Singapore Healthcare (Pharma and Medical Devices) Market Analysis, Regulatory, Reimbursement and Competitive Landscape

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Published: July 18, 2022 Report Code: GDHC0074CHR-ST

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Singapore Healthcare Market Report Overview

The Singapore pharmaceutical market size was $12.7 billion in 2021 and the medical devices market size is $3.5 billion in 2022. Singapore’s pharmaceutical industry is paving its way to developing into a global manufacturing hub with its highly skilled biomedical workers, excellent infrastructure, promising government policies, and significant R&D spending, among others.

The Singapore Healthcare Market analysis report is an essential source of information on the analysis of the healthcare, regulatory, and reimbursement landscape in Singapore. It identifies the key trends in the country’s healthcare market and provides insights into its demographic, regulatory and reimbursement landscape, and healthcare infrastructure. Most importantly, the report provides valuable insights into the trends and segmentation of its pharmaceutical and medical device markets.

Singapore Healthcare Market Outlook 2021-2027 ($ Billion)

Singapore Healthcare Market Outlook 2021-2027 ($ Billion)

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Singapore Pharmaceuticals Market Import and Export Partners

The top import partners of Singapore are France, the US, Germany, Switzerland, and Belgium. France accounts for the highest percentage of the import business. The top export partners of Singapore are Switzerland, the US, China, Japan, and the Netherlands. Switzerland accounts for the highest percentage of the export business.

Singapore Pharmaceuticals Market by Import Partners, 2021 (%)

Singapore Pharmaceuticals Market, by Import Partners

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Singapore Pharmaceuticals Market, by Export Partners

Singapore Pharmaceuticals Market, by Export Partners

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Key Segments in the Singapore Pharmaceuticals Market

The key segments in Singapore’s pharmaceuticals market are generics, biologics, biosimilars, and over-the-counter (OTC).

Key Companies in the Singapore Pharmaceuticals Market

The key companies in the Singapore pharmaceuticals market are Sanofi, GlaxoSmithKline (GSK), Boehringer Ingelheim, Astellas Pharma, and iX Biopharma Ltd.

Singapore Pharmaceuticals Market Analysis, by Companies

Singapore Pharmaceuticals Market Analysis, by Companies

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Key Companies in the Medical Devices Market of Singapore

The key companies in the medical devices market of Singapore are Abbott, Fresenius SE & Co. KGaA (Fresenius), Alcon, Nipro Corp, and Biolidics Ltd.

Singapore Medical Devices Market, by Companies

Singapore Medical Devices Market, by Companies

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Market Report Overview (Pharmaceuticals Market)

Market Size (2021) $12.7 billion
Forecast Period 2022-2027
Segmentation by Type Generics, Biologics, Biosimilars, and Over-the-Counter (OTC)
Key Import Partners France, The US, Germany, Switzerland, and Belgium
Key Export Partners Switzerland, The US, China, Japan, and The Netherlands
Key Companies Sanofi, GlaxoSmithKline (GSK), Boehringer Ingelheim, Astellas Pharma, and iX Biopharma Ltd

Market Report Overview (Medical Devices)

Market Size (2022) $3.5 billion
Key Companies Abbott, Fresenius SE & Co. KGaA (Fresenius), Alcon, Nipro Corp, and Biolidics Ltd

Scope

This report provides:

  • An overview of the pharmaceutical and medical device markets, comprising market size, segmentation, and key drivers and barriers.

  • Profiles and SWOT analysis of the major players in the pharmaceutical market: Sanofi, GlaxoSmithKline (GSK), Boehringer Ingelheim, Astellas, and iX Biopharma.

  • Profiles and SWOT analysis of the major players in the medical device market: Abbott, Fresenius, Alcon, Nipro, and Biolidics.

  • An insightful review of the COVID-19 epidemiology, COVID-19 impact and developments in the healthcare market, HealthTech landscape, reimbursement, and regulatory landscape, with analysis covering details of the country’s healthcare reimbursement process, regulatory agencies, and the approval processes for new drugs and medical devices.

