The Medical Device Market: Singapore

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The Medical Device Market: Singapore

Espicom Business Intelligence
Management Report November 2006

Espicom’s in-depth medical device market reports are ideal for executives wanting to understand the key drivers in medical markets and have access to a wealth of statistical data. Each report opens with an outlook section that provides analysis of the market, 5-year market forecasts, national data projections, market outlook and key developments such as regulation, health facilities and government policy. The report also provides extensive background information, population trends, health status, health expenditure, organisation & administration, hospital services, medical personnel, healthcare development, market access information, trade data and essential industry contacts. Included with the report are 3 free quarterly updated outlook reports, enabling you to keep up to date with market developments for a year. As a very open economy reliant on exports, Singapore was especially affected by the 2001 slowdown of the US economy as demand for electronics, in particular, dropped. In 2002/2003 however, the city state’s economy began to improve and in a bid to widen the economic base and seek new growth areas, the government has taken policy and legislative steps to encourage pharmaceutical and bio-tech companies to settle there. Life sciences, medicine, pharmaceuticals and biotechnology have been designated one of the country's four “industrial pillars”. Known for a strong and focused industrial policy, government funds have been, and are, being channelled into university and research centres in a bid to enable Singapore to capitalise on these growth sectors. Companies within these sectors can expect to find a generally favourable and encouraging business environment.

Singapore remains a healthy and strong market due to the country’s commitment and demand for improving and upgrading healthcare. Healthy trade links with the USA and EU have played a large part in this industry resilience. Singapore is a favoured location for multinationals, both as a manufacturing base and as a regional distribution centre.

The standard of living in Singapore is comparable to many developed Western nations and, with the exception of Japan, GDP per capita is the highest of all the Asian countries. Projected GDP growth is currently the fourth highest in the world.

Number of pages - 102

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