In Vitro Diagnostics - Singapore | Statista Market Forecast

The projected revenue in the In Vitro Diagnostics market market in Singapore is set to reach US$172.60m in 2024.
This forecasted figure indicates the expected financial performance of the industry within the country.
Moreover, the revenue is anticipated to exhibit an annual growth rate (CAGR 2024-2029) of 5.21%, leading to a market volume of US$222.50m by 2029.
These numbers portray the potential expansion of the In Vitro Diagnostics market market in Singapore over the specified timeframe.
When comparing the global landscape, it is noteworthy that the United States is projected to generate the highest revenue in this market.
In 2024, the United States is estimated to accumulate a revenue of US$30.10bn, indicating its dominant position in the global In Vitro Diagnostics market market.
In Singapore, the In Vitro Diagnostics market is experiencing significant growth driven by the government's focus on developing a robust healthcare ecosystem.

Definition:
The market In Vitro Diagnostics (IVD) consists of medical instruments and accessories used to perform tests with the help of biological samples. In Vitro Diagnostics provide valuable information used for detection, prognosis, prevention, and therapeutic monitoring of diseases.

Additional information:
Market values represent revenues paid to primary vendors at manufacturer price level either directly or through distribution channels (excluding VAT). Reported market revenues include spending by consumers (B2C), enterprises (B2B) as well as governments (B2G). Revenues are allocated to the country where the money is spent.

Company examples: Roche Diagnostics, Abbott Laboratories, Danaher, Siemens Healthineers.
Further information on the key players can be found in the Market Shares boxes.

Molecular diagnosis
Immunoassays
Clinical chemistry
Microbiology
Hematology

Services (i.e., treatment expenses)
Imaging diagnostics

The In Vitro Diagnostics market in Singapore is experiencing significant growth and development.

Customer preferences: Customers in Singapore are increasingly seeking more accurate and efficient diagnostic solutions. They are looking for tests that can provide quick and accurate results, allowing for early detection and treatment of diseases. There is also a growing demand for point-of-care testing, as customers prefer the convenience of receiving test results immediately without having to wait for laboratory processing. Additionally, customers are becoming more aware of the importance of personalized medicine, leading to a demand for diagnostic tests that can provide tailored treatment plans based on individual genetic profiles.

Trends in the market: One of the key trends in the In Vitro Diagnostics market in Singapore is the adoption of advanced technologies. Singapore has a strong focus on research and development, and companies are investing in innovative technologies such as molecular diagnostics, next-generation sequencing, and digital pathology. These technologies offer higher accuracy and efficiency in diagnosing diseases, leading to improved patient outcomes. Furthermore, the increasing prevalence of chronic diseases such as cancer and diabetes is driving the demand for diagnostic tests that can detect these conditions at an early stage. As a result, there is a growing trend towards the development of diagnostic tests for specific diseases and conditions.

Local special circumstances: Singapore has a well-developed healthcare infrastructure and a strong regulatory framework, which provides a conducive environment for the growth of the In Vitro Diagnostics market. The government has implemented various initiatives to promote the adoption of innovative healthcare technologies, including the establishment of research and development centers and the provision of funding support for companies in the healthcare sector. Additionally, Singapore is home to several leading healthcare institutions and research organizations, which collaborate with industry players to develop and commercialize diagnostic solutions. This collaborative ecosystem fosters innovation and drives the growth of the In Vitro Diagnostics market in Singapore.

Underlying macroeconomic factors: Singapore's aging population and the increasing burden of chronic diseases are key macroeconomic factors driving the growth of the In Vitro Diagnostics market. As the population ages, the demand for diagnostic tests for age-related diseases such as cardiovascular diseases and cancer is expected to increase. Additionally, the government's focus on preventive healthcare and early detection of diseases is driving the demand for diagnostic tests. Furthermore, Singapore's strong economic growth and high per capita income contribute to the affordability of advanced diagnostic tests, making them accessible to a larger population.

Data coverage:

Data encompasses B2B, B2G, and B2C spend. Figures are based on medical devices and IVD revenues allocated to the country where the money is spent at manufacturer price levels excluding VAT.

Modeling approach / Market size:

Modeling employs a top-down approach with a bottom-up validation, using financial information of the key players by market. Market sizes are determined by a top-down approach, based on a specific rationale for each market market and allocated to the covered countries according to the global market shares. As a basis for evaluating markets, we use relevant key market indicators and data from country-specific associations, such as healthcare expenditure per capita, health risk factors, healthcare system, and regulations concerning medical products. Next, we use further relevant key market indicators and data from country-specific associations, such as healthcare expenditure per capita, health risk factors, healthcare payer system, and regulations concerning medical products. This data helps us estimate the market size for each country individually.

Forecasts:

In our forecasts, we apply diverse forecasting techniques. The selection of forecasting techniques is based on the behavior of the particular market. For example, forecasts are based on historical developments, current trends, and key market indicators.

Additional notes:

Data is modeled in US$ using current exchange rates. The market is updated twice per year in case market dynamics change. The impact of the COVID-19 pandemic is considered at a country-specific level.

This report presents a comprehensive analysis and additional information on the Health market, in a PDF format.

Medical technology plays a role in the lives of everyone. It includes most of all, medical devices which simplify the prevention, diagnosis, and treatment of diseases and illnesses. The most well-known medical technology products are, among others, pacemakers, imaging instruments, dialysis machines, and implants. The global medical technology industry was worth over 567 billion U.S. dollars annually. Established centers of this industry include North America and Western Europe. The United States is home to the world’s largest medical technology companies. As of 2022, Abbott Laboratories had the largest global revenue at over 31.2 billion U.S. dollars. The main focus of devices manufactured by the Chicago-based company are diagnostics, cardiovascular, and diabetes care. Two other medtech companies that round off the top three largest companies –Medtronic and Johnson & Johnson – are both based in the United States. Although, industry trends show that Asia, and in particular China, is about to play a more prominent role in the years to come.