Ken Research in its
latest study, “Singapore Medical Devices
Market Outlook to 2022 - by Type of Medical Device (Consumables, Diagnostic
Imaging, Patient Aids, Orthopedic & Prosthetics, Dental Products and
Others)”,
suggests that demand for medical devices in the market will continue to grow in
Singapore owing to technology advancements and rising number of hospitals and
other healthcare facilities.
·
The medical device market is dominated by
foreign manufacturers which supply more than 85.0% of the medical devices in
the country. Leading importers include the US, Germany and Japan. Furthermore,
more than 60% of products imported into Singapore are subsequently re-exported.
·
The Ministry of Health is the leading end
user of medical devices which procures medical devices through tender process.
MOH follows the Price-Quality Method (PQM) to evaluate tender proposals.
The medical device
market will incline at a healthy growth rate driven by growing investment in
public and private health care sector and emphasis on local production. In
2017, Singaporean medical device regulators implemented a new priority market
pathway that could reduce review timeframes for qualifying medical devices by
up to 35% within two years. Health Sciences Authority, Singapore anticipates
that the priority review scheme will reduce turnaround times for premarket
reviews for the full evaluation routes by 25% by mid-2018, and by 35% by late
2019. Evaluation fees for the HSA priority review scheme are set to increase
15% over current rates for route 1, while fees for full HSA reviews route 2
will increase 50% over existing rates. This will allow manufacturers, importers
and distributors to increase their revenue by introducing new and advanced
medical devices in the market.
Digitalization is a
key trend in healthcare with the electronic patient record in place and
improving communication systems being considered. Telehealth and remote
monitoring are being trialed for future implementation. There is also a shift
from treatment to preventive care and health promotion, where mobile applications
and wearable devices or the Internet of Things will see an increased uptake.
Companies with medical solutions catered towards functional ageing will be able
to tap on the Centre for Healthcare Innovation and Medical Engineering (CHIME)
and the Silver Community Test-bed Programme launched by Singapore’s government
to launch and test-bed age-friendly assistive devices in a real-life home
setting.
Growing demand for
home-use medical devices, expansion of healthcare facilities coupled with
rising prevalence of lifestyle and chronic diseases will propel the Singapore medical
device market revenue in future.
Companies
Covered:
QT Vascular,
Biosensors International, Becton Dickinson, Optimal Medical Products Pte Ltd,
B. Braun Singapore Pte Ltd, Alcare Pharmaceuticals, and Kingston Medical
Supplies Pte Ltd
To know more, click on
the link below:
Related Report : -
https://www.kenresearch.com/healthcare/general-healthcare/uae-healthcare-market-report/37505-91.html
Contact Us:-
Ken Research
Ankur Gupta, Head Marketing & Communications
0124-4230204
