Asia-Pacific driving growth in global medtech market, says Singapore government official

Thanks to a burgeoning middle class and growing aging population, the Asia-Pacific region is spearheading future growth in the global medtech market, said Singapore Senior Minister of State Lee Yi Shyan in an address marking the official opening of Medical Manufacturing Asia 2014 in Singapore this week.

"The medtech market in the Asia-Pacific region alone was worth $69 billion in 2013, and it is expected to grow at a CAGR of 10.3% over the next three years," said Lee Yi Shyan, who is a member of Singapore's ministries of Trade and Industry and National Development. By comparison, the global medtech industry is expected to achieve a CAGR of 6.7%, according to data provided by Singapore.

The robust growth in demand for healthcare products and services in Asia Pacific largely can be attributed to an ongoing shift in demographics, said Lee Yi Shyan as reported by the Malaysian Insider. A growing population, an increase in life expectancy, and rising affluence that is leading to greater demand for high standards of care are the primary factors driving this growth.

Singapore is well-positioned to ride this wave of rising demand. "Singapore has built up a robust eco-system to support medtech innovation and commercialization," Lee Yi Shyan said at the opening ceremony, according to the Malaysian Insider. "Over the last decade, our local medtech industry has more than tripled its manufacturing output, reaching SGD 5 billion [$3.95 billion] in 2013. Over the same period, the sector has grown to employ 10,000 workers," he added.

The three-day Medical Manufacturing Asia 2014 opened its doors at the Suntec Singapore center on September 9 and ends today.