Singapore Medical device revenue augmented at a double digit CAGR throughout 2012-2017. The market is in the augmenting stage with growth in number of foreign players. This was propelled by enlargement of healthcare institutions and augmented requirement for home care devices such as Elderly Care -Monitoring Systems (sensors at home, applications, and wearable devices). Singaporeans’ strong requirement for better healthcare generates an excellent market for foreign medical device companies, who supply more than 85% of the country’s devices. Important importers involve the US, Germany and Japan. At present, more than 60% of products imported into the Singapore are subsequently re-exported.
According to the report analysis, ‘Singapore Medical Devices Market Outlook to 2022 - by Type of Medical Device (Consumables, Diagnostic Imaging, Patient Aids, Orthopedic & Prosthetics, Dental Products and Others)’ states that the medical device market in Singapore is fragmented with augmenting focus on delivering the medical products, services and data intelligence services to its end users (public hospitals, private hospitals and others) to aid in conveying the high quality care in a cost effective manner to their patients. Market players are competing on product personalization and technology. Domestic producers aim on consumables and foreign players aim on high-end devices. International players have begun to aim on new consumer centric models such as e-commerce, home health care, and DIY health concepts. Foremost 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.
In addition, the growth of the Singapore medical device market is propelled by the augment in incidence of chronic diseases and considerable augment in geriatric population across the Singapore. Furthermore, technological innovations in home care medical device such as smaller size, portability and ease to access underwrites to the market growth. However, surge in concerns connected to patient safety and difficulty in acclimatizing to medical devices limit the growth. The growth potential in the emerging economies of Singapore is expected to deliver the numerous opportunities for market expansion during the forecast duration.
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On the basis of end users, Ministry of Health which controls most of the hospitals and noteworthy proportion of the clinics in Singapore has registered for largest share of the medical devices in Singapore during 2017. Other healthcare institutions such as private hospitals and clinical laboratories have registered for the remaining share.
The market is predicted to register single digit CAGR growth throughout 2017-2022. Digitalization is a foremost trend in healthcare with the electronic patient record in place and enhancing the communication systems are being considered. Telehealth and remote monitoring are being trailed for future employment. There is also a shift from treatment to precautionary care and health encouragement, where mobile applications and wearable devices or the Internet of Things will see an augmented uptake. The opportunities are in personal health management, health screening, disease management, precautionary care products, access to homecare resources and assistance, health IT solutions, data sharing, and improved technologies that would allow the integrated healthcare.
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Covid-19 Impact Singapore Medical Devices Market
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