Medical devices market in Singapore to reach $3.5 billion in 2022, predicts GlobalData | The Financial Express

Medical devices market in Singapore to reach $3.5 billion in 2022, predicts GlobalData

Singapore is a key manufacturing player for a range of advanced medical technologies for global markets, including implanted pacemakers, contact lenses, and mammography equipment.

Medical devices market in Singapore to reach $3.5 billion in 2022, predicts GlobalData
GlobalData also claimed that the government wants foreign medical device manufacturers to transfer technologies and their assembly processes to China. (File)

GlobalData on Wednesday said that the medical devices market of Singapore is set to grow at a compound annual growth rate(CAGR) of 5.2 percent from $2.6 billion in 2016 to $3.5 billion in 2022. Singapore is a key manufacturing player for a range of advanced medical technologies for global markets, including implanted pacemakers, contact lenses, and mammography equipment.

GlobalData’s report, ‘Singapore Healthcare (Pharma and Medical Devices) Market Analysis, Regulatory, Reimbursement, and Competitive Landscape,’ reveals that Singapore presents great opportunities for the adoption of technology in healthcare and is open for investments.

Recently, Singapore-based digital health AI company FathomX has successfully raised a pre-series A funding of $2.24 million to complete the multi-center validation study of its flagship software as a medical device (SaMD) FxMammo across eight regions in the Asia-Pacific, the company stated.

Globally, Breast cancer is one of the most common types of cancer affecting women. Mammography, though unpleasant, painful, and time taking remains the most effective imaging modality for breast cancer. However, these procedures may not always provide accurate results as they sometimes lead to false positives- or false negatives resulting in overtreatment or no treatment, GlobalData claimed.

FathomX claims FxMammo has several clinically validated features, specifically a reduction in false positives and interval cancers. Moreover, it reportedly also has a strong efficacy in detecting cancer in dense breasts among Asian women with higher accuracy as compared to other technologies in the market. The funding is expected to broaden partnership opportunities and also accelerate the development and commercialization of the product, it claimed.

“With the help of FxMammo, FathomX aims to increase the accuracy of the mammography procedures and shorten diagnosis time allowing for right and timely management of the disease. Increased investments and initiatives from the public and private sectors will lead to the development of better products that will reduce the complications of mammography thereby resulting in more number of women going for mammography and protecting themselves from the life-threatening disease,” Ayshi Ganguly, Medical Devices Analyst at GlobalData, said in a statement on Wednesday.

According to GlobalData, the company also received funding from the Singapore-MIT Alliance for Research and Technology Center, National Health Innovation Center, Enterprise Singapore, and the National University of Singapore as a part of the Innovation to a Startup funding program for the development of AI-based imaging solutions for breast cancer diagnosis.

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