Singapore Diabetes Devices Market Report 2022 to 2030

Singapore Diabetes Devices Market Analysis

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Singapore Diabetes Devices Market is expected to grow from $27 Mn in 2022 to $50 Mn in 2030 with a CAGR of 7.80% for the forecasted year 2022-30. An increase in the number of cases of diabetes, a shift in urbanization, and an increase in sedentary lifestyles are the main factors propelling the Singapore diabetes devices market. The market is segmented by type and by the end user. Some key players in this market include Everlife, Forefront Medical Technology, KroniKare, Johnson & Johnson, Medtronic, Roche, Ascensia Diabetes Care, and Dexcom.

ID: IN10SGMD007 CATEGORY: Medical Devices GEOGRAPHY: Singapore AUTHOR: Jigyasu Bhandari

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Singapore Diabetes Devices Healthcare Market Executive Analysis

Singapore Diabetes Devices Market is expected to grow from $27 Mn in 2022 to $50 Mn in 2030 with a CAGR of 7.80% for the forecasted year 2022-30. Singapore's government will spend $13.65 billion on healthcare in 2024; by 2029, that sum will have quadrupled to $36 billion. The Singaporean healthcare sector is projected to grow by 9%, from $21.4 billion in 2017 to $23 billion in 2023. The industry is expected to double in size and hit $49.4 billion by 2029. It is anticipated that Singapore's spending on healthcare, which includes both state and private expenses, will account for 5.9% of GDP in 2019 and up to 9% by 2029.

In Singapore, the prevalence of diabetes was 10.5% in 2019, meaning that there were roughly 600,000 individuals living with the condition. Over the past few decades, the prevalence of diabetes in Singapore has steadily increased. Diabetes prevalence was 7.3% in 2010; by 2019, it had risen to 10.5%. Over 90% of all cases of diabetes in Singapore are of type 2, making it the most prevalent form. It is more common in older people and is closely linked to obesity and a sedentary lifestyle. People with diabetes can control their lifestyle with the aid of some diabetes devices, such as fitness trackers and smart scales. These tools can monitor a person's weight, food consumption, and physical activity while offering individualized suggestions to support healthier lifestyle choices. Insulin is administered to diabetics who need insulin treatment using insulin pens and insulin pumps. These tools make it possible to administer insulin precisely, reducing the risk of elevated or low blood glucose levels. Software that is often included with diabetes devices enables users to monitor their blood glucose levels, medicine dosages, and other diabetes-related data. It is possible to use this data to spot patterns and trends in blood glucose levels, which can guide people and their healthcare providers in managing their diabetes.

Singapore Diabetes Devices Market Analysis

Market Dynamics

Market Growth Drivers

An increase in the number of cases of diabetes, a shift in urbanization, and an increase in sedentary lifestyles are the main factors propelling the Singapore Diabetes Care Devices Market. The diabetic care market in Singapore will be dominated during the forecast period by technical developments in the field of diabetes devices, an increase in the number of diabetics worldwide, a rise in the demand for quick and safe diagnoses, and an increase in diabetes treatments. Singapore is well known for its medical tourism industry, which draws patients from all over the globe. The availability of top-notch diabetes services and devices for patients seeking medical treatment in the nation is a crucial element in the growth of the diabetes device market. The significance of managing diabetes is becoming increasingly clear to Singaporeans. This is driving up demand for diabetes technology and opening doors for makers to develop new goods and increase their market share.

Market Restraints

In Singapore, alternative treatments are posing a growing threat to businesses in the diabetes devices market. The percentage of Singaporean patients receiving oral medications that don't involve the use of a device is likely to rise as a result of new medications. Other novel treatment approaches are being developed in Singapore as a result of increased research and knowledge of diabetes, which restrains market expansion for Singapore diabetes devices.

Competitive Landscape

Key Players

Everlife (SG)
Forefront Medical Technology (SG)
KroniKare (SG)
Johnson & Johnson
Medtronic
Roche
Dexcom
Ascensia Diabetes Care

Healthcare Policies and Regulatory Landscape

In Singapore, the Health Sciences Authority (HSA) is the authority in charge of empowering and governing medical devices, including diabetes devices. In advance of any medical devices being approved for use in Singapore, the HSA assures that they all fulfil the greatest requirements regarding efficacy, quality, and safety. In addition, the Singaporean government has implemented a number of measures to encourage the use of diabetes equipment, such as grants for insulin pumps and continuous glucose monitors. New diabetes tools and devices are also supported by the government. The government of Singapore has implemented the National Diabetes Prevention and Control Program in an effort to reduce the incidence of diabetes and its associated complications. (NDPCP). Campaigns for public education, community engagement initiatives, and assistance with diabetes self-management, including the use of diabetes devices, are all included in the program.

