Singapore Medical Device Market Intelligence Report

A Report by Espicom Business Intelligence

EXECUTIVE SUMMARY

• The standard of living in Singapore is comparable to many developed Western nations and, with the exception of Japan, GDP per capita is the highest of all the Asian countries. Projected GDP growth is currently the fourth highest in the world.
• A universal and affordable healthcare system is evident in Singapore. Both rates for doctors and hospital beds per thousand population are above global averages.
• The Singapore government provides considerable financial backing to the healthcare industry. Known for a strong and focused industrial policy, government funds totalling US$1.7 billion have been channelled into university and research centres in a bid to enable Singapore to enhance the life science, pharmaceutical, medicine and bio-technology sectors.
• The advent of the new ‘Health Products Act’ is hoped to improve regulatory practice for both medical devices and pharmaceuticals.
• The manufacture of medical products is dominated by multinational companies and the majority of what little domestic production takes place is intended for export, particularly to Europe and the USA.
• Singapore acts as a key trading hub to connect South East Asia and the Western world and is a major re-exporter of medical equipment. Strong trade links with the US and the EU have helped to create a resilient market.
• In 2006, the Singapore medical device market stands at US$178 million, similar to that of Chile or Slovenia. In per capita terms, with a total of US$41, the market is similar to that of fellow Asian Tigers Korea and Taiwan.

MEDICAL DEVICE MARKET

Current Size
The Singapore market for medical equipment and supplies is estimated at US$178 million in 2006, equal to US$41 per capita. Singapore’s medical device market has been fairly resilient, with growth continuing throughout the period of financial instability towards the end of the last decade. Stable device import figures underline the fundamental strength of the market. Moreover, strong trade links with the US and EU have played a large part in this industry buoyancy.

Summary of the Singaporean Medical Device Market, 2006

Source: Espicom estimates

Projections

Owing to impressive import growth, a fairly steady economy and an ageing population, Espicom estimates the Singaporean market to exhibit annual average growth of around 9.1%. Based on this rate, it is estimated the market will breach the US$200 million mark by 2008, and stand at US$276 million by 2011, equal to US$61 per capita.

Market Projections, 2006-2011 (US$ millions)

Source: Espicom estimates.

© Copyright 2006 Espicom Business Intelligence
All rights reserved. No part of this publication may be reproduced or used in any form or by any means graphic, electronic or mechanical, including photocopying, recording, taping or storage in information retrieval systems without the express permission of the publisher.
Every care has been taken to ensure that the information contained in this report is correct. The publisher accepts no liability for decisions made on the basis of information contained herein.
British Library Cataloguing in Publication Data.

A catalogue record for this report is available from the British Library.