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The Medical Device Market: Singapore
Espicom Business Intelligence Ltd, Oct 2011, Pages: 58
Singapore announced the implementation of its first set of medical device regulations in November 2007, and starting August 2010, all medical devices 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 2011, the Singapore medical device market is valued at US$355 million, similar to the Philippines and Slovenia. In per capita terms, at a total of US$68, the market is similar to Taiwan and Hungary.
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