R. Hirschmann
Research expert covering Singapore, Indonesia and Malaysia
Medtech in Singapore - statistics & facts
The medical technology (MedTech) industry has been identified as a key sector for growth and development in Singapore, in line with its goal to be a global leader in biomedical sciences. To achieve this aim, the Government of Singapore has identified human health and potential as a focus area of its research and development strategy, RIE 2025, with a total allocated budget of 28 billion Singapore dollars as of 2024. The hefty investment in this sector underscores the importance of MedTech not only to Singapore’s economy and global competitiveness, but also to meet the healthcare needs of its rapidly aging population.
Singapore as a leading MedTech hub
As one of the largest exporters of medical equipment in the Asia-Pacific region, Singapore has the strong manufacturing base needed to be a leading MedTech hub. Medtech manufacturing output in Singapore has almost doubled in the last decade and is projected to reach more than 20 billion Singapore dollars in 2023. The sector is also showing growth after two years of declining output, which saw decreasing export demand after unusually high demand in 2020 due to COVID-19.
Singapore’s attractiveness as a MedTech hub has been recognized by many of the leading global companies in this sector. Market leaders such as Medtronic, Becton Dickinson, and Thermo Fischer, have set up either regional headquarters or research and development and manufacturing facilities in the city-state. Alongside the established multinationals, Singapore has a robust start-up scene, accounting for more than two-thirds of all HealthTech start-ups in Southeast Asia. Even so, Singaporean MedTech start-ups have yet to make their mark globally, with just one such company making it among the leading HealthTech unicorns in Asia.
Is technology the solution to Singapore’s healthcare challenges?
Advancements in the MedTech sector would help Singapore in meeting its growing healthcare needs. An aging population would lead to increasing demand for, as well as rising costs of, medical and healthcare, while having to provide and maintain high standards of care with a smaller labor force. Government expenditure on healthcare in Singapore has already increased four-fold in the last decade, with per capita health expenditure at more than 3,000 Singapore dollars.
MedTech solutions such as medical service robotics, artificial intelligence, and digitalization of medical services could alleviate the workload of medical professionals and provide consumers with higher standards of care faster. However, implementing these solutions would need the buy-in of not just healthcare professionals, but also the consumers. A survey of healthcare leaders in Singapore found that a quarter of them perceive staff’s unwillingness as a barrier to adopting these technologies. Singaporean consumers also seem hesitant to embrace new healthcare technologies, with preference for virtual touchpoints for healthcare decreasing after the pandemic. Perceptions could eventually change, however, with improved quality, availability, and increased usage of such technologies in the medical and healthcare sectors.
Singapore as a leading MedTech hub
As one of the largest exporters of medical equipment in the Asia-Pacific region, Singapore has the strong manufacturing base needed to be a leading MedTech hub. Medtech manufacturing output in Singapore has almost doubled in the last decade and is projected to reach more than 20 billion Singapore dollars in 2023. The sector is also showing growth after two years of declining output, which saw decreasing export demand after unusually high demand in 2020 due to COVID-19.
Singapore’s attractiveness as a MedTech hub has been recognized by many of the leading global companies in this sector. Market leaders such as Medtronic, Becton Dickinson, and Thermo Fischer, have set up either regional headquarters or research and development and manufacturing facilities in the city-state. Alongside the established multinationals, Singapore has a robust start-up scene, accounting for more than two-thirds of all HealthTech start-ups in Southeast Asia. Even so, Singaporean MedTech start-ups have yet to make their mark globally, with just one such company making it among the leading HealthTech unicorns in Asia.
Is technology the solution to Singapore’s healthcare challenges?
Advancements in the MedTech sector would help Singapore in meeting its growing healthcare needs. An aging population would lead to increasing demand for, as well as rising costs of, medical and healthcare, while having to provide and maintain high standards of care with a smaller labor force. Government expenditure on healthcare in Singapore has already increased four-fold in the last decade, with per capita health expenditure at more than 3,000 Singapore dollars.
MedTech solutions such as medical service robotics, artificial intelligence, and digitalization of medical services could alleviate the workload of medical professionals and provide consumers with higher standards of care faster. However, implementing these solutions would need the buy-in of not just healthcare professionals, but also the consumers. A survey of healthcare leaders in Singapore found that a quarter of them perceive staff’s unwillingness as a barrier to adopting these technologies. Singaporean consumers also seem hesitant to embrace new healthcare technologies, with preference for virtual touchpoints for healthcare decreasing after the pandemic. Perceptions could eventually change, however, with improved quality, availability, and increased usage of such technologies in the medical and healthcare sectors.
