SG medical device market to generate a CAGR of 7.4% from 2022-2027
The market will reach $1.4b (USD1.1b) by 2027.
The Singapore medical device market will record a CAGR growth of 7.4% from 2022 to 2027, driven by improving healthcare provision and the elderly population’s healthcare needs.
Fitch Solutions said in a study that the market will reach a value of SGD1.4bn (USD1.1bn) by 2027.
Although the healthcare budget in 2023 will be lower compared to 2022, the budget is still higher than pre-pandemic levels.
Despite the positive outlook for Singapore's medical device market, it will be limited by the small population size, which affects the attractiveness of the market.
Continued financial incentives for the elderly population will support access to healthcare and ensure demand for medical devices, with Singapore's ageing population and commitment to improving healthcare provision driving medical device market growth over the long term.