthcare facilities. Each year, Singapore draws almost 500,000 patients with its high-quality healthcare.
Prominent international healthcare and research organizations such as Duke University, Healthcare Information and Management Systems Society, and JCI have established a presence here. The research institutes work with scientists here to accelerate drug discovery and develop therapies for unmet healthcare needs.
In 2021, imports of medical equipment and supplies to Singapore increased by 23% over the previous year. U.S. medical equipment and supplies accounted for 14% of market share. On average, more than 70% of products imported into Singapore are subsequently re-exported.
Singapore has a reputation of being the gold standard for healthcare in the region due to its strong healthcare industry and excellent healthcare system. Overall, Singapore’s stable economy and political environment make it a good choice for investors looking to set up business in the Asian region.
Medical devices are health goods that, when applied to human bodies, have a physical or mechanical effect. These tools are used to: Detect, treat, or lessen medical conditions, such as prosthetic knee implants, contact lenses, and X-ray equipment.
The Medical Device Branch of the Health Sciences Authority oversees medical device regulation in Singapore (HSA).The Health Products Act of 2007 and the Health Products (Medical Devices) Regulations of 2010 serve as the foundation for Singapore’s regulatory framework, which is based on ASEAN’s (Association of Southeast Asian Nations) standards.
Singapore is an important hub for manufacturing a wide range of medical technology goods for international markets, including implantable pacemakers, contact lenses, and instruments for life sciences.
Companies that manufacture high-end medical equipment take advantage of Singapore’s excellent design and engineering talents, a base of automated suppliers, and stringent quality control standards.
The medical device market in Singapore is fragmented with an increasing focus on providing medical products, services and data intelligence services to its end users (public hospitals, private hospitals and others) to aid in delivering high-quality care in a cost-effective way to their patients.
Market players are competing on product customization and technology. Domestic manufacturers focus on consumables and foreign players focus on high-end devices. International players have started to focus on new consumer-centric models such as e-commerce, home health care, and DIY health concepts.
The Singapore Medical Devices Market accounted for $XX Billion in 2023 and is anticipated to reach $XX Billion by 2030, registering a CAGR of XX% from 2024 to 2030.
AI-powered diagnostics and therapeutics
Robotics and minimally invasive surgery
Telehealth and digital therapeutics
Personalization and precision medicine
Abbott’s Navitor Transcatheter Aortic Valve Implantation (TAVI) System:
Medtronic’s Micra AV Pacemaker
Philips’ Lumify Sonography System
