Singapore Genomic Diagnostics Market Analysis

Singapore Genomic Diagnostics Market Executive Summary

Singapore Genomic Diagnostics Market was valued at $39.18 Mn in 2023 and is predicted to grow at a CAGR of 17.1% from 2023 to 2030, to $118.29 Mn by 2030. 

Genomic diagnostics is a rapidly evolving field that uses an individual's genetic information to diagnose diseases, assess predisposition to future health problems, and guide treatment plans by analyzing DNA or RNA for disease-linked variations. This includes karyotyping to examine chromosome abnormalities, targeted mutation analysis for specific disease-related genes, and next-generation sequencing (NGS) for a comprehensive genetic analysis. Applications encompass disease diagnosis, carrier testing for informed family planning, predictive testing for disease risk assessment, and pharmacogenomics for personalized medication treatments. The benefits of genomic diagnostics include early disease detection, personalized medicine, and improved disease management and prognosis.

Chronic diseases are increasingly prevalent in Singapore, with 32% of the population affected by hypertension and 37% by hyperlipidemia as of 2022. Over 50% of individuals over 50 have at least one chronic condition. By 2030, 25% of Singapore's population will be over 65, leading to increased healthcare demands and expenditures, which have already doubled from $8.5Bn in 2015 to $15Bn in 2020.

Market is therefore driven by significant factors like government support and infrastructure, rising demand for personalized medicine, and medical tourism. However, cost pressures, workforce shortages, and regulatory challenges restrict the growth and potential of the market.

A prominent player in this field is Illumina, which has partnered with AstraZeneca to leverage genomics and AI for faster drug development by identifying new therapeutic targets and biomarkers, 23andMe acquired Lemonaid Health to enhance its personalized healthcare offerings through telehealth and prescription drug delivery services based on genetic information. Other contributors include Myriad Genetics, and Amgen among others.

Market Dynamics

Market Growth Drivers

Government Support and Infrastructure: The Singaporean government plays a crucial role in advancing healthcare infrastructure, which includes significant investments in genomic diagnostics. The Healthcare 2020 Masterplan aims to enhance healthcare capacity and technology, fostering growth in advanced diagnostic laboratories.

Rising Demand for Personalized Medicine: There is a growing consumer preference for personalized medicine, which relies heavily on genomic testing. Patients are increasingly seeking tests that can provide tailored treatment plans based on their genetic profiles, leading to a surge in demand for genomic diagnostics.

Medical Tourism: Singapore's reputation as a medical tourism hub also contributes to the growth of the genomic diagnostics market. Patients from around the region seek advanced diagnostic services, including genomic testing, which enhances the market's potential.

Market Restraints

Cost Pressures: The high costs associated with advanced genomic technologies and the need for skilled personnel create financial challenges for diagnostic labs. Balancing competitive pricing while ensuring profitability is a significant hurdle.

Workforce Shortages: There is a shortage of trained professionals in the field of genomic diagnostics, which hampers the growth of the market. The specialized nature of genomic testing requires highly skilled personnel, and the demand often exceeds supply.

Regulatory Challenges: The regulatory landscape for genomic diagnostics can be complex in Singapore and may pose barriers to market entry for new technologies and services. Compliance with stringent regulations can slow down innovation and the introduction of new testing methods.

Regulatory Landscape and Reimbursement Scenario

Singapore's regulatory framework for medical devices and in vitro diagnostics, including genomic tests, is overseen by the Health Sciences Authority (HSA). The HSA ensures the safety, quality, and efficacy of these products, playing a crucial role in approving new genomic tests and maintaining high standards.

Reimbursement for genomic diagnostics in Singapore varies across the healthcare system, which includes both public and private sectors. National schemes like Medisave and Medishield Life can cover some genomic tests, particularly those deemed medically necessary. Additionally, Integrated Shield Plans (ISPs) and private health insurance plans offer varying levels of coverage for genomic diagnostics, depending on the specific plan. However, some patients may need to pay out-of-pocket for tests not covered by insurance.

Competitive Landscape

Key Players

Here are some of the major key players in the Singapore Genomic Diagnostics

• Illumina, Inc.
• Myriad Genetics, Inc.
• Amgen, Inc.
• 23andMe
• Genome Institute of Singapore
• SingHealth Duke-NUS Genomic Medicine Centre
• National University Health System
• National Cancer Centre Singapore
• Abbott Laboratories
• Danaher Corporation