Diagnostic Imaging Devices - Singapore

The Diagnostic Imaging Devices market market in Singapore is anticipated to witness a significant surge in revenue, with projections indicating that it will reach a staggering US$107.50m by the year 2024.
This growth is expected to continue steadily, with an estimated annual growth rate (CAGR 2024-2029) of 7.17%.
Consequently, the market volume is predicted to expand to an impressive US$152.00m by the year 2029.
When compared on a global scale, it is noteworthy that the United States is set to generate the highest revenue in this market, with a staggering US$11.93bn expected in 2024.
The demand for advanced diagnostic imaging devices in Singapore's medical technology market is steadily increasing due to the country's strong focus on healthcare innovation.

Definition:
The market covers diagnostic imaging devices such as X-ray systems, ultrasound systems, computed tomography scanners, Magnetic resonance imaging (MRT) systems, and related components.

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: Siemens Healthineers, General Electric, Philips, Fujifilm Holdings. Further information on the key players can be found in the Market Shares boxes.

X-ray systems
Computed tomography (CT) scanners
Magnetic resonance imaging (MRT) systems
Positron emission tomography (PET) scanners

Non-imaging diagnostics
In vitro diagnostics (IVD)

The Diagnostic Imaging Devices market in Singapore has been experiencing steady growth in recent years.

Customer preferences: Singaporean customers have shown a strong preference for technologically advanced diagnostic imaging devices. They value accuracy, efficiency, and the ability to provide detailed and accurate images. Additionally, customers in Singapore often prioritize compact and portable devices that can be easily transported and used in different settings.

Trends in the market: One prominent trend in the Diagnostic Imaging Devices market in Singapore is the increasing adoption of digital imaging technology. Digital imaging devices offer several advantages over traditional film-based devices, including faster image acquisition, improved image quality, and the ability to store and transmit images electronically. This trend is driven by the increasing demand for more efficient and streamlined healthcare processes. Another trend in the market is the growing use of artificial intelligence (AI) in diagnostic imaging devices. AI algorithms can analyze medical images and assist healthcare professionals in making accurate diagnoses. This technology has the potential to improve the efficiency and accuracy of diagnostic imaging, leading to better patient outcomes. The adoption of AI in Singapore is supported by the country's strong focus on innovation and technology.

Local special circumstances: Singapore's healthcare system is known for its high standards and advanced medical infrastructure. The country has a well-developed healthcare sector that is supported by robust government policies and investments. The government of Singapore has been actively promoting the adoption of digital healthcare technologies, including diagnostic imaging devices, to enhance the efficiency and quality of healthcare services.

Underlying macroeconomic factors: Singapore has a strong and stable economy, which provides a favorable environment for the growth of the Diagnostic Imaging Devices market. The country's high per capita income and increasing healthcare expenditure contribute to the demand for advanced medical technologies, including diagnostic imaging devices. Additionally, Singapore's aging population and the increasing prevalence of chronic diseases are driving the demand for diagnostic imaging services. In conclusion, the Diagnostic Imaging Devices market in Singapore is witnessing steady growth, driven by customer preferences for advanced technology, the adoption of digital imaging and AI, the country's well-developed healthcare system, and favorable macroeconomic factors. As the healthcare landscape continues to evolve, the demand for diagnostic imaging devices is expected to further increase in Singapore.

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.