Singapore Biomaterials in Healthcare Market is expected to witness growth from $188 Mn in 2022 to $527 Mn in 2030 with a CAGR of 13.80% for the forecasted year 2022-2030. Tissue engineering and other regenerative therapies that depend on biomaterials are becoming more widely known and used in Singapore, which has led to an expansion of the country's Biomaterials in the Healthcare market. The market is segmented by type and by application. Some key players in this market include Biosensors International, Everlife, BASF SE, Johnson and Johnson, Medtronic and Evonik Industries.
Singapore Biomaterials in Healthcare Market is expected to witness growth from $188 Mn in 2022 to $527 Mn in 2030 with a CAGR of 13.80% for the forecasted year 2022-30. Singapore's projected government healthcare spending for 2020 is $13.2 Bn, and by 2029, it is anticipated to have tripled to $36 Bn. From $21.4 Bn in 2017 to $23 Bn in 2023, it is predicted that Singapore's healthcare industry will grow by 9%. By 2029, it is projected that the sector will have more than doubled, reaching $49.4 Bn. Healthcare spending in Singapore, which encompasses both public and private expenses, is projected to account for 5.9% of GDP in 2019 and up to 9% by 2029.
In order to grow fresh tissue or organs for transplantation, biomaterials are used in Singapore healthcare market, which can help to solve the shortage of donor organs. Hydrogels and dressings made of biomaterials are used to encourage wound healing and stop infection. Dental uses utilizing biomaterials, such as dental implants, can enhance the function and appearance of teeth. Using biomaterials to deliver medications directly to specific body locations can increase therapy effectiveness and minimize side effects. In order to be used securely in medical devices and implants, biomaterials must be biocompatible, which means they must not have any negative effects on the body. Many biomaterials have great wear resistance, making them suitable for use in implants and medical devices that are subjected to daily use. Biomaterials are adaptable and can be tailored to fit a variety of medical needs, giving healthcare professionals many options. Biomaterials are frequently more affordable to produce than conventional materials, making them an economical choice for healthcare practitioners.
Market Growth Drivers
Tissue engineering and other regenerative therapies that depend on biomaterials are becoming more widely known and used in Singapore, which has led to an expansion of the country's Biomaterials in Healthcare market. To support the expansion of the biomedical sector, the Singaporean government has made significant investments in biomaterials research and development. Manufacturers now have more chances to create and market new biomaterials thanks to this support. Due to a population that is growing older, rising healthcare costs, and an increase in the prevalence of serious illnesses, Singapore is anticipated to see a continued increase in demand for medical devices that integrate biomaterials. Biomaterials manufacturers now have new opportunities to develop and sell new products in Singapore's Biomaterials in Healthcare market thanks to quick advances in materials science and biomedical engineering.
Market Restraints
With a population of roughly 5.8 million, the Singaporean healthcare industry is quite small. It may be difficult for manufacturers of biomaterials to achieve economies of scale and create sizable revenue due to the small size of the market. Singapore's Biomaterials in Healthcare industry is extremely competitive, with a number of well-established players who have a solid reputation for their brands and a long list of loyal customers. Due to this, it may be difficult for new competitors to acquire ground and establish themselves.
Key Players
The regulatory authority in charge of making sure that medical devices and biomaterials are safe, high-quality, and effective in Singapore is the Health Sciences Authority (HSA). Through a risk-based classification system, the HSA controls all medical equipment and biomaterials and makes sure they adhere to the necessary laws. The creation, production, and marketing of medical devices in Singapore are regulated by a set of laws known as the Medical Device Regulations (MDR). Before they can be used in Singapore, biomaterials must pass stringent testing and assessment procedures mandated by the MDR. Through the promotion of innovation, the development of talent, and the improvement of regulatory procedures, the Medical Technology Industry Transformation Map (ITM) is a government effort designed to transform the medical technology industry in Singapore. With an emphasis on creating cutting-edge patient solutions, the ITM offers a roadmap for the industry's expansion and development.
1. Executive Summary
1.1 Device Overview
1.2 Global Scenario
1.3 Country Overview
1.4 Healthcare Scenario in Country
1.5 Regulatory Landscape for Medical Device
1.6 Health Insurance Coverage in Country
1.7 Type of Medical Device
1.8 Recent Developments in the Country
2. Market Size and Forecasting
2.1 Market Size (With Excel and Methodology)
2.2 Market Segmentation (Check all Segments in Segmentation Section)
3. Market Dynamics
3.1 Market Drivers
3.2 Market Restraints
4. Competitive Landscape
4.1 Major Market Share
4.2 Key Company Profile (Check all Companies in the Summary Section)
4.2.1 Company
4.2.1.1 Overview
4.2.1.2 Product Applications and Services
4.2.1.3 Recent Developments
4.2.1.4 Partnerships Ecosystem
4.2.1.5 Financials (Based on Availability)
5. Reimbursement Scenario
5.1 Reimbursement Regulation
5.2 Reimbursement Process for Diagnosis
5.3 Reimbursement Process for Treatment
6. Methodology and Scope
By Type (Revenue, USD Billion):
Based on type, the market is segmented into Metallic Biomaterials, Polymeric Biomaterials, Ceramic Biomaterials, and Natural Biomaterials. The Metallic Biomaterials segment accounted for the largest share of the Singapore market in 2019. The growing geriatric population Singaporely is expected to drive growth for this segment.
By Application (Revenue, USD Billion):
The cardiovascular, orthopaedic, dental, plastic surgery, wound healing, tissue engineering, ophthalmology, neurological/CNS, and other applications segments are made up of the biomaterials market. The market category for wound healing is anticipated to have the highest CAGR in 2019. The market will increase as a result of factors including expanding healthcare infrastructure, a large population pool, a rising diabetic population, and rising healthcare spending. Surgical Guides
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