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
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
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