Singapore’s MedTech industry is a dynamic sector with considerable long-term growth potential. Broadly speaking, the industry encompasses the manufacturing of medical and diagnostic devices, engineering components, and healthcare technologies, alongside cutting-edge research conducted by institutions and organisations – and the sector’s growth trajectory over the past decade has been outstanding.

Back in 2012, Singapore’s MedTech industry’s manufacturing output stood at $5 billion. Fast forward to 2023, and that figure has surged to $20 billion – an increase of four times in just twelve years. This impressive growth is mirrored in the industry’s contribution to the nation’s economy. In 2012, it accounted for only 1.7% of Singapore’s total manufacturing output of $288 billion. By 2023, that share had grown a substantial 5% to a total of $396 billion manufacturing output.

These figures paint an optimistic picture of the sector’s health and vitality. Singapore is now home to over 400 MedTech companies, ranging from promising start-ups to established multinational corporations (MNCs). Together, these companies employ more than 16,000 skilled technicians and researchers. The over 35 manufacturing plants operated by MNCs here are a testament to Singapore’s investment-friendly environment, highly skilled workforce, and robust intellectual property (IP) protection framework. Additionally, more than 50 foreign MedTech companies have established their regional headquarters in Singapore, and the number of research and development (R&D) centres exceeds 25.

The proliferation of dedicated MedTech R&D centres underscores the critical role of technological innovation in modern healthcare. In an era marked by rapid technological advancements, MedTech companies face the dual imperative of creating new products and refining existing ones. From telemedicine to wearable health technology, artificial intelligence (AI) in medical diagnostics, robotic-assisted surgery, virtual reality (VR) therapy, and even 3D-printed human tissue, these innovations are revolutionising healthcare delivery.

The potential for growth in this sector is immense, particularly as global healthcare expenditure continues to rise. The primary driver? Ageing populations worldwide. This demographic shift necessitates a corresponding expansion in healthcare infrastructure, the management of chronic illnesses, and the development of active ageing programmes.

Consider Singapore’s own demographic landscape – as of 2023, one in six citizens is aged 65 or older. By 2030, this ratio will shift to one in four. In tandem, Singapore’s health expenditure is projected to increase dramatically, from $22 billion in 2018 to $59 billion in 2030 as our population ages.

A direct consequence of an ageing population is the increasing strain on public hospitals as elderly patients with more complex medical needs require longer hospital stays. 

To address this, the Ministry of Health (MOH) has pivoted towards alternative care models, with the Mobile Inpatient Care at Home (MIC@Home) scheme taking centre stage. Officially launched in April 2024, MIC@Home offers clinically-suitable patients hospital-level care within the comfort of their homes. This is achieved through a combination of videoconferencing, teleconferencing, in-person house visits, and remote monitoring.

The groundwork for this extensive home-based healthcare model was laid over several years. Singapore start-up Speedoc, a digital healthcare solutions provider, played a pivotal role as the technology partner for both MOH’s two-year MIC@Home pilot and the National University Health System’s (NUHS) pilot scheme, NUHS@Home, which began in 2020.

Speedoc’s innovative H-Ward virtual hospital programme powers MIC@Home and NUHS@Home by supporting a wide range of medical services, including virtual consultations, 24/7 nursing care, intravenous therapies, and routine blood tests. Conditions such as COVID-19, pneumonia, dengue, and skin infections have already been successfully treated under H-Ward’s system – and the programme is being continually improved to cater to an expanding list of medical conditions.

While H-Ward delivers the software and integrated platform necessary for these schemes, the hardware enabling remote monitoring is equally crucial. These include devices such as wearable biosensors, intermittent blood pressure monitors, and blood oxygen saturation probes that allow healthcare providers to closely monitor patients’ conditions in real time.

Looking ahead, Speedoc is set to enhance its offerings with the development of the H-Pulse Pro, its innovative remote monitoring device. This advanced, non-invasive tool will monitor vital signs such as blood pressure, oxygen saturation, pulse rate, temperature, and even electrocardiograms. Crucially, the H-Pulse Pro is designed to be used by anyone – healthcare professionals, trained caregivers, and even the patients themselves. This capability will undoubtedly empower patients to take a more active role in their healthcare, while providing doctors with accurate data to make informed medical decisions remotely.

MOH aims to scale up the deployment of home care significantly, with a target of 300 MIC@Home beds by the end of 2024 – similar to the capacity of Alexandra Hospital. This number is expected to double in the near future, as hospitals project that 5% to 10% of their inpatients could transition to the MIC@Home model. The benefits are clear – home care patients typically enjoy improved sleep, better appetite, and reduced stress, all while eliminating the risk of hospital-acquired infections.

This shift towards home-based care opens up a wealth of opportunities for MedTech companies. As the demand for seamless integration of software and hardware grows, companies specialising in home care technologies are poised to thrive. Key areas of focus include patient monitoring systems, telemedicine platforms, personal health management tools, patient dashboards, and the coordination of in-person home visits.

Although advancements in virtual hospital programmes (like H-Ward) are positive step forward, managing home care remains a complex logistical challenge. Tasks such as coordinating the schedules and transport of medical personnel, caregivers, and equipment, along with communicating home care instructions to patients and their families, require meticulous planning and significant human input.

