14 Dec 2021
Posted in Medical Devices
Mergers and acquisitions, venture financing to boost healthtech market in Singapore, says GlobalData
Growing awareness on healthcare, research centric ecosystem, favorable regulatory scenario under the Smart Nation initiative and the increased need for digital consultations amidst the COVID-19 pandemic are the factors driving investments in healthtech sector in Singapore, says GlobalData, a leading data and analytics company.
GlobalData’s report, ‘Singapore Healthcare, Regulatory and Reimbursement Landscape – CountryFocus’, reveals that the total healthtech deals in Singapore were valued at more than $1bn in 2020, with venture financing and M&A accounting for more than 75% of the deals value. Singapore government’s Smart Nation initiative is expected to further drive strategic collaborations in the field of healthtech.
Vinita Sippy, Medical Devices Analyst at GlobalData, comments: “Majority of M&A’s and venture financing in Singapore’s healthtech sector are mostly focused on artificial intelligence (AI), big data and telemedicine. While M&A’s will continue to remain higher in value, venture financing is expected to grow at a faster pace.”
Driven by the increasing use of digital healthcare solutions, the Ministry of Health, Singapore developed a Healthcare Cybersecurity Essentials program under the Healthcare Services Act to safeguard the assets and data. This will help in preventing cybercrime and increase the sustainability of technology uptake in the country.
Sippy concludes: “The recent collaboration between National Supercomputing Centre Singapore and National University Health System is expected to result in building a petabyte-scale edge supercomputing infrastructure, ‘Prescience’. This investment will also support the national AI healthcare initiatives and allow clinical researchers to run complex healthcare models.”