At present, the Medtech industry is aiming to target revenues of about more than $10 billion with the Singaporean government targeting up to 1 million foreign patients a year which would contribute of about 1% to the GDP of the country.
- Definition / Scope
- Market Overview
- Top Market Opportunities
- Market Trends
- Industry Challenges
- Technology Trends
- Regulatory Trends
- Other Key Market Trends
- Market Size and Forecast
- Market Outlook
- Technology Roadmap
- Competitive Landcape
- Competitive Factors
- Key Market Players
- Strategic Conclusion
Definition / Scope
By the term Medtech or Medical Technology it consists of technologies that diagnose, treat or improve human health. At recent times, medtech is one of the most emerging industries in the world and plays an important role in diagnosing, monitoring and coming up with solutions for treating diseases that affect humans.
The overall global scenario of the sector is positive because consumers are taking proactive steps to seek better medical and health care facilities which is likely to keep up the demand of the sector.
Singapore is one of the most highly ranked countries in context of doing business because of the well-developed infrastructure, talented workforce which attracts multinational companies and startups.
Singapore in medical devices & technology is an emerging player at current times and strives to become the largest industry in the entire Asian region despite of the infancy phase that it is in at present.
The slowdown in economy of developed nations like USA and entire EU region has shifted the focus of global, manufacturers to ASEAN region and particularly Singapore as it has the most effective infrastructure providing healthcare access among population and due to its high spending on advance health care systems, the country is an ideal base for worldwide companies to expand their horizon.
At present, the Medtech industry is aiming to target revenues of about more than $10 billion with the Singaporean government targeting up to 1 million foreign patients a year which would contribute of about 1% to the GDP of the country. Singapore has a presence of more than 60 highly competent global medical technology companies who lead in manufacturing, operation and R&D activities related to medical technology.
The industry contributes about $3.1 billion and around 9000 jobs to the country's economy. The industry continues to thrive as government support the growth through introducing inducement based schemes as Singapore has good scope in this industry in foreseeable future.
The number of employees to be hired for the sector is projected to grow with around 20,000 science and engineering graduates each year contributing directly to the sector and around 300,000 skilled employees in associated sectors, such as pharmaceuticals.
A high number is projected due to the demand that is likely to increase and these multi-disciplinary labor force are supported by particularly two government programs known as Medical technology IDEAS (Innovate, Design, and Engineer for Asia in Singapore) and Singapore-Stanford Bio-design Program.