SINGAPORE'S medical device market is projected to register a compound annual growth rate of 8.4 per cent from 2018 to 2023, down from a previous estimate of 9.1 per cent, with the industry valued at some S$1.3 billion in 2023, according to a report by Fitch Solutions Macro Research on Thursday.
The research house also expects Singapore's medical device market to grow by 6.6 per cent this year, and by 8.4 per cent in 2020. Separately, it added that medical device imports will benefit from increased government spending on healthcare capacity and new medical technologies. But medical device exports, which primarily consist of re-exported goods, will face mounting headwinds in 2019 due to the global economic slowdown, particularly in the US and China, the country's two most important destinations, Fitch Solutions said.
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