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Medical Technology

Medical Technology

The Asia-Pacific MedTech market is projected to reach $225 billion by 2030, with a CAGR of 10.5%. Singapore, with its strategic geographic location, provides an ideal springboard for MedTech companies to tap into opportunities in this region. Currently, Singapore is home to over 30 of the world's leading multinational MedTech companies, conducting various operations ranging from R&D and manufacturing to establishing regional headquarters.

Seizing Regional Opportunities

 

High-Value Medical Technology Manufacturing Hub

As a leading high-value medical technology manufacturing nation in Asia, Singapore produced over US$12 billion in products in 2021, encompassing cardiovascular implants, life science tools and diagnostic devices, vision care devices, hearing aids, and medical supplies and equipment for regional and global markets. Companies leverage Singapore’s active ecosystem of engineering expertise, suppliers, and local partners, and world-class quality assurance standards to manufacture high-value medical products.

 

Innovation and R&D Ecosystem

Singapore boasts top universities, research institutions and innovative start-ups, providing a vibrant open innovation ecosystem for medical technology companies. Over 25 multinational medical technology companies have established R&D centers in Singapore, alongside over 400 local biomedical start-ups and SMEs. Medical technology companies are increasingly tapping into this network of innovation, talent and creativity to develop next-generation products and solutions for the region.

 

New Business Model Innovation Hub

With the proliferation of connected devices, Singapore provides a strong foundation for companies to build entirely new business models around big data and patient-centric care. Singapore’s wealth of design consultancies, data analytics research institutions and a talent pool of applied data analysts provides companies with the ability to develop new market strategies in Asia.

Singapore will continue to leverage its position as a regional medical technology hub to foster innovation and collaboration to support the growth of global medical technology companies and their expansion into the Asia-Pacific market.

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