By increasing public spending on healthcare and rapidly increasing demand for innovative medical technologies, Singapore’s medical device market is expected to grow rapidly, according to a leading analytics company.
Singapore aims to provide smart healthcare to people using new technologies, which helps the country resist the impact of COVID-19 on its healthcare system. This report reveals that the Singapore healthcare market is a fast growing market in the Asia-Pacific region with a focus on healthcare technology and research and development.
Telemedicine, electronic health records, patient solutions, medical diagnostics, health management solutions, personal health and fitness, and medical education are some of the areas where technology is playing a role. major role.
The report reveals that government initiatives such as the Diagnostics Development (DxD) initiative and the Smart Nation initiative will support the increased demand for medical devices by the aging population to stimulate the market in Singapore.
Singapore’s public and private health spending, which accounts for about 5.3% of GDP in 2020, is expected to exceed 8.5% by 2030. This increase can be attributed to the Singapore government’s focus on increasing of health expenditure driven by the increasing consumption of health services. by the general population.
Medical Devices Analyst said the Singapore government’s research, innovation and enterprise plan (RIE2025) has a budget of around US $ 19 billion with “human health and potential.” as one of the main areas of interest. The plan is expected to strengthen the medical device industry in the country.
To monitor the progress of biomedical science and encourage the development of new clinical treatments, the Department of Health, in partnership with the Agency for Science, Technology and Research (A * STAR) and other government agencies, increased their focus on investment in and translational research.
Singapore offers universal health coverage to citizens and permanent residents. Almost 80% of the cost of health care is subsidized by the government. Singapore’s polyclinics are also adopting new technologies such as virtual systems, making healthcare delivery more accessible and affordable, especially during the pandemic.
Using a virtual system, the attending nurse enters details of the patient’s condition, and the device’s computer algorithm will recommend required tests and consultation with specialists from the National Heart Center. Singapore. This will provide faster service to patients while eliminating the incidental costs that accompany hospital visits, and will help the doctor look after more patients every day.
Adherence to the basic policies of the ASEAN Medical Device Directive (AMDD) is expected to be followed by all ASEAN countries over the next few years. The AMDD Medical Device Registration and Evaluation System requires ASEAN countries to follow uniform classification criteria for medical devices. This will provide medical device companies with a common market of over 600 million people.
There has been a clear and significant increase in the development and deployment of transformational technologies in the health system during the pandemic in Singapore, demonstrating the country’s commitment to achieving its goal of providing technology-driven health solutions. to its citizens.
As reported by OpenGov Asia, Digital Monitoring Solution is one of the examples of Singapore’s innovation in medical devices. The digital monitoring solution is an affordable and fully integrated smart health platform that includes tamper-proof smart mobile and wearable app, geofence locator, remote monitoring dashboard and automatic alerts.
The solution provides a holistic 360-degree view for 24-hour monitoring and detailed recording logs of a sailor’s well-being, combining tracking of key vital elements (temperature, heart rate, SPO2, level of activity and sleep patterns), highly accurate indoor geofencing with automated geofence quarantine monitoring and health symptom monitoring. It analyzes and triangulates the information collected and makes it possible to detect anomalies and assess risks.