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Medical devices market to hit $3.5b by year-end: GlobalData

This translates to a compound annual growth rate of 5.2% from 2016.

The medical devices market will likely jump from $2.6b in 2016 to $3.5b by year-end, analytics company GlobalData said.

The increase translates to a compound annual growth rate (CAGR) of 5.2%.

According to GlobalData, Singapore has become a key hub for manufacturing a range of advanced medical technologies like implanted pacemakers, contact lenses, and mammography equipment for global markets.

RELATED: A look into SG's biomedical production as world transitions to COVID normalcy

GlobalData added that Singapore also presents  “great opportunities for the adoption of technology in healthcare and is open for investments,” and proof of this is the recent pre-series A funding of digital health AI company FathomX. 

The startup raised $2.24m to be used for the multicenter validation study of its flagship software as a medical device (SaMD) FxMammo across eight regions in the Asia-Pacific.

FathomX said FxMammo has “strong efficacy” in detecting cancer in dense breasts amongst Asian women and has higher accuracy compared with other technologies in the market. 

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