Singapore’s medical market devices to reach $1.2b by 2028

The government is increasing support for its healthcare system and ageing population.

The medical market devices of Singapore is expected to record a compound annual growth rate of 6.3% from 2023 to 2028 to reach $1.2b as the country addresses the healthcare needs of its ageing population.

In a report, BMI noted that the Singapore government has invested around $372.2m (S$500m) into the ElderCare fund and $1.1b (S$1.5b) for the MediFund in the 2023/2024 budget.

“Ongoing government support for the country's healthcare system will be a primary growth driver, with an emphasis on enhancing elderly healthcare accessibility as the population rapidly ages,” BMI said.

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“This strategic funding will drive demand in the medical devices sector, particularly within sub-sectors such as orthopaedics and patient aids, as it significantly improves healthcare affordability for the growing senior population,” it added.

This, however, will be offset by slowing economic growth, inflationary pressures, and tightening fiscal conditions.

BMI also noted that the government’s commitment to developing a “world-class biomedical manufacturing hub” will also boost the country’s local production and exports.

It added that the market will also benefit from its free trade deals such as the Comprehensive and Progressive Agreement for Trans-Pacific Partnership.

$1 = S$1.34