Singapore has an $439 million in vitro diagnostic market, according to recent medical market research report.
ARLINGTON, Va. (PRWEB) December 05, 2022
An aging and higher-income regionally population are the main factors boosting Singapore as an in vitro diagnostic (IVD) market, according to Kalorama Information. The medical market researcher recently published a report on the region, In Vitro Diagnostics (IVD) in Malaysia, Singapore and Indonesia, 2022. The firm found that Singapore is one of the most prosperous nations in the APAC region and that extends to its in vitro diagnostics market. Singapore's IVD market is estimated to be about $439 million. The leading segments within 2022 are point-of-care (POC) testing and microbiology and virology.
Singapore is one of the fastest aging populations in the world, with almost half of the population projected to be over 65 by 2050. The rising life expectancy and declining birth rates are driving this trend. As a result, the country is facing an increase in the prevalence of cancer, diabetes and cardiovascular diseases.
"The healthcare expenditure in Singapore is expected to increase as the population continues to age at an exponential rate. The country is also facing a rise in unhealthy lifestyle habits, which is also adding to the healthcare sustainability issues the government is facing," says Bruce Carlson, publisher for Kalorama Information.
The country offers a business-friendly regulatory environment. As a result, the country has a very low unemployment rate. According to World Bank data, Singapore's GDP was worth $396.99 billion in 2021, which represented 0.07% of the world economy. The country has a population of 5.7 million. The country's economy contracted by 5.4% in 2020 due to the COVID-19 pandemic. Singapore more than 700 deaths due to COVID-19 as of December 2021.
About Kalorama Information:
Kalorama Information, part of Science and Medicine Group, is the leading publisher of market research in healthcare areas, including in vitro diagnostics (IVD), biotechnology, medical devices, and pharmaceuticals. Science and Medicine Group supports companies seeking to commercialize the rapidly changing marketplace at the intersection of science, medicine, and technology. Comprised of industry-leading brands, Science and Medicine Group serves analytical instrument, life science, imaging, and clinical diagnostic companies by helping them create strategies and products to win markets and provide platforms to digitally engage their markets through a variety of innovative solutions. Kalorama Information produces 30 reports a year. The firm offers a Knowledge Center, which provides access to all published reports.
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