Singapore is at the forefront of the Healthcare & Medical Technologies industry in South East Asia, and serves as medical hub for the region. With a fast ageing population and rising income levels, healthcare expenditure in Singapore is expected to grow up to EUR 23.5 billion by 2020.
The Healthcare & Medical Technologies market can be divided into six product categories: in 2015, Consumables took 17.1% of the market size, immediately followed by Diagnostic imaging (16.2%), Patient aids (12.1%), Orthopaedics (9%) and Dental products (5%). Other medical devices accounted for the remaining 40.5% of the market.
There is a lack of domestic competitors in the field of Healthcare & Medical Technologies, and foreign manufacturers dominate the competitive landscape. European companies interested in expanding to South East Asia can find opportunities in the following areas:
- Medical diagnostics, more particularly in the sub-segment of immunochemistry, point-of-care devices, and molecular diagnostics
- Products in population health management, like tele-health, tele-monitoring and other healthcare informatics
- Medical solutions towards functional ageing
- Solutions that seek to manage obesity-related and chronic diseases like hypertension and diabetes
- Digital dentistry, including computer-aided design and manufacturing of dental solutions
If you are a European company active in one of these areas, apply now for the upcoming business mission in Healthcare & Medical Technologies in Singapore and Thailand. Deadline for application is 12 May 2017.