The orthopedics implant market in Singapore is slated to grow at a compound annual growth rate (CAGR) of 5.9 percent. 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. Singaporean hospitals are equipped with advanced medical technology and are able to offer 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.
New analysis from Frost & Sullivan (medicaldevices.frost.com), Analysis of the Orthopedics Implant Market - Future of Joint Replacements, finds that the market earned revenue of US$7.1 million in 2010 and estimates this to reach US$9.3 million in 2015.
"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," says Frost & Sullivan Research Analyst Yamunah Kandasamy. "This was followed by hip implants, accounting for 30.0 per cent; ankle and shoulder implants were fairly small segments, with 5.0 per cent and 2.0 per cent, respectively of the market share."
Knee implant unit shipment and revenues are largely driven by revision surgeries as the previous implants are of a less durable type. Also, manufacturers and designers are provided the opportunity to improve the quality, which may give further competitive advantage over others.
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 market growth. Surgical methods such as minimally invasive surgery (MIS) are encouraging patients to opt for joint implant procedures.
Large government hospitals prefer purchasing on a tender basis, causing price wars among participants. Tenders affect the Singapore market to a greater extent since companies in the market tend to compete 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 Kandasamy. "Despite the high cost, reimbursements and insurance will make it possible for most patients to have access to robotic surgery in the future."
If you are interested in more information on this study, please send an email to Donna Jeremiah, Corporate Communications, at djeremiah[.]frost.com, with your contact details.
Analysis of the Orthopedics Implant Market - Future of Joint Replacements is part of the Medical Devices Growth Partnership Service program, which also includes research in the following markets: Wound Care Market in Malaysia, Wound Care Market in Taiwan, SMBG market for Thailand, SMBG market for Hong Kong as well as Endoscope and Surgical Products Market for Vietnam. All research services included in subscriptions provide detailed market opportunities and industry trends that have been evaluated following extensive interviews with market participants.
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Analysis of the Orthopedics Implant Market - Future of Joint Replacements / P55B
Jessie Loh, Corporate Communications – Asia Pacific
P: +65 6890 0942 / E: E: jessie.loh[.]frost.com.