Medtech market in Singapore

Industry highlights


Population aged over 65


Registered Medtech firms

5.92 million

Population of Singapore, as of June 2023

CAD 17 million

Market value

USD $82,808

GDP per capita, as of 2022


Projected GDP spend on healthcare by 2023

The Singapore MedTech sector is identified by the Government as a key sector to develop within the biomedical sciences industry. As at 2022, the value of the Singapore MedTech sector stood at just over CAD 17 million. According to data published by Singapore Economic Development Board (EDB), the MedTech sector has grown over 15% in 2021-2022.

Singapore is home to:

  • More than 60 multinational MedTech companies undertaking a range of activities from regional headquarters and manufacturing to research and development.
  • More than 25 research and development (R&D) centres established by multinational MedTech companies
  • A local pool of over 220 MedTech start-ups and small-medium enterprises.

Under the National Research, Innovation and Enterprise 2025 (RIE 2025) plan, CAD 25 billion is allocated for the research landscape focusing on human health and potential.

Key opportunities for Canadian Medtech companies in Singapore

Singapore has a dynamic and innovative MedTech landscape including considerable public/private sector collaboration, government funding and academic partnerships. SGInnovate & partners lead the way with their Deep Tech Central (DTC), a cross vertical strategic investment programme.

Current top 5 therapeutic areas of focus in Singapore are:

  1. cardiovascular diseases
  2. diabetes mellitus and other metabolic / endocrine conditions
  3. oncology/Cancers
  4. infectious diseases
  5. neurological and sense disorders

Current leading opportunities for Canadian MedTech companies include:

  1. AI-driven technology particularly descriptive and predictive analytics, chatbots for wellness coaching and imaging analysis
  2. Leveraging Mobile technology to monitor and share health information is rapidly increasing and MedTech companies are leveraging devices such as smartphones and smartwatches to provide medical information and allow better health monitoring
  3. Wearable technology to allow remote monitoring of patient's vital signs by the physician and hence avoiding the need to visit a clinic / freeing clinician time

Notable challenges for Canadian Medtech companies in Singapore

The MedTech manufacturing sector in Singapore comprises a diverse base of companies with the following sub-sectors all being well represented by innovative companies ranging from startup through full MNC:

  • life science tools – Global manufacturing site for life science tool companies
  • implantable technology – Especially state of the art cardiac devices
  • eye-care – Key site for manufacturing contact lenses and intraocular lenses
  • medical equipment – Manufacturing of highly technical equipment e.g., mass spectrometers
  • medical supplies – Highly productive manufacturing capability

Singapore continues to present strong public Investment in Research & Innovation (RIE) with the Government initiative

Singapore business landscape

Along with other key verticals, the Government of Singapore has long seen the Life Sciences / MedTech sector as a key to its growth and development towards an innovative, knowledge-based economy where the focus is 'Value Creation' over 'Value Adding'.

Singapore currently has:

  • more than 80 companies who have established their APAC regional HQ in Singapore.
  • over 30 R&D Centres
  • greater than 250 HealthTech companies – a mix of local and foreign, of which 80% are start-ups
  • at least 60 Manufacturing Plants with over CAD 34 billion annual output

Singapore has created several 'hubs' for like minded companies, government incubators/accelerators and private organisations. These include – Biopolis, Tuas Medical Park and Science Park. These hubs allow entities to cooperate better and share R&D projects while providing ready access to researchers, scientists and engineers.

Regulation of all MedTech devices, therapeutics, health supplements and others in Singapore is provided by Health Science Authority (HSA). The application process varies but having a Health Canada / US FDA approval will assist in this process.


MedTechs wanting to enter Singapore may wish to review winners from events such as the CHISEL Healthcare InnoMatch 2023 which was organized by Centre for Healthcare Innovation (CHI) and supported by Ministry of Health (MoH) and Temasek Foundation. This annual event is an international call for innovative, market-ready or near market-ready solutions to address critical and emerging healthcare needs.

A MedTech with the ability to solve a key problem statement, particularly in the areas of key interest (listed above) will likely have a better chance of success.

Singapore is an excellent incubator for start-ups, but it is a relatively small marketplace. Therefore, MedTechs that set up in Singapore should plan to use it as a gateway to the ASEAN region and the 4.50 billion population Asian market beyond. In doing so, MedTech companies will need to consider a strategic plan that addresses each country, and the specifics of operating in each. There is no 'one size fits all' strategic approach for Asia Pacific.

Key Stakeholders and Trade Associations

Key MedTech Events

For further information and advice contact the Singapore based Trade Commissioner - Andrew Threlfall (

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