4 Amputations a day. Should you consider the Singapore Prosthetics Market?

Medical Device Market

According to a report by Fitch Solutions Macro Research in July 2019, Singapore’s medical device market is projected to grow, from 2018, with a CAGR of 8.4 per cent; reaching a value of US$1.3 billion by 2023. The significant growth is driven by several key factors. A rapidly ageing population, 15% of population are over 65, with an increasing need for medical care, strong government support for the biomedical industry and affordable medical insurance and savings schemes that support high quality healthcare. Singapore’s medical tourism is also ranked among the top 5 in the world, attracting more than 500,000 patients from neighbouring South East Asian countries and beyond.

In June 2021, the Department of Statistics Singapore reports a total population of 5.45 million people. Although relatively small, strong government support for the healthcare sector, established medical device regulatory standards and strict intellectual property laws will continue to attract foreign investment and drive medical device development. The medical device industry is estimated at US$3.6 billion in manufacturing output. 30 global medical technology and manufacturing companies operate and carry out their R&D in Singapore

Diabetes. The major cause of Lower Extremity Amputations in Singapore.

According to the International Diabetes Federation’s 2021 report, Singapore continues to have a high prevalence of diabetes mellitus at 11.6 per cent. Significantly high when compared to the global average of 9.8 per cent, 10.7 per cent in America and 6.4 per cent in Australia. Looking at the trend from previous years, it is likely that the prevalence of diabetes will continue to rise despite the Government’s best efforts to promote healthy living. Consequently, when the disease is not well managed, foot ulcers develop leading to lower extremity amputations. Data from the National Healthcare Group in 2016 reports an average 4 amputations a day are performed in public hospitals. That is approximately 1500 amputations a year, resulting in one of the highest rates of lower extremity amputations in the world.

Amputee Care Path

The majority of patients who undergo an amputation are referred from the Surgeon to the Rehabilitation Team. The team usually comprises of a Rehabilitation Physician, Physiotherapist, Prosthetist and Occupational Therapist. Other allied health professionals may be included, if required. The majority of government subsidised patients are referred to Tan Tock Seng Hospital’s Prosthetics and Orthotics Department. Patients from private hospitals are also referred to Tan Tock Seng Hospital or to the 5 private service providers. All Prosthetists in the market are professionally trained and certified Category 1, by the International Society of Prosthetic and Orthotic (ISPO).  Continuous training and regular updates from leading manufacturers ensure that all Prosthetists are able to provide appropriate standards of care and have the ability to fit high tech devices such micro-processor knees or multi-grip hands.

Future

The ASEAN Medical Device Directive was drafted in 2015 to harmonise standards, regulations and procedures in the South East Asia region. It hopes to reduce time and costs to market, improve efficiency, facilitate trade, market access and enhance public health protection. This facilitates access to the collective South East Asian market, with a population of 622 million people. Furthermore, the region is seeing a rapidly growing middle class, increasing demand for high quality medical devices, higher government spending on healthcare and an aging population.

Conclusion

So, should you consider the Singapore Prosthetics Market? Definitely. As a manufacturer or service provider, Singapore’s sound infrastructure provides good access to market. It is also an excellent gateway to the sizeable South East Asian market.

If you would like to know more about the potential of the Singapore Prosthetics Market for your business drop us a message at Daryl Lim Consultancy.