Singapore: Medical Instruments Market 2024

Medical Instruments Market Size in Singapore

After two years of decline, the Singaporean medical instruments market increased by 46% to $X in 2022. Over the period under review, consumption posted a resilient expansion. Medical instruments consumption peaked at $X in 2019; however, from 2020 to 2022, consumption remained at a lower figure.

Medical Instruments Production in Singapore

In value terms, medical instruments production totaled $X in 2022 estimated in export price. Overall, the total production indicated a resilient expansion from 2012 to 2022: its value increased at an average annual rate of +7.4% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, production decreased by -15.3% against 2019 indices. The most prominent rate of growth was recorded in 2013 when the production volume increased by 117%. Medical instruments production peaked at $X in 2019; however, from 2020 to 2022, production remained at a lower figure.

Medical Instruments Exports

Exports from Singapore

After two years of growth, overseas shipments of instruments used in medical sciences decreased by -1.4% to X tons in 2022. In general, total exports indicated a pronounced increase from 2012 to 2022: its volume increased at an average annual rate of +2.3% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, exports increased by +25.6% against 2019 indices. The pace of growth appeared the most rapid in 2017 when exports increased by 46% against the previous year. As a result, the exports attained the peak of X tons. From 2018 to 2022, the growth of the exports failed to regain momentum.

In value terms, medical instruments exports expanded to $X in 2022. Overall, exports showed a relatively flat trend pattern. The pace of growth was the most pronounced in 2017 when exports increased by 19%. Over the period under review, the exports attained the maximum at $X in 2012; however, from 2013 to 2022, the exports remained at a lower figure.

Exports by Country

The United States (X tons), China (X tons) and Taiwan (Chinese) (X tons) were the main destinations of medical instruments exports from Singapore, together accounting for 34% of total exports. Indonesia, South Korea, Belgium, Australia, the Netherlands, Malaysia, Hong Kong SAR, Thailand, Japan and India lagged somewhat behind, together accounting for a further 51%.

From 2012 to 2022, the most notable rate of growth in terms of shipments, amongst the main countries of destination, was attained by Belgium (with a CAGR of +20.3%), while the other leaders experienced more modest paces of growth.

In value terms, the United States ($X), China ($X) and Taiwan (Chinese) ($X) were the largest markets for medical instruments exported from Singapore worldwide, together comprising 34% of total exports. Indonesia, South Korea, Belgium, Australia, the Netherlands, Malaysia, Hong Kong SAR, Thailand, Japan and India lagged somewhat behind, together accounting for a further 51%.

Belgium, with a CAGR of +16.5%, saw the highest growth rate of the value of exports, among the main countries of destination over the period under review, while shipments for the other leaders experienced more modest paces of growth.

Export Prices by Country

The average medical instruments export price stood at $X per ton in 2022, rising by 4.5% against the previous year. Overall, the export price, however, continues to indicate a pronounced setback. The most prominent rate of growth was recorded in 2019 when the average export price increased by 16% against the previous year. Over the period under review, the average export prices hit record highs at $X per ton in 2014; however, from 2015 to 2022, the export prices stood at a somewhat lower figure.

Average prices varied noticeably for the major overseas markets. In 2022, amid the top suppliers, the highest price was recorded for prices to Indonesia ($X per ton) and Australia ($X per ton), while the average price for exports to Malaysia ($X per ton) and Thailand ($X per ton) were amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was recorded for supplies to Australia (-3.1%), while the prices for the other major destinations experienced a decline.

Medical Instruments Imports

Imports into Singapore

In 2022, approx. X tons of instruments used in medical sciences were imported into Singapore; growing by 31% against the year before. The total import volume increased at an average annual rate of +3.6% from 2012 to 2022; however, the trend pattern indicated some noticeable fluctuations being recorded throughout the analyzed period. The pace of growth was the most pronounced in 2013 with an increase of 42%. Imports peaked at X tons in 2020; however, from 2021 to 2022, imports stood at a somewhat lower figure.

In value terms, medical instruments imports skyrocketed to $X in 2022. The total import value increased at an average annual rate of +2.8% over the period from 2012 to 2022; however, the trend pattern indicated some noticeable fluctuations being recorded in certain years. The pace of growth appeared the most rapid in 2013 when imports increased by 32% against the previous year. Imports peaked at $X in 2020; however, from 2021 to 2022, imports remained at a lower figure.

Imports by Country

Mexico (X tons), the United States (X tons) and Malaysia (X tons) were the main suppliers of medical instruments imports to Singapore, together accounting for 63% of total imports. China, Japan, Indonesia, Costa Rica and Germany lagged somewhat behind, together comprising a further 25%.

From 2012 to 2022, the most notable rate of growth in terms of purchases, amongst the main suppliers, was attained by Costa Rica (with a CAGR of +30.1%), while imports for the other leaders experienced more modest paces of growth.

In value terms, Mexico ($X), the United States ($X) and Malaysia ($X) constituted the largest medical instruments suppliers to Singapore, together comprising 63% of total imports. China, Japan, Indonesia, Costa Rica and Germany lagged somewhat behind, together comprising a further 25%.

Among the main suppliers, Costa Rica, with a CAGR of +29.1%, saw the highest rates of growth with regard to the value of imports, over the period under review, while purchases for the other leaders experienced more modest paces of growth.

Import Prices by Country

In 2022, the average medical instruments import price amounted to $X per ton, dropping by -8.1% against the previous year. Overall, the import price recorded a relatively flat trend pattern. The most prominent rate of growth was recorded in 2014 when the average import price increased by 17%. As a result, import price reached the peak level of $X per ton. From 2015 to 2022, the average import prices failed to regain momentum.

Average prices varied noticeably amongst the major supplying countries. In 2022, amid the top importers, the countries with the highest prices were Japan ($X per ton) and Mexico ($X per ton), while the price for Costa Rica ($X per ton) and Germany ($X per ton) were amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Indonesia (-0.8%), while the prices for the other major suppliers experienced a decline.

Source: IndexBox Platform

Frequently Asked Questions (FAQ) :