Singapore’s medtech sector and locally manufactured medical devices are punching above their weight

SINGAPORE – One in ten contact lenses used worldwide comes from Singapore, as do one in five cardiac implants such as surgical structural heart valves, pacemakers and stents.

The republic also produces half of the mass spectrometry systems used worldwide to test for things like drugs and food contaminants, as well as 90 percent of the gene chips that allow scientists to evaluate and store large amounts of genetic data.

“Made in Singapore” medical devices aren’t the only products punching above their weight in this growing market, which the Economic Development Board (EDB) estimates will be worth US$225 billion (S$304 billion) by 2030 in Asia alone.

An EDB spokesman said Singapore’s medical technology, or medtech, sector was growing steadily, with output set to reach $19 billion in 2022 – up $2 billion from 2021, up from $5 billion in 2012.

There are currently over 400 medical technology companies operating here, employing over 16,000 people – mostly highly skilled technicians, although there are also a lot of scientist-researchers.

Mr. John Eng, Vice President of Healthcare at EDB, said: “EDB, together with other government agencies, has been working to develop and expand the industry for more than 20 years.”

This required the creation of a favourable environment and qualified staff who could meet the needs of this highly skilled sector.

The goal was to get health care companies “to localize key activities with decision-making control to increase market access and business growth,” he said.

“Today, the medical technology sector is a key pillar of Singapore’s healthcare industry and offers a wide range of job opportunities to Singaporeans,” added Mr Eng.