Singapore government initiatives to aid medical devices market growth, says GlobalData
Singapore medical devices market is expected to witness a strong growth driven by increasing government expenditure on healthcare and rapidly increasing demand for innovative medical technologies, says GlobalData, a leading data and analytics company.
GlobalData's report, ‘Singapore Healthcare, Regulatory and Reimbursement Landscape – CountryFocus’, reveals that government initiatives such as Diagnostics Development (DxD) Initiative, Smart Nation initiative will support the increased demand for medical devices by the rapidly aging population to drive the market in Singapore..
Singapore’s public and private healthcare expenditure, which accounts for about 5.3% of GDP in 2020, is expected to exceed 8.5% in 2030. This increase can be attributed to Singapore government’s focus on raising the healthcare expenditure driven by the growing consumption of healthcare services by the general population.
Vedant Goswami, Medical Devices Analyst at GlobalData, comments: “The Research, Innovation and Enterprise Plan (RIE2025), launched in December 2020 by the Singaporean government, holds a budget of around US$19bn with ‘Human Health and Potential’ as one of the major areas of focus. The plan is expected to strengthen the medical devices industry in the country.”
To keep up with advances in biomedical science and encourage the development of new clinical treatments, The Ministry of Health, in partnership with Agency for Science, Technology and Research (A*STAR) and other governmental bodies, have increased their focus on investing in clinical and translational research.
Mr Goswami concludes: “Singapore provides universal health coverage to citizens and permanent residents. Almost 80% of the healthcare cost is subsidized by the government. Adherence of the ASEAN Medical Device Directive’s (AMDD) basic policies is expected to be followed by all ASEAN countries in the next few years. The AMDD system for registering and assessing medical devices requires ASEAN countries to follow uniform classification criteria for medical devices. This will provide medical device companies with a common market of more than 600 million people.”