The report titled “Singapore Medical Devices Market Outlook to 2022 – by Type of Medical Device (Consumables, Diagnostic Imaging, Patient Aids, Orthopedic & Prosthetics, Dental Products and Others)” by Ken Research suggested a growth at a CAGR of 11.1% in revenue in Singapore medical devices market by 2022. International players have started to focus on new customer centric models such as e-commerce, home health care and DIY health concepts
Ageing population, expansion of major hospitals and clinical laboratories and technology advancements were the key factors driving growth in Singapore medical devices market.
Singapore has the ability to manufacture high quality products and components, including some sophisticated medical devices and equipment. This has made Singapore a preferable alternative for sourcing medical devices. Singapore medical device market has inclined at a positive CAGR driven by expansion of healthcare institutions and increased demand for home care devices such as Elderly Care Monitoring Systems (sensors at home, applications, wearable devices). The number of hospitals increased from 24 in 2012 to 29 in 2016, while the number of clinics increased from 2,403 in 2012 to 2,961 in 2017.
The medical device market underwent various changes in the licensing process which led to reduced paperwork, shortening of approval timeline and more number of licenses being granted in the past 5 years. This supported the medical device manufacturers and distributors in expanding their product portfolio and supports the expansion of healthcare facilities.
Rise in aging population, increasing incidences of chronic diseases have made the home healthcare segment an emerging sector, for medical device manufacturers. Due to rising emphasis on preventive medicine, the demand for testing, screening and monitoring devices has increased. The potential to reduce healthcare complications and ensure the portability of devices, with high accuracy has created a significant demand for monitoring and testing devices. Increasing activities of telemedicine in consultation, surgery, imaging and cardiology have boosted the demand for advanced technological medical devices.
Technological advancements coupled with growing prevalence of lifestyle diseases will propel the market for medical devices in Singapore. At present, more than 60% of medical devices imported into Singapore are subsequently re-exported as Singapore acts as a major trading hub importing and exporting all kinds of medical devices for re-export to third countries
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Ankur Gupta, Head Marketing & Communications