Singapore: Growth in Singapore medical device market cut to 8.4% for 2018-2023: Report

Singapore's medical device market is projected to register a compound annual growth rate (CAGR) 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 $1.3 billion in 2023, according to a report by Fitch Solutions Macro Research on Thursday (July 25).

This comes amid weaker global economic momentum, and the ongoing US-China trade tensions, though increased government expenditure on the growing healthcare needs of an ageing population will likely cushion the effects of a slowing economy, Fitch Solutions said.

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.

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