Singapore medical device market growth cut to 8.4% for 2018-2023: Fitch Solutions

Singapore

SINGAPORE'S medical device market is projected to register a compound annual growth rate (CAGR) of 8.4 per cent from 2018 to 2023, down from a previous estimate of 9.1 per cent, with the industry valued at some S$1.3 billion in 2023, according to a report by Fitch Solutions Macro Research on Thursday.

This comes amid weaker global economic momentum, and the ongoing US-China trade tensions, though increased government expenditure on the growing healthcare needs of an ageing population will likely cushion the effects of a slowing economy, Fitch Solutions said.