Singapore Medical Device Market is predicted to grow at faster CAGR during the forecast period due to the rising chronic diseases and aging population in the country. Increasing government expenditure to address the healthcare needs of the aging population, with a growing disease burden.

Introduction of the Singapore Medical Device Market Report

A medical device is an instrument, equipment, apparatus, or tool used to diagnose, mitigate, treat, or cure diseases or other conditions. Health devices are indispensable to advance health coverage, address health emergencies, and promote healthier populations. A medical device can be an instrument for in vitro use, software, or material intended by the producer to be used, alone or in combination for a medical purpose.

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Market Dynamic

Key Drivers and Emerging Trends

The Singapore medical device market factors include the rising chronic diseases and aging population in the country. Increasing government expenditure to address the healthcare needs of the aging population, with a growing disease burden, has driven the demand for medical devices in Singapore. Moreover, government initiatives such as Diagnostics Development (DxD) Initiative and the Smart Nation initiative will further support the growth of the Singapore medical device market.

In addition, Singapore’s stable economy and political environment have made a strong base or a good choice for investors to help set up Medtech firm and design a new business model in the healthcare sector, such as using big data to provide better patient-centric care. According to Economic Development Board, there are 25 R&D centres established by multinational companies and over local 200 MedTech start-ups and small-medium enterprises.

Restraint in the Singapore Medical Device Market

However, medical devices manufacturers in the Singapore market will encounter fierce competition from Chinese companies. Exporters from different countries will give fierce competition to the local players, further restricting the market for medical devices in the Singapore market.

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Type – Segment Analysis

Based on the type, the cardiovascular devices segment is expected to grow at the highest rate in the Singapore medical device market during the forecast period. Cardiovascular Disease is a significant cause of death in the elderly population in Singapore. New research initiatives, which will benefit Singaporeans, include the development of a risk prediction model for heart attack using novel biochemical markers, novel hormones, and genetic analysis. Other research areas include collaborative stem cell and tissue engineering research, device innovations, etc. For instance, Nanyang Technological University (NTU), Ngee Ann Polytechnic, and the National Heart Centre Singapore (NHCS) have developed a new diagnostic tool that uses an AI machine learning algorithm that enables medical device to learn from past experiences like a human. The researchers trained the tool to recognise patterns in patients’ ECGs by inputting examples of ECG signals that reflect cardiovascular diseases.

End-User – Segment Analysis

Based on the end-user, the hospital segment is projected to be the fastest growing market share over the Singapore medical device market over the forecast period. Medical devices are majorly used in hospital due to presence of skilled and professional technicians and operators. According to International Trade Administration in 2020, imports of medical equipment and supplies to Singapore increased by 6%. Manufacturing of medical devices such as magnetic resonance imaging equipment, medical ultrasound equipment, pacemaker, hearing aids, electrocardiographs, drafting instruments, and others are propelling the growth for hospitals in Singapore.

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Key Developments:

• • In 2021, Medtronic plc announced the launch of the Open Innovation Platform in Singapore. It will bring strategic collaboration in healthcare technologies through capability development and business organization networking in medical technology and digital health.
  • In 2020, Thermo Fisher Scientific announced to expand Sterile Filling capacity for therapies and vaccines with a new facility in Singapore. The establishment will hold with the help of the Singapore Economic Development Board with USD 130 million. It will manufacture pharmaceutical products to fulfil the region’s demand and for future health emergencies.

Segments covered in the Report:

The Singapore medical device market has been segmented on the basis of type and end-user. Based on type, the market is segmented into Orthopaedic Devices, Cardiovascular devices, Diagnostic Imaging, Wound Management, Diabetes Care, Dental Devices, General Surgery, and Others. Based on End-User, the market is segmented into Hospital, Clinics, and Others.

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Key questions answered in this research report:

• • At what pace is Singapore medical device market growing? What will be the growth trend in the future?
  • What are the key drivers and restraints in Singapore medical device market? What will be the impact of drivers and restraints in the future?
  • Which type generated maximum revenues in 2020 and identify the most promising type during the forecast period?
  • What are the various end-users of Singapore medical device market and how they are poised to grow?
  • What companies are the major participants in this market and their business strategies, how does the competitive landscape look like?

Market Segmentation

Singapore Medical Device Market by Type

• • Orthopaedic Devices
  • Cardiovascular devices
  • Diagnostic Imaging
  • Wound Management
  • Diabetes Care
  • Dental Devices
  • General Surgery
  • Others

Singapore Medical Device Market by End-User

• • Hospital
  • Clinics
  • Others