Market Insights Health Medical Technology Medical Devices

Other Medical Devices - Singapore

Singapore

The projected revenue in the Other Medical Devices market market in Singapore is expected to reach US$0.40bn in 2024.
Furthermore, it is anticipated that the revenue will exhibit an annual growth rate of 8.45% (CAGR 2024-2029), ultimately leading to a market volume of US$0.60bn by 2029.
It is worth noting that in terms of global comparison, the United States is expected to generate the highest revenue, amounting to US$72,780.00m in 2024.
Singapore's strong focus on innovation and advanced healthcare infrastructure has positioned it as a leading market for cutting-edge medical devices.

Key regions: United Kingdom, Netherlands, Japan, United States, Europe

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Analyst Opinion

The Other Medical Devices market in Singapore has been experiencing steady growth in recent years.

Customer preferences: Customers in Singapore have shown a strong preference for high-quality medical devices that are technologically advanced and offer innovative features. They are willing to invest in devices that can provide accurate and reliable results, as well as improve patient outcomes. Additionally, customers in Singapore value devices that are easy to use and maintain, as well as those that offer a high level of patient comfort.

Trends in the market: One of the key trends in the Other Medical Devices market in Singapore is the increasing adoption of digital health technologies. This includes devices that can connect to smartphones or other digital platforms to provide real-time monitoring and data analysis. This trend is driven by the growing interest in preventive healthcare and the desire to track and manage health conditions more effectively. Additionally, the COVID-19 pandemic has further accelerated the adoption of telemedicine and remote monitoring devices, as healthcare providers and patients seek alternatives to in-person consultations. Another trend in the market is the growing demand for minimally invasive medical devices. These devices offer several advantages, including shorter recovery times, reduced risk of complications, and improved patient comfort. As a result, there is a growing demand for devices such as laparoscopic instruments, catheters, and endoscopes. The increasing prevalence of chronic diseases, such as cardiovascular diseases and diabetes, is also driving the demand for devices that can help in the management and treatment of these conditions.

Local special circumstances: Singapore has a well-developed healthcare system and is known for its high healthcare standards. The government has been actively promoting the adoption of innovative healthcare technologies and has implemented various initiatives to support the growth of the medical devices industry. This includes providing funding and grants for research and development, as well as offering incentives for companies to establish their manufacturing and distribution facilities in Singapore. Additionally, the country's strong intellectual property protection laws and robust regulatory framework provide a favorable environment for companies operating in the medical devices sector.

Underlying macroeconomic factors: Singapore has a growing aging population, which is driving the demand for medical devices. As the population ages, there is an increased need for devices that can help in the diagnosis, treatment, and management of age-related conditions. Additionally, the government's focus on healthcare and the increasing healthcare expenditure are contributing to the growth of the Other Medical Devices market in Singapore. The country's strong economic performance and high disposable income levels also play a role in driving the demand for medical devices. In conclusion, the Other Medical Devices market in Singapore is experiencing growth due to customer preferences for high-quality and technologically advanced devices, the adoption of digital health technologies, the demand for minimally invasive devices, local special circumstances such as government support and a favorable regulatory environment, and underlying macroeconomic factors such as the aging population and high healthcare expenditure.

Methodology

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.