  • Detailed analysis of the country’s healthcare policy highlights, demographics, healthcare infrastructure, and healthcare expenditure.

  • An overview of the opportunities and challenges to growth in the Singapore healthcare market.

Reasons to Buy

  • Develop business strategies by understanding the trends shaping and driving the Singapore healthcare market.

  • Drive revenues by understanding the key trends, reimbursement and regulatory policies, pharmaceutical market segments, and companies likely to impact the Singapore healthcare market in the future.

  • Formulate effective sales and marketing strategies by understanding the competitive landscape and analyzing competitors’ performance.

  • Organize sales and marketing efforts by identifying the market categories and segments that present the most opportunities for consolidation, investment, and strategic partnership.

Table of Contents

1. Table of Contents

1.1 List of Figures

1.2 List of Tables

2. Executive Summary

2.1 Executive Summary

2.2 Key Highlights: Facts About the Singapore Healthcare Market

2.3 Key Highlights: Healthcare Startups in Singapore

2.4 Key Events: Singapore Healthcare Timeline, 2016–22

2.5 Key Events: Singapore Pharmaceutical Market

2.6 Key Events: M&As, VC & PE Deals, Global Pharmaceutical Market, 2021–22

2.7 Key Events: Mergers and Acquisitions

2.8 Country Profile, Singapore, 2021

3. Overview of Pharmaceutical Market

3.1 Pharmaceutical Market – Overview

3.2 Pharmaceutical Market – Exports

3.3 Pharmaceutical Market – Imports

3.4 Pharmaceutical Market – Supply Channels, Singapore

3.5 Pharmaceutical Market – Medical Tourism, Singapore

3.6 Pharmaceutical Market – Market Segments

3.7 Pharmaceutical Market – Market Segments, Generics, Singapore

3.8 Pharmaceutical Market – Market Segments, Biologics and Biosimilars, Singapore

3.9 Pharmaceutical Market – Market Segment, Over-the-Counter Medicines, Singapore

3.10 COVID-19 Epidemiology, Singapore

3.11 COVID-19 Impact and Developments in the Healthcare Market, Singapore

3.12 COVID-19 Clinical Trials Landscape, Singapore

3.13 Pharmaceutical Market – Major Players

4. Overview of Medical Devices Market

4.1 Medical Device Market – Overview

4.2 Medical Devices Market – Major Players

5. Pharmaceutical and Medical Devices Market – Drivers and Barriers

5.1 Drivers

5.2 Barriers

6. Deal Analysis

6.1 Deal Analysis: Pharmaceutical Market, Singapore, 2020–22

6.2 Deal Analysis: Medical Device Market, Singapore, 2020–22

7. Healthtech Landscape

7.1 Healthtech Landscape, Singapore

7.2 Healthtech Deals Landscape, Singapore

7.3 Key Healthtech Deals, Singapore

7.4 Adoption of Technology in Healthcare, Singapore

7.5 Digital Statistics, Singapore

7.6 Digital Healthcare Regulations, Singapore

7.7 Healthtech Landscape: Benefits and Risks, Singapore

8. Market Access

8.1 Overview of Healthcare System, Singapore

8.2 Reimbursement Landscape, Singapore

8.3 Overview of Insurance Providers, Public Insurance, Singapore

8.4 Overview of Insurance Providers, Private Insurance, Singapore

8.5 Healthcare Spending and Prescription Drug Price Trend, Singapore

8.6 Pricing Policies, Singapore

8.7 Regulatory Landscape, Singapore

8.7.1 Marketing Authorization for Pharmaceutical Products, Singapore

8.7.2 Marketing Authorization for Medical Devices, Singapore

8.7.3 Intellectual Property Rights, Patent, Singapore

