Page 11 - MedTech 1920_29Oct
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D espite lingering economic growth engine among global MedTech
uncertainties, the medical
technology (MedTech) industry is continuing to forge ahead. An expanding but also ageing population, increasing af uence and the prevalence of chronic diseases are driving business
Much of the increase will be in Asia, home to some 60 percent of the world’s population. Global consulting  rm McKinsey & Company expects that within the next  ve years, Asia, which currently accounts for 23 percent of the global MedTech market, will eclipse Europe as the second largest regional market after the United States. “During that period, Asia will also be the major
markets, contributing 35 percent of total incremental growth,” McKinsey added.
Host to more than 60 multinational MedTech companies manufacturing diverse products, from contact lenses and pacemakers to life science tools and diagnostics, Singapore is riding the MedTech wave. Since the industry was  rst promoted in 2000, manufacturing output has headed up, growing from S$1.5 billion in 2000 and breaching the S$10 billion mark in 2014. According to preliminary  gures, the industry generated S$13.3 billion in 2018, up 7.3 percent over the previous year, accounting for 38 percent of the manufacturing output of the biomedical cluster.
The life science tools instruments industry is a growing subsector and Singapore has established strong leadership positions in key products such as next- generation sequencing platforms and mass spectrometers. Over 60 percent of the world’s microarrays and one third of the world’s thermal cyclers and mass spectrometers are made
The industry is continuing to expand. In January 2019, Becton

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