Singapore Oncology Therapeutics Market Analysis

Singapore Oncology Therapeutics Market Analysis Summary

By 2030, it is anticipated that the Singapore Oncology Therapeutics Market will reach a value of $434 Mn from $218 Mn in 2022, growing at a CAGR of 9% during 2022-30.

Singapore is a small island city-state in Southeast Asia, with a multiracial population of 5.7 million people, comprising 76% Chinese, 15% Malays, and 9% Indians and other races. Chinese made up 82.5 % of all cancer cases in Singapore. Singapore has the 42nd highest cancer rate in the world. In Malaysia, 39,393 males and 41,360 females were diagnosed with cancer between 2016 and 2020, with 15,894 males and 13,032 females dying from the disease. Males were more likely to be diagnosed with colorectal, prostate, and lung cancers, whereas females were more likely to be diagnosed with breast, colorectal, and lung cancers.

From 2018 to 2020, it was also the main cause of death in Singapore, accounting for 28.4 % - 28.8 % of all deaths. Singapore's government spends 6.1% of its GDP on healthcare in 2020.

Market Dynamics

Market Growth Drivers Analysis

Cancer cases approximately sixfold increased from 12,072 in 1968-1972 to 71,265 in 2013-2017. This meant that an average of 14,253 cancer diagnoses were reported each year, which equated to around 39 Singaporeans being diagnosed with cancer every single day. Cancer survival rates have increased dramatically in recent years due to significant advances in cancer treatment. Advances in screening for several common malignancies have also resulted in earlier discovery and, as a result, more early treatment for many people. These aspects could boost Singapore Oncology Therapeutics Market.

Market restraints

In Singapore, the annual rate of medical inflation is 10%. As a result, the expense of hospitalisation and medical treatments is rapidly rising. There are cancer treatments available. However, they are most effective when the cancer is detected at an early stage. Cancer therapies become less effective and more expensive as the disease progresses. Singapore faces challenges such as a skilled labour shortage, housing shortages, and an ageing population. It is heavily reliant on exports and imports. These factors may deter new entrants into the Singapore Oncology Therapeutics Market.

Competitive Landscape

Key Players

• ASLAN Pharmaceuticals: ASLAN Pharmaceuticals is a clinical-stage biopharmaceutical company based in Singapore. It focuses on developing oncology therapeutics targeting tumours with high unmet medical needs
• A*STAR's Experimental Drug Development Centre (EDDC): The EDDC is a Singaporean research centre that specializes in drug discovery and development, including oncology therapeutics. It works in collaboration with academic institutions, hospitals, and industry partners to bring novel drugs to the market
• Mundipharma: Mundipharma is a global pharmaceutical company with a presence in Singapore. It produces a range of drugs, including oncology therapeutics, and has a strong focus on research and development
• Esco Aster: Esco Aster is a Singapore-based biotech company that provides a range of services to support drug discovery and development, including oncology therapeutics. It has a presence in several countries, including the United States, Europe, and Asia
• Tessa Therapeutics: Tessa Therapeutics is a clinical-stage biotech company based in Singapore. It focuses on developing cell therapies for the treatment of cancer, including oncology therapeutics

Notable Recent Deals

September 2022: In 2022, Roche and the Singapore Translational Cancer Consortium (STCC), a nationally organised consortium meant to synergize cancer research resources, formed a partnership to push the adoption of a 'precision oncology' care approach. The goal is to create a healthcare ecosystem focused on cancer care personalization, supported by a national clinical-genomic database, with the integrated data infrastructure and workflow required for long-term sustainability. The STCC, in collaboration with Roche, hopes to establish Singapore as an Asia-Pacific clinical trial hub by implementing a more personalised care approach to enhance treatments and diagnostics in the area.

June 2022: Fosun Pharmaceutical, the pharmaceutical division of China billionaire Guo Guangchang's investment firm Fosun International, would pay up to $158 Mn for a 60% stake in one of Singapore's leading cancer treatment centre providers. OncoCare Medical has seven clinics in major private medical facilities in Singapore, including the private medical oncology medical facility for women in the city-only state. The investment will assist Fosun Pharma in expanding its medical services business in Southeast Asia and improving its overall cancer treatment services.

Healthcare Policies and Reimbursement Scenarios

In Singapore, the regulation and reimbursement of oncology therapeutics are overseen by the Health Sciences Authority (HSA), which is liable for the enlistment, assessment, and checking of drug items, including oncology therapeutics, to guarantee their security, adequacy, and quality. As far as repayment, Singapore has a public medical care framework called the MediShield Life Plan, which gives inclusion to many clinical therapies, including oncology therapeutics, to all Singaporeans and super-durable inhabitants. The MediShield Life Plan takes care of the expense of endorsed medicines up to a specific cut-off, and patients might have to pay a co-instalment or deductible relying upon their pay level. Moreover, the Singapore government gives extra monetary help to patients who require costly oncology medicines through the MediFund scheme.