Ken Research in its latest study, “Singapore Medical Devices Market Outlook to 2022 - by Type of Medical Device (Consumables, Diagnostic Imaging, Patient Aids, Orthopedic & Prosthetics, Dental Products and Others)”, suggests that demand for medical devices in the market will continue to grow in Singapore owing to technology advancements and rising number of hospitals and other healthcare facilities.
• The medical device market is dominated by foreign manufacturers which supply more than 85.0% of the medical devices in the country. Leading importers include the US, Germany and Japan. Furthermore, more than 60% of products imported into Singapore are subsequently re-exported.
• The Ministry of Health is the leading end user of medical devices which procures medical devices through tender process. MOH follows the Price-Quality Method (PQM) to evaluate tender proposals.
The medical device market will incline at a healthy growth rate driven by growing investment in public and private health care sector and emphasis on local production. In 2017, Singaporean medical device regulators implemented a new priority market pathway that could reduce review timeframes for qualifying medical devices by up to 35% within two years. Health Sciences Authority, Singapore anticipates that the priority review scheme will reduce turnaround times for premarket reviews for the full evaluation routes by 25% by mid-2018, and by 35% by late 2019. Evaluation fees for the HSA priority review scheme are set to increase 15% over current rates for route 1, while fees for full HSA reviews route 2 will increase 50% over existing rates. This will allow manufacturers, importers and distributors to increase their revenue by introducing new and advanced medical devices in the market.
Digitalization is a key trend in healthcare with the electronic patient record in place and improving communication systems being considered. Telehealth and remote monitoring are being trialed for future implementation. There is also a shift from treatment to preventive care and health promotion, where mobile applications and wearable devices or the Internet of Things will see an increased uptake. Companies with medical solutions catered towards functional ageing will be able to tap on the Centre for Healthcare Innovation and Medical Engineering (CHIME) and the Silver Community Test-bed Programme launched by Singapore’s government to launch and test-bed age-friendly assistive devices in a real-life home setting.
Growing demand for home-use medical devices, expansion of healthcare facilities coupled with rising prevalence of lifestyle and chronic diseases will propel the Singapore medical device market revenue in future.
Companies Covered:
QT Vascular, Biosensors International, Becton Dickinson, Optimal Medical Products Pte Ltd, B. Braun Singapore Pte Ltd, Alcare Pharmaceuticals, and Kingston Medical Supplies Pte Ltd
To know more, click on the link below:
https://www.kenresearch.com/healthcare/medical-devices/singapore-medical-equipment-market/149667-91.html
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