8.7.4 Intellectual Property Rights, Trademark, Singapore

8.7.5 Clinical Trial Regulation Process, Singapore

8.7.6 Pharmaceutical Clinical Trials Landscape, Singapore

8.7.7 Medical Device Clinical Trials Landscape, Singapore

8.7.8 Clinical Trials Landscape, Singapore

8.7.9 Pharmaceutical Import and Export, Singapore

8.7.10 Pharmaceutical Advertising Regulations, Singapore

8.7.11 Pharmacy Regulations, Singapore

8.7.12 Labeling and Packaging Regulations, Singapore

9. Country Healthcare Landscape

9.1 Singapore Healthcare Policy Highlights

9.2 Healthcare Facilities, Singapore

9.3 Life Expectancy, Singapore

9.4 Immunization Rate, Singapore

9.5 Environmental Health, Singapore

9.6 Healthcare Personnel, Singapore

9.7 Disease Burden, Singapore

9.8 Healthcare Expenditure, Singapore

10 Trade Associations, Singapore

11 Trade Fairs, Singapore

12 Opportunities and Challenges

13 Appendix

13.1 Research Methodology

13.1.1 Coverage

13.1.2 Secondary Research

13.1.3 Forecasts

13.2 Bibliography

13.3 About GlobalData

13.4 Contact Us

13.5 Disclaimer

Table

Table 1: COVID-19 indicators (number), Singapore and global, 2022

Table 2: COVID-19-related travel restrictions, Singapore, 2020–22

Table 3: Acute inpatient subsidy levels for Singapore citizens, Singapore, 2022

Table 4: Specialist outpatient clinic subsidy levels for Singapore citizens, Singapore, 2022

Table 5: Specialist outpatient clinic and polyclinic drugs subsidy levels for Singapore citizens, Singapore, 2022

Table 6: CareShield Life payouts for severely disabled, Singapore, 2022

Table 7: MediShield premiums, Singapore, 2022

Table 8: Evaluation stages for marketing authorization of pharmaceutical products, Singapore, 2022

Table 9: Progressive payment scheme of registration of therapeutic products, Singapore, 2022

Table 10: Approval time (in days) for new drug applications, Singapore, 2022

Table 11: Approval time (in days) for generic drug applications, Singapore, 2022

Table 12: Approval time (in days) for registration of biosimilar products, Singapore, 2022

Table 13: Fee distribution for new drug applications, Singapore, 2022

Table 14: Fee for generic drug applications, Singapore, 2022

Table 15: Fee for biosimilar registration, Singapore, 2022

Table 16: Classification of IVD medical devices, Singapore, 2022

Table 17: Types of evaluation routes for Class B, C, and D registration, Singapore, 2022

Table 18: Approval time (in days) for registration of medical devices, Singapore, 2022

Table 19: Fee for registration of medical devices, Singapore, 2022

Table 20: Patent approval fee, Singapore, 2022

Table 21: Trademark approval fee, Singapore, 2022

Table 22: Key regulations and submission routes of clinical trials, Singapore, 2022

Table 23: Differences between CTA and CTN scheme, Singapore, 2022

Table 24: Fee for retail pharmacy license, Singapore, 2022

Table 25: Trade fairs, Singapore, 2022

Figures

Figure 1: Pharmaceutical market, revenue (SGDB and $B, based on manufacturing output), Singapore, 2014–21

Figure 2: Medical devices market, revenue ($B), Singapore, 2016–22

Figure 3: Healthcare start-ups in Singapore, 2022

Figure 4: Country profile, Singapore, 2021

Figure 5: Pharmaceutical market, revenue (SGDB and $B, based on manufacturing output), Singapore, 2014–21

Figure 6: Pharmaceutical market, revenue forecast (SGDB and $B, based on manufacturing output), Singapore, 2022–27

