Product Code: ETC019547 | Publication Date: Jul 2023 | Updated Date: Jan 2024 | Product Type: Report | |
Publisher: 6Wresearch | No. of Pages: 70 | No. of Figures: 35 | No. of Tables: 5 | |
Singapore is a major market for surgical equipment and instruments, with its healthcare industry being one of the most developed in Asia. Singapore medical devices market has been growing steadily over the past decade, driven by strong economic growth and a rising aging population. The country`s modernized healthcare system has also led to increased demand for advanced surgical equipment and instruments. As such, the Singapore market is expected to witness substantial growth during 2020-2026.
The key factors driving the growth of this market include an increasing elderly population resulting in greater demand for medical services; government initiatives encouraging private investments in healthcare infrastructure; technological advancements leading to enhanced product features; growing awareness about preventive care among people; and increasing prevalence of chronic diseases such as cancer, cardiovascular diseases, diabetes ETC, which require sophisticated treatments using high-end medical devices or instruments like surgeries.
However, there are certain challenges faced by players involved in this field due to stringent regulations implemented by regulatory authorities regarding quality standards of products manufactured as well as approval procedures followed before launching new products into the markets. Additionally, high cost associated with these specialized instrumentations pose another hurdle while bringing them into mainstream use across various hospitals & clinics thereby restraining their adoption rate on large scale basis across end user industries served within Singapore region.Covid-19 Impact: The global outbreak of COVID-19 pandemic has greatly affected all sectors including Healthcare sector around world including Singapore region too. This sudden upsurge further resulted into shortages & delays related with supply chain activities & hampered production operations across markets served globally creating disruptions within availability & affordability aspects linked with Surgical Equipment & Instruments across regions serviced worldwide.
Some major market players operating within this domain includes Stryker Corporation (Australia), B Braun Melsungen AG (Germany), Zimmer Biomet Holdings Inc.(US), Medtronic plc(Ireland), Smith& Nephew plc (UK), Conmed Corporation (US).
The Singapore Surgical Equipment and Instruments market has been significantly impacted by the COVID-19 pandemic. As per recent reports, the market recorded a decline of around 30% in 2020 due to the impact of the pandemic. This was mainly attributed to delays in surgeries, reduced spending on medical equipment and instruments as well as a drop in private investments into this sector caused by economic uncertainties. Furthermore, disruptions in supply chains have further hampered the growth prospects for surgical equipment and instruments manufacturers operating in Singapore. The country???s government has also implemented stringent guidelines for healthcare workers which include safety protocols such as social distancing measures that have led to an increase in operational costs for these companies. However, there is some hope for recovery given that Singapore economy is slowly recovering from its downturn with positive signs like increased consumer confidence levels observed across different sectors including healthcare infrastructure development and increased investment into medical technology ventures within the country. Furthermore, increasing demand from Asian countries such as China who have recovered faster than other regions combined with rising medical tourism are expected to drive up sales of surgical equipment and instruments over 2021-2025 time frame despite challenges posed by COVID-19 pandemic still persisting during this period.
1 Executive Summary |
2 Introduction |
2.1 Key Highlights of the Report |
2.2 Report Description |
2.3 Market Scope & Segmentation |
2.4 Research Methodology |
2.5 Assumptions |
3 Singapore Surgical Equipment and Instruments Market Overview |
3.1 Singapore Country Macro Economic Indicators |
3.2 Singapore Surgical Equipment and Instruments Market Revenues & Volume, 2020 & 2030F |
3.3 Singapore Surgical Equipment and Instruments Market - Industry Life Cycle |
3.4 Singapore Surgical Equipment and Instruments Market - Porter's Five Forces |
3.5 Singapore Surgical Equipment and Instruments Market Revenues & Volume Share, By Product, 2020 & 2030F |
3.6 Singapore Surgical Equipment and Instruments Market Revenues & Volume Share, By Category, 2020 & 2030F |
3.7 Singapore Surgical Equipment and Instruments Market Revenues & Volume Share, By Application, 2020 & 2030F |
4 Singapore Surgical Equipment and Instruments Market Dynamics |
4.1 Impact Analysis |
4.2 Market Drivers |
4.3 Market Restraints |
5 Singapore Surgical Equipment and Instruments Market Trends |
6 Singapore Surgical Equipment and Instruments Market, By Types |
6.1 Singapore Surgical Equipment and Instruments Market, By Product |
6.1.1 Overview and Analysis |
6.1.2 Singapore Surgical Equipment and Instruments Market Revenues & Volume, By Product, 2020-2030F |
6.1.3 Singapore Surgical Equipment and Instruments Market Revenues & Volume, By Surgical Sutures and Staples, 2020-2030F |
6.1.4 Singapore Surgical Equipment and Instruments Market Revenues & Volume, By Handheld Surgical equipment, 2020-2030F |
6.1.5 Singapore Surgical Equipment and Instruments Market Revenues & Volume, By Electrosurgical Devices, 2020-2030F |
6.2 Singapore Surgical Equipment and Instruments Market, By Category |
6.2.1 Overview and Analysis |
6.2.2 Singapore Surgical Equipment and Instruments Market Revenues & Volume, By Reusable Surgical Equipment, 2020-2030F |
6.2.3 Singapore Surgical Equipment and Instruments Market Revenues & Volume, By Disposable Surgical Equipment, 2020-2030F |
6.3 Singapore Surgical Equipment and Instruments Market, By Application |
6.3.1 Overview and Analysis |
6.3.2 Singapore Surgical Equipment and Instruments Market Revenues & Volume, By Neurosurgery, 2020-2030F |
6.3.3 Singapore Surgical Equipment and Instruments Market Revenues & Volume, By Plastic and Reconstructive Surgeries, 2020-2030F |
6.3.4 Singapore Surgical Equipment and Instruments Market Revenues & Volume, By Wound Closure, 2020-2030F |
6.3.5 Singapore Surgical Equipment and Instruments Market Revenues & Volume, By Urology, 2020-2030F |
6.3.6 Singapore Surgical Equipment and Instruments Market Revenues & Volume, By Obstetrics and Gynecology, 2020-2030F |
6.3.7 Singapore Surgical Equipment and Instruments Market Revenues & Volume, By Microvascular Surgery, 2020-2030F |
6.3.8 Singapore Surgical Equipment and Instruments Market Revenues & Volume, By Others, 2020-2030F |
6.3.9 Singapore Surgical Equipment and Instruments Market Revenues & Volume, By Others, 2020-2030F |
7 Singapore Surgical Equipment and Instruments Market Import-Export Trade Statistics |
7.1 Singapore Surgical Equipment and Instruments Market Export to Major Countries |
7.2 Singapore Surgical Equipment and Instruments Market Imports from Major Countries |
8 Singapore Surgical Equipment and Instruments Market Key Performance Indicators |
9 Singapore Surgical Equipment and Instruments Market - Opportunity Assessment |
9.1 Singapore Surgical Equipment and Instruments Market Opportunity Assessment, By Product, 2020 & 2030F |
9.2 Singapore Surgical Equipment and Instruments Market Opportunity Assessment, By Category, 2020 & 2030F |
9.3 Singapore Surgical Equipment and Instruments Market Opportunity Assessment, By Application, 2020 & 2030F |
10 Singapore Surgical Equipment and Instruments Market - Competitive Landscape |
10.1 Singapore Surgical Equipment and Instruments Market Revenue Share, By Companies, 2023 |
10.2 Singapore Surgical Equipment and Instruments Market Competitive Benchmarking, By Operating and Technical Parameters |
11 Company Profiles |
12 Recommendations |
13 Disclaimer |