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)” covers aspects such as medical device market segment (by type of
medical device, and by end users), competitive landscape of major players in
the Singapore medical device market, and covering competitive landscape of
major medical device manufacturers and distributors including QT Vascular,
Biosensors International, Becton Dickinson, Optimal Medical Products Pte Ltd,
B. Braun Singapore Pte Ltd, Alcare Pharmaceuticals, and Kingston Medical
Supplies Pte Ltd. The report concludes with market projection for future
highlighting the major opportunities and cautions.
Singapore
Medical Device Market Overview
Singapore Medical device revenue increased at
a double digit CAGR during 2012-2017.
The market is in the growing stage with rise in number of foreign
players. This was driven by expansion of healthcare institutions and increased
demand for home care devices such as Elderly Care -Monitoring Systems (sensors
at home, applications, and wearable devices). Singaporeans’ strong demand for
better healthcare creates an excellent market for foreign medical device
companies, who supply more than 85% of the country’s devices. Leading importers
include the US, Germany and Japan. At present, more than 60% of products
imported into Singapore are subsequently re-exported.
Singapore
Medical Device Market Segmentation
By
type of Medical Device:
Consumables have accounted for the largest share in terms of revenues in
Singapore Medical Devices market in 2017. This is followed by diagnostic
imaging products, patient’s aids, orthopedic & prosthetics and dental
products. Others which include Point of Care Testing devices, radiation
oncology devices, therapy system and testing and measurement systems have
accounted for remaining share of the overall market revenue.
By
End Users: Ministry of
Health which controls most of the hospitals and significant proportion of the
clinics in Singapore has accounted for largest share of the medical devices in
Singapore in 2017. Other healthcare institutions such as private hospitals and
clinical laboratories have accounted for the remaining share.
Competitive
Landscape of Singapore Medical Device Market
The medical device market in Singapore is
fragmented with 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. Major companies include QT Vascular, Biosensors
International, Becton Dickinson, Optimal Medical Products Pte Ltd, B. Braun Singapore
Pte Ltd, Alcare Pharmaceuticals, and Kingston Medical Supplies Pte Ltd
Singapore
Medical Devices Market Future Potential
The market is estimated to register single
digit CAGR growth during 2017-2022. Digitalization is a key trend in healthcare
with the electronic patient record in place and improving communication systems
are 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. The opportunities are in
personal health management, health screening, disease management, preventive
care products, access to homecare resources and support, health IT solutions,
data sharing, and advanced technologies that would enable integrated healthcare
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Related
Report : -
https://www.kenresearch.com/healthcare/general-healthcare/uae-healthcare-market-report/37505-91.html
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Ankur Gupta, Head Marketing & Communications
0124-4230204
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