Figure 7: Pharmaceutical exports ($B), Singapore, 2014–21

Figure 8: Top export partners, Singapore, 2021

Figure 9: Pharmaceutical imports ($B), Singapore, 2014–21

Figure 10: Top import partners, Singapore, 2021

Figure 11: Pharmaceutical supply channels, Singapore, 2022

Figure 12: Common treatments offered to medical tourists in Singapore, 2022

Figure 13: Collaborators of international consortium, Singapore, 2022

Figure 14: Companies at Tuas Biomedical Park, Singapore, 2022

Figure 15: National Precision Medicine Strategy, Singapore, 2022

Figure 16: Partners of PRECISE, Singapore, 2022

Figure 17: OTC medicines market, revenue ($M), Singapore, 2016–21

Figure 18: OTC market by sub-categories of drugs, revenue ($M), Singapore, 2021

Figure 19: COVID-19 (number of cases), Singapore, 2020–22

Figure 20: COVID-19 (number of deaths), Singapore, 2020–22

Figure 21: Stringency index, COVID-19, Singapore, 2020–22

Figure 22: Containment and health index, COVID-19, Singapore, 2020–22

Figure 23: COVID-19 fiscal stimulus timeline, Singapore, 2020–22

Figure 24: Top COVID-19 markets by product categories (number of available marketed products), Singapore, 2020–22

Figure 25: Top COVID-19 products by device classes (number of available marketed products), Singapore, 2020–22

Figure 26: Companies manufacturing COVID-19 IVD products (number of available marketed products), Singapore, 2020–22

Figure 27: Top COVID-19 IVD products by equipment type (number of available marketed products), Singapore, 2020–22

Figure 28: Approved COVID-19 vaccines, Singapore, 2022

Figure 29: Vaccination status by age group (% of the population), Singapore, 2022

Figure 30: COVID-19 vaccine doses administration, number of vaccine doses administered, Singapore, 2021–22

Figure 31: COVID-19 certificates exempted from serology testing, Singapore, 2022

Figure 32: COVID-19 vaccine booster doses administration, percentage of people administered with booster doses, Singapore, 2021–22

Figure 33: COVID-19 vaccine booster doses administration, number of people administered with booster doses, Singapore, 2021–22

Figure 34: COVID-19 clinical trial sponsors by trial count, Singapore, 2020–22

Figure 35: COVID-19 clinical trials count by phase, Singapore, 2020–22

Figure 36: COVID-19 clinical trials count by trial status, Singapore, 2020–22

Figure 37: Medical devices market, revenue ($B), Singapore, 2016–22

Figure 38: Medical devices market, revenue ($B) of major companies, Singapore, 2021

Figure 39: Deal value and deal count, pharmaceutical market, Singapore, 2020–22

Figure 40: Deal value and deal count subtypes, pharmaceutical market, Singapore, 2020–22

Figure 41: Deal value and deal count, quarterly, pharmaceutical market, Singapore, 2020–22

Figure 42: Top therapy areas by deal value ($M), pharmaceutical market, Singapore, 2020–22

Figure 43: VC deals quarterly, (by value and by number), pharmaceutical market, Singapore, 2020–22

Figure 44: Top therapy areas by deal count, pharmaceutical market, Singapore, 2020–22

Figure 45: PE deals quarterly, (by value and by number), pharmaceutical market, Singapore, 2020–22

Figure 46: Deal value and deal count, medical devices market, Singapore, 2020–22

Figure 47: Deal value and deal count subtypes, medical devices market, Singapore, 2020–22

Figure 48: Deal value and deal count, quarterly, medical devices market, Singapore, 2020–22

Figure 49: Top equipment sectors by deal value ($M), medical devices market, Singapore, 2020–22

Figure 50: M&A deals, quarterly (by value and by number), medical devices market, Singapore, 2020–22

Figure 51: Top equipment sectors by deal count, medical devices market, Singapore, 2020–22

Figure 52: VC deals quarterly, (by value and by number), medical devices market, Singapore, 2020–22

Figure 53: Healthtech landscape, Singapore, 2020

Figure 54: Healthtech market segments (% share), Singapore, 2020

Figure 55: Deal value ($M) and deal count (number of deals), Healthtech, Singapore, 2020–22

Figure 56: Deal value ($M) and deal count (number of deals) by deal sub-category, Healthtech, Singapore, 2020–22

