Singapore: Pacemaker Market 2024

Pacemaker Market Size in Singapore

In 2021, after two years of decline, there was growth in the Singaporean pacemaker market, when its value increased by 1.5% to $X. Overall, the total consumption indicated a notable expansion from 2012 to 2021: its value increased at an average annual rate of +2.5% over the last nine-year period. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2021 figures, consumption decreased by -9.0% against 2018 indices. Over the period under review, the market reached the maximum level at $X in 2018; however, from 2019 to 2021, consumption remained at a lower figure.

Pacemaker Production in Singapore

In value terms, pacemaker production surged to $X in 2021 estimated in export price. Overall, production enjoyed a prominent expansion. The most prominent rate of growth was recorded in 2014 with an increase of 221%. Pacemaker production peaked at $X in 2017; however, from 2018 to 2021, production stood at a somewhat lower figure.

Pacemaker Exports

Exports from Singapore

In 2021, overseas shipments of pacemakers for stimulating heart muscles (excl. parts and accessories) were finally on the rise to reach X units after three years of decline. Overall, exports recorded a prominent increase. The pace of growth appeared the most rapid in 2015 with an increase of 165% against the previous year. Over the period under review, the exports hit record highs at X units in 2017; however, from 2018 to 2021, the exports failed to regain momentum.

In value terms, pacemaker exports soared to $X in 2021. In general, exports posted a resilient increase. The exports peaked at $X in 2016; however, from 2017 to 2021, the exports remained at a lower figure.

Exports by Country

The United States (X units), China (X units) and Japan (X units) were the main destinations of pacemaker exports from Singapore, with a combined 84% share of total exports. Taiwan (Chinese), the Netherlands, India, Vietnam and Germany lagged somewhat behind, together comprising a further 12%.

From 2012 to 2021, the most notable rate of growth in terms of shipments, amongst the main countries of destination, was attained by Vietnam (with a CAGR of +108.9%), while the other leaders experienced more modest paces of growth.

In value terms, the United States ($X), China ($X) and Japan ($X) appeared to be the largest markets for pacemaker exported from Singapore worldwide, together comprising 84% of total exports. Taiwan (Chinese), the Netherlands, India, Vietnam and Germany lagged somewhat behind, together comprising a further 12%.

Vietnam, with a CAGR of +95.3%, saw the highest rates of growth with regard to 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 pacemaker export price stood at $X per unit in 2021, dropping by -2.4% against the previous year. Overall, the export price saw a perceptible setback. The most prominent rate of growth was recorded in 2013 an increase of 13% against the previous year. As a result, the export price reached the peak level of $X per unit. From 2014 to 2021, the average export prices remained at a somewhat lower figure.

Average prices varied noticeably for the major foreign markets. In 2021, amid the top suppliers, the countries with the highest prices were Vietnam ($X per unit) and India ($X per unit), while the average price for exports to China ($X per unit) and Germany ($X per unit) were amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was recorded for supplies to Japan (-1.1%), while the prices for the other major destinations experienced a decline.

Pacemaker Imports

Imports into Singapore

In 2021, purchases abroad of pacemakers for stimulating heart muscles (excl. parts and accessories) increased by 40% to X units, rising for the third consecutive year after five years of decline. Over the period under review, imports continue to indicate a buoyant expansion. The most prominent rate of growth was recorded in 2013 with an increase of 121%. As a result, imports attained the peak of X units. From 2014 to 2021, the growth of imports failed to regain momentum.

In value terms, pacemaker imports skyrocketed to $X in 2021. Overall, imports showed a prominent expansion. The most prominent rate of growth was recorded in 2013 when imports increased by 101%. As a result, imports attained the peak of $X. From 2014 to 2021, the growth of imports remained at a somewhat lower figure.

Imports by Country

In 2021, Switzerland (X units) constituted the largest supplier of pacemaker to Singapore, accounting for a 72% share of total imports. Moreover, pacemaker imports from Switzerland exceeded the figures recorded by the second-largest supplier, Mexico (X units), sixfold. The third position in this ranking was taken by the United States (X units), with a 6.8% share.

From 2012 to 2021, the average annual rate of growth in terms of volume from Switzerland amounted to +17.9%. The remaining supplying countries recorded the following average annual rates of imports growth: Mexico (+41.8% per year) and the United States (-12.7% per year).

In value terms, Switzerland ($X) constituted the largest supplier of pacemakers for stimulating heart muscles (excl. parts and accessories) to Singapore, comprising 72% of total imports. The second position in the ranking was held by Mexico ($X), with a 13% share of total imports. It was followed by the United States, with a 6.8% share.

From 2012 to 2021, the average annual growth rate of value from Switzerland amounted to +16.5%. The remaining supplying countries recorded the following average annual rates of imports growth: Mexico (+41.5% per year) and the United States (-13.8% per year).

Import Prices by Country

In 2021, the average pacemaker import price amounted to $X per unit, shrinking by -3.8% against the previous year. Overall, the import price showed a slight setback. The pace of growth was the most pronounced in 2020 when the average import price increased by 23% against the previous year. Over the period under review, average import prices hit record highs at $X per unit in 2012; however, from 2013 to 2021, import prices remained at a lower figure.

Average prices varied noticeably amongst the major supplying countries. In 2021, amid the top importers, the countries with the highest prices were the Netherlands ($X per unit) and Mexico ($X per unit), while the price for Germany ($X per unit) and Switzerland ($X per unit) were amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by Mexico (-0.2%), while the prices for the other major suppliers experienced a decline.

Source: IndexBox Platform

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