HEALTHCARE | Staff Reporter, Singapore

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).

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