Medical Technology

In 2024, the projected revenue in the Medical Technology market market in Singapore is expected to reach US$1.29bn.
Among the various markets in the market, Medical Devices is the largest, with a projected market volume of US$1.12bn in the same year.
The market is anticipated to display an annual growth rate (CAGR 2024-2029) of 8.52%, resulting in a market volume of US$1.94bn by 2029.
When compared globally, the United States is projected to generate the highest revenue, with US$211.10bn in 2024.
in Singapore holds a significant position in the Medical Technology market market.
Singapore's medical technology market is booming, with a focus on innovative solutions and partnerships with leading global healthcare companies.

Definition:
The Medical Technology market covers devices and products used for prevention, diagnosis, and treatment of diseases. Next to pharmaceuticals, they form the most important category of medical products. The most well known medical technology products are, among others, pacemakers, imaging instruments, dialysis machines, and implants.

Structure:
The Medical Technology market consists of two markets, In Vitro Diagnostics (IVD) and Medical Devices. The IVD market covers products used for medical laboratory testing of specimens derived from the human body. The Medical Devices market covers a broad range of products which are further marketed into medical specialties or types of application: Cardiology Devices, Diagnostic Imaging Devices, Orthopedic Devices, Ophthalmic Devices, and General & Plastic Surgery Devices. 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, Abbott Laboratories, Siemens Healthineers.
Further information on the key players can be found in the Market Shares boxes.

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

Pharmaceuticals
Services (i.e., treatment expenses)
Consumer technologies, e.g., fitness trackers
Blood and transplants derived from the human body

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

Customer preferences: Customers in Singapore have a strong preference for advanced and innovative medical technologies. They value products that are efficient, reliable, and offer high-quality patient care. Additionally, customers in Singapore prioritize technologies that are user-friendly and can be easily integrated into existing healthcare systems.

Trends in the market: One of the key trends in the Medical Technology market in Singapore is the increasing adoption of digital health solutions. Singapore has been actively promoting the use of technology in healthcare through initiatives such as the Smart Nation initiative. This has led to the development of innovative digital health solutions such as telemedicine, remote patient monitoring, and electronic health records. These technologies not only improve patient care but also enhance the efficiency and effectiveness of healthcare delivery. Another trend in the market is the growing demand for personalized medicine. Singapore has a strong focus on precision medicine and has made significant investments in genomics and molecular diagnostics. This has led to the development of advanced diagnostic tools and therapies that can be tailored to individual patients. Personalized medicine allows for more targeted and effective treatments, leading to better patient outcomes.

Local special circumstances: Singapore has a well-established healthcare system and is known for its high standards of healthcare delivery. The government plays a crucial role in driving innovation in the Medical Technology market through various initiatives and funding programs. Additionally, Singapore is home to a vibrant ecosystem of research institutions, hospitals, and medical device companies, which fosters collaboration and innovation.

Underlying macroeconomic factors: Singapore has a rapidly aging population, which is driving the demand for medical technologies that can address age-related diseases and conditions. The government has recognized this trend and has implemented policies to support the development and adoption of medical technologies that cater to the needs of the elderly population. Furthermore, Singapore is positioning itself as a regional hub for medical technology innovation and manufacturing. The country offers a favorable business environment, with strong intellectual property protection, efficient regulatory processes, and a skilled workforce. These factors attract both local and international companies to establish their presence in Singapore and contribute to the growth of the Medical Technology market. In conclusion, the Medical Technology market in Singapore is experiencing significant growth and development. Customer preferences for advanced and innovative technologies, the increasing adoption of digital health solutions, and the demand for personalized medicine are driving the market. The local special circumstances, including a well-established healthcare system and government support, further contribute to the market's growth. Additionally, underlying macroeconomic factors such as the aging population and Singapore's position as a regional hub for medical technology innovation and manufacturing are fueling the market's 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.