This is where generative AI (GenAI) and machine learning can play transformative roles. According to Andrew Cohen, Global Healthcare & Life Sciences Industry Leader at IBM Consulting, a staggering 97% of hospital data remains unused today – although this could be set to change. When paired with GenAI, this data can be analysed and synthesised to create personalised home care plans almost instantaneously – reducing administrative workloads and ensuring care plans can be quickly updated as new data becomes available. With GenAI, these updated plans can then be seamlessly disseminated to both staff and patients, ensuring minimal delays in the delivery of care.

These efficiency gains extend beyond home care. Within hospitals, GenAI tools can assist doctors in drafting clinical notes and case summaries, streamlining their workloads. These tools can also sift through vast institutional databases to provide accurate information, enabling healthcare professionals to make more informed clinical and administrative decisions.

For patients, the benefits are equally compelling. Chatbots powered by large language models (LLMs) can deliver personalised health advice, provide detailed information about hospital services, and even guide patients on insurance claims or government subsidies. This ensures patients receive quick, accurate, and easy-to-understand responses, while also lightening the load on healthcare staff.

Singapore’s public healthcare sector took a significant leap forward with the launch of HEALIX -the platform for Health Empowerment thru Advanced Learning & Intelligent eXchange in June 2024. Developed in collaboration with Synapxe – Singapore’s national health technology agency – and Amazon Web Services (AWS), HEALIX is the first comprehensive cloud-based analytics platform designed for the entire public healthcare ecosystem.

By consolidating data from across the public healthcare sector onto a single platform, HEALIX enables unprecedented efficiency and collaboration. Housed on both the Government Commercial Cloud (GCC) and the Healthcare Commercial Cloud (HCC), the platform allows healthcare providers to leverage AI-powered insights to improve patient outcomes and operational efficiency. What’s more, Synapxe’s partnership with AWS grants it early access to cutting-edge tools such as GenAI, keeping Singapore’s public healthcare system at the forefront of technological innovation and positive patient outcomes.

Another cornerstone of Singapore’s Health IT Master Plan (HITMAP) is the AI Medical Imaging Platform for Singapore’s Public Healthcare (AimSG). Piloted at Singapore General Hospital (SGH) and Changi General Hospital (CGH), AimSG aims to revolutionise diagnostic imaging by integrating AI capabilities into clinical workflows. Developed collaboratively by Synapxe, SingHealth, and NTT Data, AimSG is an open, vendor-neutral platform that enables seamless integration of AI-powered imaging solutions for various modalities. The result? Faster and more accurate analysis of medical images, which improves radiologists’ productivity and reduces the need for unnecessary tests and procedures.

One notable participant in the AimSG platform is South Korean company Lunit, a leader in AI-powered cancer diagnostics. Its Lunit INSIGHT CXR tool has been integrated into SGH and CGH’s chest X-ray workflows, enhancing the detection and diagnosis of chest diseases. With the deployment of AI algorithms in the AimSG pilot project receiving positive feedback from SGH and CGH, there are plans to expand the use of AI for imaging across the public healthcare system. Specifically, MOH intends to progressively roll out the use of AI for mammography nationwide, once its use is proven effective. 

Singapore’s status as a global hub for MedTech innovation is underpinned by several key factors. One of the most critical is its robust framework for intellectual property (IP) protection, which ensures companies can safely develop and commercialise their innovations. A prime example is the development of Stellest lenses by French company EssilorLuxottica in Singapore. These lenses, which simultaneously correct vision and slow myopia progression in children, were launched globally in 2020 and serve as a testament to Singapore’s innovation-friendly environment.

In addition to strong IP protection, Singapore offers one of the fastest IP application processes in the world. Through the SG IP FAST programme, patents can be granted within six to nine months, trademarks in three to six months, and registered designs in as little as one month. This allows innovators to bring their products to market quickly, while building a robust IP portfolio.

Finally, the importance of numerous incentives provided by the Singapore government to spur innovation also cannot be understated. Announced in March 2024, the MedTech Catapult initiative is a $38 million national initiative launched by the Agency for Science, Technology and Research (A*STAR) to boost local R&D capabilities in the design, development, and manufacturing of high-value, novel MedTech products. Approved projects will receive funding of up to $2 million and access to in-house expertise.

Singapore’s MedTech sector has firmly established itself as a global leader in innovation and excellence. With a thriving R&D ecosystem, a highly digitised public healthcare sector, and strong government support, the nation is not a preferred destination, but a launchpad for MedTech companies looking to scale their impact across Asia and beyond. Whether local or foreign, innovation-driven businesses can leverage Singapore’s world-class infrastructure and collaborative environment to meet Asia’s growing healthcare demands.

As MedTech continues to push the boundaries of what’s possible, Singapore remains at the forefront, providing a fertile ground for new breakthroughs. From advancing home care solutions to revolutionising diagnostics with AI, the country offers unparalleled opportunities for growth and innovation. In this ever-evolving landscape, Singapore isn’t just preparing for the future of healthcare – it’s actively shaping it.