Figure 57: Healthtech ecosystem by category share, Singapore, 2019

Figure 58: Key developments: Healthtech landscape, Singapore, 2016–22

Figure 59: Overview of the Singapore Cybersecurity Strategy, 2021

Figure 60: Overview of healthcare system, Singapore, 2022

Figure 61: Overview of drug evaluation process, Singapore, 2022

Figure 62: Overview of the expedited evaluation process for drug topics, Singapore, 2022

Figure 63: Overview of the full evaluation process for drug topics, Singapore, 2022

Figure 64: Healthcare financing, Singapore, 2022

Figure 65: Eligibility claim for CareShield Life, Singapore, 2022

Figure 66: Working of claims and premiums in IPs, Singapore, 2022

Figure 67: Integrated shield plan, Singapore, 2022

Figure 68: Available IPs, Singapore, 2022

Figure 69: OOP expenditure (% of total expenditure on health), Singapore, 2012–21

Figure 70: Consumer price index in healthcare sector (base year 2019), Singapore, 2015–22

Figure 71: HSA organization chart, Singapore, 2022

Figure 72: Procedure of marketing authorization of new pharmaceutical drugs, Singapore, 2022

Figure 73: Medical device classification as per the risk, Singapore, 2022

Figure 74: Singapore IP Strategy 2030, Singapore, 2022

Figure 75: Patent approval process, Singapore, 2022

Figure 76: Trademark examination process for national registration, Singapore, 2022

Figure 77: Trademark examination process for international registration, Singapore, 2022

Figure 78: CTA-CTN regulatory roadmap, Singapore, 2022

Figure 79: Pharmaceutical clinical trials count by trial status, Singapore, 2021–22

Figure 80: Pharmaceutical clinical trials count by phase, Singapore, 2021–22

Figure 81: Top five pharmaceutical clinical trials sponsors by count, Singapore, 2021–22

Figure 82: Medical device clinical trials count by trial status, Singapore, 2021–22

Figure 83: Medical devices clinical trials count by market categories, Singapore, 2021–22

Figure 84: Medical devices clinical trials sponsors by count, Singapore, 2021–22

Figure 85: Pharmaceutical clinical trials count by indication, Singapore, 2021–22

Figure 86: Medical devices clinical trials count by therapeutic areas, Singapore, 2021–22

Figure 87: General principles of advertisement of medical devices, Singapore, 2022

Figure 88: Banned content in advertising of therapeutic products, Singapore, 2022

Figure 89: Labeling on therapeutic products, Singapore, 2022

Figure 90: Labeling elements of medical devices, Singapore, 2022

Figure 91: Number of hospitals, Singapore, 2014–22

Figure 92: Number of public and private community hospitals, Singapore, 2014–22

Figure 93: Completed and upcoming healthcare facilities, Singapore, 2022

Figure 94: Number of CT scanners and MRI units, Singapore, 2010–22

Figure 95: Number of hospital beds (per 1,000 population), Singapore, 2014–22

Figure 96: Total life expectancy at birth (years), Singapore, 2014–22

Figure 97: Life expectancy of males and females at birth (years), Singapore, 2014–22

Figure 98: Immunization rate (%), Singapore, 2016–22

Figure 99: PM2.5 (µg per m3), Singapore, 2014–22

Figure 100: CO2 emissions (million tons), Singapore, 2014–22

Figure 101: Doctors (per 1,000 population), Singapore, 2014–22

Figure 102: Dentists (per 1,000 population), Singapore, 2014–22

Figure 103: Pharmacists (per 1,000 population), Singapore, 2014–22

Figure 104: Nurses (per 1,000 population), Singapore, 2014–22

Figure 105: Major causes of mortality (per 100,000 population), Singapore, 2019

Figure 106: Major causes of male mortality (per 100,000 population), Singapore, 2019

Figure 107: Major causes of female mortality (per 100,000 population), Singapore, 2019

Figure 108: DALYs by major disease (per 100,000 population), Singapore, 2019

Figure 109: Healthcare expenditure as a percentage of GDP (%), Singapore, 2014–22

Figure 110: Health expenditure share (% of total health spending), Singapore, 2014–22

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