he global MedTech market is projected to grow to US$537 billion by 2020i
, and Asia Pacific is poised to be the second largest market, after the US. As a regional medical hub, Singapore is well-positioned to take advantage of this global trend. We also have a robust system for clinical research within hospitals, along with a strong & supportive IP infrastructure.
Singapore’s thriving MedTech ecosystem is anchored by a healthy presence of local and foreign R&D and manufacturing facilities. Over 30 multinational corporations have established process and product R&D teams in Singapore, alongside more than 50 leading regional headquarters (RHQs) from top MedTech companies. The ecosystem is further enhanced by a growing base of more than 240ii
MedTech startups and SMEs.
As startups play a crucial role in sustaining the vibrancy of the industry, Enterprise Singapore continues to work with partners to drive the growth of the startup ecosystem. For instance, this year, we worked with the National Health Innovation Centre (NHIC) and Singapore-MIT Alliance for Research and Technology (SMART) to launch the Innovation to Startup (I2Start) programme to address commercialisation challenges of MedTech innovations. With a streamlined funding pathway, MedTech clinician innovators can look forward to a more holistic support that accelerates product time-to-market.
The local ecosystem has also seen encouraging early-stage investment activities catalysed by the government, such as the Endomaster’s $20million fundraising roundiii
and the acquisition of Verde's Laboratories by Sekisui Chemicalsiv
. In February 2018, Enterprise Singapore appointedv
another four new early-stage co-investment partners, comprising Trendlines-K2, Armstrong Industrial Corporation, HealthXCapital and Heritas, to further strengthen access to early-stage smart capital.
In January 2018, Enterprise Singapore launched a pilot training and consultancy programme with the Singapore Manufacturing Federation (SMF) on quality management system. This will uplift the in-house regulatory capabilities of MedTech startups and SMEs.
Through infrastructure and business support, Enterprise Singapore will continue to grow stronger Singapore enterprises by building capabilities and accessing global opportunities.
Director, Industry Clusters Division (Healthcare & Biomedical)
MedTech in Asia: Committing at scale to raise standards of care for patients” – McKinsey & Company, Dec 2015
Enterprise Singapore estimate as of June 2018.