Singapore is stable with a favourable business environment which vigorously defends intellectual property rights. The business and scientific language is English. Many leading universities worldwide recognise Singapore as a global leader in the areas of education and science, including healthcare.
In Vitro Diagnostics is considered as one of the fastest growing segments of global and Asian healthcare industry. The Asia Pacific In Vitro Diagnostic market has enjoyed double digit growth over the past few years.
- One million patients are treated annually in Singapore
- Singapore ranks sixth globally and first in Asia in medical tourism. 350,000 foreign patients travel to Singapore each year for medical care
- Singapore medical expenditures increased from US$5 billion in 2006 to US$9.7 billion in 2010
- 38% of medical products purchased in Singapore are re-exported to the region
- Imports from US to Singapore grew 23% in 2010. US has 35% market share
- Singapore is within easy reach from most countries in the Asia Pacific region
Singapore continues to grow as a regional hub for medical manufacturing. According to Singapore’s Economic Development Board (EDB), as part of Singapore’s biomedical sciences sector, the medical technology industry doubled its manufacturing output from S$1.5 billion in 2000 to about S$3 billion in 2008. Over the same period, its manpower base also doubled from about 4,000 to more than 8,200 last year. By the year 2015, medtech manufacturing output is forecast to reach S$5 billion.
A global leader in medical technology manufacturing, Singapore accounts for 10% of the world’s contact lens production, half of the world’s thermal cyclers and more than 50% of the world’s microarray production.
Singapore’s medical device market is worth more than $200 million US dollars, and many economists have predicted strong economic growth in Singapore. The latest estimates indicate that Singapore will have the fastest growing economy in Asia with a 12% growth rate for the year 2010. In contrast, China’s growth during the same time is only expected to reach about 9%.
Asia is the fastest growing region in the global market, accounting to 22.88%, and is estimated to reach $17.20 billion US dollars with a CAGR of 11.3% from 2011 to 2016.