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The USD $1,690 billion / EUR 1,527 billion Asia Pacific market is forecast to expand to USD $2,271 billion / EUR 2,271 billion with a 8.1% CAGR at constant exchange rates (CER) through to 2021. The USD $128 billion /EUR 115 billion South Asia market will be a strong driver of growth (12.3% CAGR through to 2021), followed by the USD $114 billion /EUR 103 billion South East Asia market (9.2% CAGR through to 2021).(1)
Singapore will continue to be one of the fastest growing markets in developed Asia. Market growth will be supported by strong government financial backing for the healthcare sector, new healthcare development projects and a well-established medical tourism industry.
Medical device manufacturers will benefit from the signing of an EU-Singapore Free Trade Agreement (EUSFTA), which willimprove market access from 2019. EUSFTA will provide a boost for Singapore’s medical device industry which has seen fallingoutput in recent months.(2)
We maintain our forecast in local currency terms and project that the medical device market will expand by a 2018-2023 CAGR of 9.1% to reach SGD1.3bn in 2023.
Singapore medical devices report, Q2 2019 - Fitch Research Solutions
Oncology in the Asia Pacific (APAC) region
"The lead centres for oncology research in this region are China, Japan, South Korea, and Taiwan, with Singapore the only one not in North Asia. Each market focuses on the cancers common in their own countries – for example, oesophageal cancer is prevalent in north China, and gastric cancer in Japan and South Korea," said James Huang, regional medical director of oncology for Asia-Pacific at Merck.(3)
Asia Pacific (APAC) region
Antimicrobial resistance (AMR) has emerged as a major public health concern....The main driving force behind the emergence of AMR is selection pressure created due to consumption of antibiotics...Many countries in the South East Asian Region have some policy structures in place to deal with AMR, but most of them lack detailed implementation plans or monitoring structures.(4)
Singapore's strength in the regional healthcare market:
One of the most developed countries in Asia
Wealthy city state, GDP per capita amongst the highest in the world (top 10)
Leading regional economic power, with a sizeable network of international alliances.
Public health spending outperforming GDP growth
Small population and land mass makes health coverage easy to administer
Used extensively as trading hub between the West and South East Asia
Growth of the medical technology manufacturing sector(2)
Opportunities for healthcare market professionals:
Strong trade flows - key geographic location and growing importance as a global trading hub andtranshipment destination
Leading regional neighbours in signing free trade agreements - increased regional integration likely to givemore influence in Asia
Strong government financial backing for the healthcare sector
Rapidly ageing population fuelling demand for healthcare services
Among the lowest import and export costs both in the region and globally, therefore very competitive location for international trade (2)
(1): Healthcare asia magazine - Asia Pacific healthcare market predicted to expand to US$2.3b
(2): Research report - Singapore medical devices report, Q2 2019
(3): News article - Singapore business review - Asia hailed as world's fastest-growing healthcare market
(4): Journal article - National center for biotechnology information - Antimicrobial resistance in South East Asia: time to ask the right questions
28 October 2020: 9:30 – 17:00
29 October 2020: 9:30 – 17:00
30 October 2020: 9:30 – 16:00