Chart of the Day: Singapore's medical device market value to hit $1.3b by 2023

Increased government expenditure will support the segment.

This chart from Fitch Solutions shows that Singapore’s medical device market value could reach $1.3b by 2023, with a 2018-2023 compound annual growth rate (CAGR) of 8.4%.

Increased government expenditure on the growing healthcare needs of the ageing population is expected to boost the medical devices space. Its drivers include a rapidly ageing population with a growing disease burden, high quality healthcare provision financed by a combination of private saving schemes and government subsidies.

During the Budget 2019, finance minister Heng Swee Keat announced that they will allocate about $6.1b of Merdeka Generation packages. Recent government moves also included $270m-worth of MediSave top-ups to be given to qualified senior from Pioneer Generation and the Merdeka Generation. Over $1b worth of 2019 MediSave top-ups and GST vouchers (GSTV) will benefit 1.7 million Singaporeans between July and November, the Ministry of Finance (MOF) revealed.

Also read: Singapore trails behind China and Saudi Arabia in AI healthcare adoption

Its imports are also projected to see growth, supported by new medical technologies to further expand healthcare for the edlerly. However, exports may face mounting headwinds throughout 2019.

Overall, a separate report from Frost & Sullivan stated total healthcare expenditure in Singapore is tipped to hit $33.6b (US$24.6b) by 2020. Private expenditure will account for $20.5b (US$15b) whilst public healthcare expenditure may reach $13.1b (US$9.6b).

If you've been wondering whether SBR could work for your company — yes, probably.

A lot of the companies we partner with started as readers. They'd been following our coverage for a while, saw their own customers and competitors in it, and eventually asked the obvious question: could we do something with you? The answer is usually yes. The shape of it depends on what you're trying to do.

The options are broader than most people assume — thought leadership articles, sponsored content, industry summits across Southeast Asia, regional awards programmes, podcasts, and media placements in print and digital. Some partners use one channel; most use a mix. We figure out the right combination by starting with your brief, not with our rate card.

So if the question has been on your mind, here's the easy way to ask it.

We'll tell you honestly whether we can help, and how. It's a better use of everyone's time.

Book a meeting

| Or download the media kit (PDF)

240,000 senior readers quarterly in print Top 1,700 Singapore companies reached

7 markets across Southeast Asia