The research service has been developed to address the need for real-time market intelligence on the dynamics of orthopedics implants and market trends in Singapore. The market is divided into four segments – knee, hips, shoulder, and ankle implants. This research service presents the key findings of the Singaporean orthopedics market. It provides insights and forecasts of market size and unit volume. Moreover, it discusses the market trends, drivers and restraints, technology trends, and industry challenges. This comprehensive, objective information allows your company to mitigate risk, identify new opportunities, and drive effective strategies for growth.
Orthopedics Implant Market in Singapore Thrives as the Country Emerges as a Major Hub for Hip, Knee, and Spine Surgeries Increasing Aging Population and Revision Surgeries Help Sustain Market Momentum
Orthopedics implant market in Singapore is slated to grow at a compound annual growth rate (CAGR) of 5.9 per cent. As a leading biocluster in Asia, Singapore provides access to global talent, world-class scientific and clinical excellence, as well as excellent connectivity to key regional markets in the orthopedics market.
Singaporean hospitals are equipped with advanced medical technology and are able to offer leading edge treatments with outcomes comparable to renowned institutions worldwide. Some milestones in the Singaporean orthopedics market include the success of Singapore General Hospital as the first hospital in Southeast Asia to perform minimally invasive spine surgery.
The Medical Tourism Association has identified Singapore as the most prominent hub for foreigners to travel and receive surgical care. “Knee procedures were the highest among the segmented market with 63.0 percent as knee injuries affect all ages of population, not just the elderly community,” notes the analyst of this research service. “This was followed by hip implants accounting for 30.0 percent; ankle and shoulder implants were fairly small, with 5.0 percent and 2.0 percent of market share.”
Knee implant unit shipment and revenues are largely driven by revision surgeries as the previous implants are of less durable type. Also, manufacturers and designers are provided the opportunity to improve the quality, which may give further competitive advantage over others.
Medical professionals in Singapore are required to attend Continuing Medical Education (CME) events to keep in step with the latest medical advancements. Orthopedic surgeons are continually updating themselves on new surgical procedures. Medical device companies and medical organizations are educating surgeons and popularizing new surgical techniques, indirectly spurring demand for orthopedic implants.
High awareness of the surgical option among patients is another factor stoking growth in the market. Surgical methods such as minimally invasive surgery (MIS) are further encouraging patients to opt for joint implant procedures. With the expanding ageing population in Singapore, the demand for orthopedic implant products is poised for an upsurge. Despite the high percentage of aging population, in terms of actual numbers, the aging population is relatively small, as Singapore's population is only 5.1 million in 2010. Orthopedic implant manufacturers are competing aggressively for a small share in the market.
Large government hospitals prefer purchasing on a tender basis, causing price wars among participants. Tenders affect the Singapore market to a greater extent, as companies in the market tend to compete based on price. Key participants hold sway over the concentrated market and all of them compete for tenders. To penetrate this market, companies must focus on specialized niche areas, such as stem cell enabled implants. Considering that the market is mature, continuous efforts may be required to differentiate products in this space.
“Going forward, robotic surgery in orthopedics would be preferred by most surgeons as it is less invasive and the recovery time is shorter,” concludes the analyst. “Despite the high cost, reimbursements and insurance will make it possible for most patients to have access to robotic surgery in the future.”