The industry outperformed the output of the manufacturing sector, which fell 6.9%.
The medical device industry is projected to continue outperforming the overall manufacturing sector after output grew 4.2% YoY in June 2019 and 5.2% in H1, Fitch Solutions reported. In contrast, total manufacturing output dropped 6.9% in June 2019 and 1.8% over the first half of the year.
The medical device sector will benefit from the government's investment in R&D, ease of regulation to encourage foreign investment, and the pursuit of global trade agreements. An earlier report from Fitch Solutions notes that the medical device market may hit a value of $1.3b by 2030, expanding at a compound annual growth rate (CAGR) of 8.4% from 2018-2023.
The medical device industry will also benefit especially from the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP), as well as the EU-Singapore Free Trade Agreement (EUSFTA) set to enter force by the end of 2019.
In addition, the recent EDB Survey of Business Expectations of the Manufacturing Sector also found that the biomedical manufacturing cluster has the most optimistic business prospects for the second half of 2019.
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