Singapore Medical Device Market is Driven by Expansion of Medical Facilities and Increased Focus on Home Healthcare Services: Ken Research

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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Singapore Medical Device Market is Expected to Reach SGD 1.6 Billion by 2022: Ken Research

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:

https://www.kenresearch.com/healthcare/medical-devices/singapore-medical-equipment-market/149667-91.html

Related Report  : -

https://www.kenresearch.com/healthcare/general-healthcare/uae-healthcare-market-report/37505-91.html

https://www.kenresearch.com/healthcare/general-healthcare/qatar-healthcare-market-report/99730-91.html

https://www.kenresearch.com/healthcare/general-healthcare/saudi-arabia-healthcare-market-research-report/1106-91.html

Contact Us:-

Ken Research

Ankur Gupta, Head Marketing & Communications

sales@kenresearch.com

0124-4230204

Singapore Medical Devices Market Outlook to 2022 : Ken Research

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

To know more, click on the link below:

https://www.kenresearch.com/healthcare/medical-devices/singapore-medical-equipment-market/149667-91.html

Related Report  : -

https://www.kenresearch.com/healthcare/general-healthcare/uae-healthcare-market-report/37505-91.html

https://www.kenresearch.com/healthcare/general-healthcare/qatar-healthcare-market-report/99730-91.html

https://www.kenresearch.com/healthcare/general-healthcare/saudi-arabia-healthcare-market-research-report/1106-91.html

Contact Us:-

Ken Research

Ankur Gupta, Head Marketing & Communications

sales@kenresearch.com

0124-4230204