1. Executive Summary
1.1 Device Overview
1.2 Global Scenario
1.3 Country Overview
1.4 Healthcare Scenario in Country
1.5 Regulatory Landscape for Medical Device
1.6 Health Insurance Coverage in Country
1.7 Type of Medical Device
1.8 Recent Developments in the Country

2. Market Size and Forecasting
2.1 Market Size (With Excel and Methodology)
2.2 Market Segmentation (Check all Segments in Segmentation Section)

3. Market Dynamics
3.1 Market Drivers
3.2 Market Restraints

4. Competitive Landscape
4.1 Major Market Share

4.2 Key Company Profile (Check all Companies in the Summary Section)

4.2.1 Company
4.2.1.1 Overview
4.2.1.2 Product Applications and Services
4.2.1.3 Recent Developments
4.2.1.4 Partnerships Ecosystem
4.2.1.5 Financials (Based on Availability)

5. Reimbursement Scenario
5.1 Reimbursement Regulation
5.2 Reimbursement Process for Diagnosis
5.3 Reimbursement Process for Treatment

6. Methodology and Scope

Diabetes Devices Market Segmentation

By Type (Revenue, USD Billion):

The market is divided into blood glucose monitoring systems, insulin delivery systems, and mobile applications for managing diabetes within the type segment. Due to its convenience, ease of use, and usefulness in providing patients and healthcare professionals with real-time insights regarding diabetic conditions for integrated diabetes management, the segment for diabetes management mobile applications is anticipated to grow at the highest rate during the forecast period. Bare-metal Stents

Blood glucose monitoring systems
Self-monitoring blood glucose monitoring systems
Continuous glucose monitoring systems
Test strips/Test papers
Lancets/Lancing Devices
Insulin delivery Devices
Insulin pumps
Insulin pens
Insulin syringes and needles
Diabetes management mobile applications

By End User (Revenue, USD Billion):

The diabetes market is divided into hospitals & specialty clinics and self & home care, based on the end user.

Hospitals & Specialty Clinics
Self & Home Care

Methodology for Database Creation

Our database offers a comprehensive list of healthcare centers, meticulously curated to provide detailed information on a wide range of specialties and services. It includes top-tier hospitals, clinics, and diagnostic facilities across 30 countries and 24 specialties, ensuring users can find the healthcare services they need.

Additionally, we provide a comprehensive list of Key Opinion Leaders (KOLs) based on your requirements. Our curated list captures various crucial aspects of the KOLs, offering more than just general information. Whether you're looking to boost brand awareness, drive engagement, or launch a new product, our extensive list of KOLs ensures you have the right experts by your side. Covering 30 countries and 36 specialties, our database guarantees access to the best KOLs in the healthcare industry, supporting strategic decisions and enhancing your initiatives.

How Do We Get It?

Our database is created and maintained through a combination of secondary and primary research methodologies.

1. Secondary Research

With many years of experience in the healthcare field, we have our own rich proprietary data from various past projects. This historical data serves as the foundation for our database. Our continuous process of gathering data involves:

Analyzing historical proprietary data collected from multiple projects.
Regularly updating our existing data sets with new findings and trends.
Ensuring data consistency and accuracy through rigorous validation processes.

With extensive experience in the field, we have developed a proprietary GenAI-based technology that is uniquely tailored to our organization. This advanced technology enables us to scan a wide array of relevant information sources across the internet. Our data-gathering process includes:

Searching through academic conferences, published research, citations, and social media platforms
Collecting and compiling diverse data to build a comprehensive and detailed database
Continuously updating our database with new information to ensure its relevance and accuracy

2. Primary Research

To complement and validate our secondary data, we engage in primary research through local tie-ups and partnerships. This process involves:

Collaborating with local healthcare providers, hospitals, and clinics to gather real-time data.
Conducting surveys, interviews, and field studies to collect fresh data directly from the source.
Continuously refreshing our database to ensure that the information remains current and reliable.
Validating secondary data through cross-referencing with primary data to ensure accuracy and relevance.

Combining Secondary and Primary Research

By integrating both secondary and primary research methodologies, we ensure that our database is comprehensive, accurate, and up-to-date. The combined process involves:

Merging historical data from secondary research with real-time data from primary research.
Conducting thorough data validation and cleansing to remove inconsistencies and errors.
Organizing data into a structured format that is easily accessible and usable for various applications.
Continuously monitoring and updating the database to reflect the latest developments and trends in the healthcare field.

Through this meticulous process, we create a final database tailored to each region and domain within the healthcare industry. This approach ensures that our clients receive reliable and relevant data, empowering them to make informed decisions and drive innovation in their respective fields.