Page 7 - MedTech 2021
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                  SINGAPORE MEDTECH DIRECTORY 2020/2021
 The Asia Pacific (APAC) MedTech According to EDB’s media release on 89.8 per cent in September 2020
compared to the same period last year. Pharmaceutical output grew 113.6 per cent with higher output of active pharmaceutical ingredients and biological products, while the medical technology segment grew 15 per cent with higher export demand for medical instruments. On a year-to-date basis, the biomedical manufacturing cluster grew 26.6 per cent compared to the same period a year ago.
In this article, we look at some key factors which have contributed to the burgeoning MedTech scene in Singapore, according to government- owned venture firm SGInnovation.
scene is a thriving one. According
to a McKinsey report, the region’s ever-growing patient population and demand for quality healthcare is expected to see a surge in the APAC MedTech market from US$88 billion a year in 2015 to US$133 billion a year by 2020. This sets the course for APAC to surpass the European Union as the second largest MedTech market globally.
In Singapore, the MedTech ecosystem has also been growing steadily. The latest data from Singapore Economic Development Board (EDB) revealed that in 2019, the MedTech sector contributed S$14.4 billion to Singapore’s economy, compared to S$3.3 billion in 2009.
Today, Singapore is home to more than 60 multinational MedTech companies undertaking a range of activities from regional headquarters and manufacturing, to research and development. Enterprise Singapore (ESG) reported a growth in home-grown MedTech companies, increasing from 100 in 2014 to more than 250 in 2018.
Despite lingering economic impact brought upon by COVID-19, the MedTech industry continues to forge ahead.
27 October 2020, Singapore’s industrial production rose for a second consecutive month in September, led by a sharp increase in biomedical output and demand for pharmaceuticals amid the pandemic. Manufacturing output increased 24.2 per cent in September as compared to the corresponding year before. Excluding biomedical manufacturing, output grew 8.5 per cent. The positive results which came after three months of decline is indicative of signs of recovery boosted by growth output for biomedical, electronics and chemical clusters.
In the biomedical manufacturing cluster, manufacturing output grew
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