Value of total medtech manufacturing output Singapore 2014-2023

Singapore's MedTech manufacturing output value reached 20.09 billion Singapore dollars in 2023, which marked a ten-year-high. MedTech is a key sector in Singapore’s manufacturing industry and plays a vital role in positioning the country as a biomedical hub. 

Key figures of MedTech manufacturing in Singapore

MedTech has increased its share of manufacturing output in Singapore in the last decade, making up close to five percent of the manufacturing sector as of 2023. The sector employs more than 17,000 people, who, on average, earn more than 76,000 Singapore dollars, higher than the average salary of workers in the manufacturing sector. Singapore’s MedTech manufacturing output includes diagnostics tools, medical supplies and equipment, as well as medical aids such as orthopaedic devices and hearing aids.

Singapore’s MedTech manufacturing sector is rebounding after the pandemic

Between 2020 and 2022, the MedTech sector saw declining manufacturing output growth, after experiencing a surge in demand during the initial phase of the pandemic. However, preliminary figures for 2023 show that the sector is growing again, amidst increasing export demand. Singapore’s largest export markets for medical equipment are the United States, South Korea, and India.