Medical Devices - Singapore | Statista Market Forecast

In Singapore, the revenue in the Medical Devices market market is estimated to reach US$1.12bn in 2024.
The largest market within this market is Cardiology_Devices, which is projected to have a market volume of US$156.40m in the same year.
It is expected that the revenue will experience an annual growth rate of 9.00% from 2024 to 2029, resulting in a market volume of US$1.72bn by 2029.
When compared globally, the United States is forecasted to generate the highest revenue in this market, with US$181.00bn in 2024.
Singapore is leading the way in the Medical Devices market with its innovative technologies and strong regulatory framework.

Definition:
The Medical Devices market includes instruments and machines helping for the prevention, diagnosis, and treatment of diseases. This market is further broken down into 6 submarkets according to medical specialties or types of application. Medical devices that treat the heart, such as pacemakers, can be found in the Cardiology Devices market. The Diagnostic Imaging market covers machines and instruments for diagnosis of many different kinds of conditions. Devices for orthopedic applications, such as joint implants, are included in the Orthopedic Devices market. Ophthalmic Devices are devices used for conditions related to the eye. The General & Plastic Surgery Devices covers many different products required for surgeries. The Other Medical Devices market provides information on additional areas that are not covered by the main markets.

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: Medtronic, Johnson & Johnson, Siemens Healthineers.

Implants and prostheses
Assistive technology products (e.g., hearing aids, wheelchairs)
Clinical engineering products
Imaging devices
Active medical devices (i.e., operating with electrical energy)

Services (i.e., treatment expenses)
Consumer technologies, e.g., fitness trackers
Products for laboratory testing (IVD)

The Medical Devices market in Singapore is experiencing significant growth and development.

Customer preferences: Customers in Singapore have a strong preference for technologically advanced medical devices that offer high quality and reliable performance. They value devices that are user-friendly, efficient, and provide accurate results. Additionally, customers in Singapore prioritize safety and compliance with international standards when it comes to medical devices.

Trends in the market: One of the key trends in the Medical Devices market in Singapore is the increasing demand for wearable medical devices. These devices, such as fitness trackers and smartwatches with health monitoring capabilities, are gaining popularity among consumers who are becoming more health-conscious and proactive in monitoring their own health. This trend is driven by advancements in technology, which have made it possible to develop smaller, more portable, and user-friendly medical devices. Another trend in the market is the growing adoption of telemedicine and remote patient monitoring. With the advancement of digital technology, healthcare providers in Singapore are increasingly using telemedicine platforms and remote monitoring devices to provide healthcare services remotely. This trend is particularly relevant in the context of the COVID-19 pandemic, as it allows for the delivery of healthcare services without the need for physical contact.

Local special circumstances: Singapore is known for its strong healthcare infrastructure and high-quality healthcare services. The country has a well-established regulatory framework for medical devices, which ensures that only safe and effective devices are available in the market. This regulatory environment, coupled with the country's focus on research and development, has created a conducive environment for the growth of the Medical Devices market in Singapore.

Underlying macroeconomic factors: Singapore has a rapidly aging population, which is driving the demand for medical devices. As the population ages, there is an increased need for medical devices that can help manage chronic conditions and improve the quality of life for older adults. Additionally, Singapore has a high healthcare expenditure per capita, indicating a willingness to spend on healthcare products and services. Furthermore, Singapore is positioning itself as a hub for medical technology innovation and development. The government has implemented various initiatives to support the growth of the medical devices industry, including funding programs and tax incentives for research and development activities. These initiatives are attracting both local and international companies to invest in the Medical Devices market in Singapore, further driving its growth and development.

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.