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The Medical Device Market: Singapore
Espicom Business Intelligence Ltd, Sep 2009, Pages: 96
This in-depth medical device market report is ideal for executives wanting to understand the key drivers in medical markets and have access to a wealth of statistical data. Each report opens with an outlook section that provides analysis of the market, 5-year market forecasts, national data projections, market outlook and key developments such as regulation, health facilities and government policy. The report also provides extensive background information, population trends, health status, health expenditure, organisation & administration, hospital services, medical personnel, healthcare development, market access information, trade data and essential industry contacts. Included with the report are 3 free quarterly updated outlook reports, enabling you to keep up to date with market developments for a year.
Executive Summary
As strong as Singapore’s economy is in Asia, let alone the world, the fact remains that it is an export driven one, and the slowdown has already taken its toll on the manufacturing sector, and this will inevitably result in a further contraction of growth in medical device output in the short term at least.
Singapore announced the implementation of its first set of medical device regulations in November 2007, and by October 2010, all medical devices will need to be registered and all dealers (including importers and manufacturers) will have to be licensed.
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.
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, the government continues to channel funds into medical and pharmaceutical research, and has vowed to continue investing in this sector despite a slowdown in the economy.
In 2008, the Singapore medical device market is valued at US$209 million, similar to that of Lithuania or Serbia. In per capita terms, with a total of US$46, the market is similar to that of fellow Asian Tigers South Korea and Hong Kong.
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