Singapore: Ophthalmic Instruments Market 2024

Ophthalmic Instruments Market Size in Singapore

The Singaporean ophthalmic instruments market reduced slightly to $X in 2021, remaining stable against the previous year. Overall, consumption saw a noticeable contraction. Over the period under review, the market reached the peak level at $X in 2012; however, from 2013 to 2021, consumption stood at a somewhat lower figure.

Ophthalmic Instruments Production in Singapore

In value terms, ophthalmic instruments production expanded sharply to $X in 2021 estimated in export price. In general, production recorded a significant increase. The pace of growth appeared the most rapid in 2016 with an increase of 172% against the previous year. Over the period under review, production attained the maximum level at $X in 2019; however, from 2020 to 2021, production failed to regain momentum.

Ophthalmic Instruments Exports

Exports from Singapore

Ophthalmic instruments exports from Singapore surged to X tons in 2021, with an increase of 37% against the previous year. Overall, exports enjoyed a significant expansion. The growth pace was the most rapid in 2015 with an increase of 249% against the previous year. Over the period under review, the exports attained the maximum at X tons in 2019; however, from 2020 to 2021, the exports failed to regain momentum.

In value terms, ophthalmic instruments exports expanded markedly to $X in 2021. In general, exports continue to indicate a significant increase. The pace of growth was the most pronounced in 2015 when exports increased by 437%. The exports peaked at $X in 2019; however, from 2020 to 2021, the exports remained at a lower figure.

Exports by Country

The United States (X tons) was the main destination for ophthalmic instruments exports from Singapore, with a 36% share of total exports. Moreover, ophthalmic instruments exports to the United States exceeded the volume sent to the second major destination, China (X tons), threefold. South Korea (X tons) ranked third in terms of total exports with an 8% share.

From 2012 to 2021, the average annual rate of growth in terms of volume to the United States totaled +65.5%. Exports to the other major destinations recorded the following average annual rates of exports growth: China (+58.2% per year) and South Korea (+51.9% per year).

In value terms, the United States ($X) remains the key foreign market for ophthalmic instruments and appliances exports from Singapore, comprising 33% of total exports. The second position in the ranking was held by Japan ($X), with an 11% share of total exports. It was followed by China, with a 9.8% share.

From 2012 to 2021, the average annual growth rate of value to the United States stood at +67.1%. Exports to the other major destinations recorded the following average annual rates of exports growth: Japan (+37.2% per year) and China (+60.3% per year).

Export Prices by Country

The average ophthalmic instruments export price stood at $X per ton in 2021, falling by -19.5% against the previous year. Over the period under review, export price indicated slight growth from 2012 to 2021: its price increased at an average annual rate of +1.0% over the last nine-year period. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. The most prominent rate of growth was recorded in 2015 when the average export price increased by 54% against the previous year. The export price peaked at $X per ton in 2020, and then declined sharply in the following year.

Prices varied noticeably country of destination: the country with the highest price was Malaysia ($X per ton), while the average price for exports to India ($X per ton) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was recorded for supplies to Japan (+5.7%), while the prices for the other major destinations experienced more modest paces of growth.

Ophthalmic Instruments Imports

Imports into Singapore

In 2021, ophthalmic instruments imports into Singapore soared to X tons, increasing by 71% compared with 2020 figures. Over the period under review, imports, however, continue to indicate a relatively flat trend pattern. Imports peaked at X tons in 2013; however, from 2014 to 2021, imports remained at a lower figure.

In value terms, ophthalmic instruments imports surged to $X in 2021. The total import value increased at an average annual rate of +2.4% from 2012 to 2021; however, the trend pattern indicated some noticeable fluctuations being recorded throughout the analyzed period. As a result, imports reached the peak and are likely to continue growth in the immediate term.

Imports by Country

In 2021, the United States (X tons) constituted the largest ophthalmic instruments supplier to Singapore, with a 34% share of total imports. Moreover, ophthalmic instruments imports from the United States exceeded the figures recorded by the second-largest supplier, Germany (X tons), threefold. The third position in this ranking was taken by Japan (X tons), with an 11% share.

From 2012 to 2021, the average annual rate of growth in terms of volume from the United States stood at +10.8%. The remaining supplying countries recorded the following average annual rates of imports growth: Germany (-9.6% per year) and Japan (-12.4% per year).

In value terms, the United States ($X) constituted the largest supplier of ophthalmic instruments and appliances to Singapore, comprising 33% of total imports. The second position in the ranking was held by Germany ($X), with a 12% share of total imports. It was followed by Japan, with a 10% share.

From 2012 to 2021, the average annual growth rate of value from the United States totaled +9.0%. The remaining supplying countries recorded the following average annual rates of imports growth: Germany (-8.1% per year) and Japan (-5.3% per year).

Import Prices by Country

In 2021, the average ophthalmic instruments import price amounted to $X per ton, increasing by 2.2% against the previous year. Over the period from 2012 to 2021, it increased at an average annual rate of +3.0%. The pace of growth appeared the most rapid in 2016 an increase of 32% against the previous year. Over the period under review, average import prices attained the maximum in 2021 and is likely to see gradual growth in years to come.

Average prices varied noticeably amongst the major supplying countries. In 2021, the countries with the highest prices were Norway ($X per ton) and Ireland ($X per ton), while the price for Indonesia ($X per ton) and Japan ($X per ton) were amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by Japan (+8.1%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform

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