Asia Pacific’s medical technology scene is expected to hit US$133 billion by 2020, a giant leap from US$88 billion in 2015, to become the second largest market in the world. As the world’s population ages and the number of patients increases, the demand for accessible healthcare solutions will rise exponentially. This will create a unique opportunity for the medical technology industry to step in with innovative, scalable and cost-effective solutions to cater to the growing demand.
build an innovative and self-sustaining medtech ecosystem
There are 600 million people living in ASEAN markets and more across Asia Pacific. The government has earmarked the medical technology sector as one of the key growth drivers for Singapore. By positioning Singapore as Asia Pacific’s healthcare hub, it creates a sustainable healthcare ecosystem for multinational companies and startups to collaborate, innovate and thrive.
While other industries may be concerned about their growth owing to factors caused by external forces, the healthcare industry, specifically the medtech sector, is expected to remain resilient. This is largely due to the constant demand for quality products and services, as well as growth from continued investments in this sector.
an ecosystem that creates career opportunities beyond healthcare roles
There are more than 30 global medical technology companies, and even more health-tech startups that have an active presence in Singapore.Medical devices companies in Singapore focus mainly on cardiovascular, eye care, diagnostic, imaging, research tools, scientific instruments and orthopedics. These areas of medical specialties are specifically targeted to help alleviate pain in the ageing population, improve diagnosis as well as disease treatment and management.
When companies operate from Singapore, they are able to manage the end-to-end process, from research and development through to sales, including global manufacturing and supply chain management from a singular location.
Rather than looking at the medical technology industry as a field only for healthcare professionals, talent in other specialisations such as engineering, sales and marketing as well as supply chain can also potentially find meaningful careers in this high-growth environment.
free download: randstad singapore medical technology insights report
find out more about what’s happening in the medical technology industry in Singapore, including:
- Identified areas of potential growth in medical technology
- 3 areas of potential talent expansion
- augmenting job scopes to build a larger and more capable workforce