Singapore In-Vitro Diagnostics Market by Type (Reagents, Instruments, and Software & Services), by Technique (Immunodiagnostics, Hematology, Molecular Diagnostics, Tissue Diagnostics, Clinical Chemistry, and Other IVD Techniques), by Application (Infectious Diseases, Cancer, Cardiac Diseases, Immune System Disorders, Nephrological Diseases, Gastrointestinal Diseases, and Others), and by End User (Stand Alone, Laboratory, Hospitals, Academics and Medical Schools, Point of Care Testing, and Other End Users) – Opportunity Analysis and Industry Forecast, 2024–2030
Industry: Healthcare | Publish Date: 08-Jul-2024 | No of Pages: 139 | No. of Tables: 104 | No. of Figures: 69 | Format: PDF | Report Code : N/A
Singapore In-Vitro Diagnostics Market Overview
The Singapore In-Vitro Diagnostics Market size was valued at USD 0.92 billion in 2023, and is predicted to reach USD 1.65 billion by 2030, at a CAGR of 8.2% from 2024 to 2030. In-vitro diagnostics (IVD) refers to a wide range of medical tests conducted on samples of bodily fluids, tissues, or cells outside of the body to diagnose diseases, monitor therapy, and assess overall health conditions.
IVD tests are performed in laboratory settings using various techniques and technologies, including immunoassays, molecular diagnostics, clinical chemistry, hematology, and microbiology. These immunodiagnostic tests enable early detection of diseases, allowing for timely intervention and treatment initiation. By providing rapid and accurate results, IVD tests facilitate personalized medicine, guiding tailored treatment approaches based on individual patient characteristics.
Also, in-vitro experiments provide valuable insights into biological systems, enabling scientists and researchers to make significant contributions to fields such as medicine, biotechnology, and pharmacology. They serve as essential tools for understanding fundamental biological processes and developing innovative solutions to address health challenges.
Increased Healthcare Expenditure Drives In-Vitro Diagnostics Market Growth
Increased healthcare expenditure in Singapore serves as a significant factor for the growth of the in-vitro diagnostics market. According to World Trade Administration, the Singapore National Health Expenditure is projected to reach around USD 44 billion by 2030 to address both short and long-term infrastructure needs and to provide support for healthcare provisions and subsidies for low-income individuals. This investment creates opportunities for the adoption of advanced in-vitro diagnostics technologies, leading to improved disease detection, monitoring, and personalized treatment options.
Rising Technological Advancements Boost the Market Growth in Singapore
The advancement in immunodiagnostic technologies by the market players are further driving the Singapore in-vitro diagnostics market growth. For instance, in June 2022, MiRXES Pte Ltd, a Singaporean biotech company specializing in early cancer detection tests, has inaugurated Southeast Asia's premier Industry 4.0 (i4.0) in-vitro diagnostics manufacturing facility.
The opening of MiRXES's cutting-edge manufacturing facility, with its emphasis on early cancer detection, pulmonary and cardiovascular disease diagnostics, and other areas of healthcare, solidifies the company's role as a global leader in RNA technology and cancer screening.
By strengthening manufacturing capabilities, fostering research partnerships, and advancing innovative diagnostic solutions, MiRXES contributes significantly to Singapore's status as a premier hub for healthcare innovation, thereby fuelling growth in the in-vitro diagnostics sector.
High Research, Development, and Regulatory Approval Costs Hinder the Market Expansion
High costs associated with research, development, and regulatory approval are significant factors restraining the Singapore in-vitro diagnostics market expansion. Operating within this sector necessitates significant financial investment for companies to navigate the complex landscape of research and development. This investment often encompasses extensive clinical trials, laboratory testing, and product refinement to guarantee accuracy and reliability.
Additionally, obtaining regulatory approvals from agencies such as the FDA requires strict adherence to stringent standards, further compounding the financial burden. This financial constraint can discourage potential adopters from market expansion.
Introduction of Point-of-Care Testing (POCT) Solutions in IVD Creates Market Opportunity
Point-of-care testing (POCT) is poised to significantly drive the Singapore IVD market demand in the forthcoming years. POCT serves as a valuable complement to laboratory testing, especially in situations where immediate results are crucial, such as emergency departments, ambulances, and remote healthcare settings.
With POCT technologies offering rapid tests for infectious diseases, cardiac markers, glucose monitoring, pregnancy testing, and more, healthcare providers can quickly assess patients' conditions and make timely treatment decisions. By integrating POCT with traditional IVD, healthcare providers can enhance their diagnostic capabilities, delivering more efficient and patient-centered care. This integration streamlines workflows, allowing for faster diagnosis and treatment initiation, ultimately leading to improved patient outcomes.
Competitive Landscape
The promising players operating in the Singapore in-vitro diagnostics industry include Roche Holding AG, Abbott Laboratories, Thermo Fisher Scientific Inc, Danaher Corporation, Becton, Dickinson and Company, Siemens Healthineers AG, bioMérieux SA, Sysmex Corporation, QIAGEN N.V., and Bio-Rad Laboratories, Inc., and others.
Singapore In-Vitro Diagnostics Market Key Segments
By Type
-
Reagents
-
Instruments
-
Software & Services
By Technique
-
Immunodiagnostics
-
Enzyme-Linked Immunosorbent Assay (ELISA)
-
Rapid Tests
-
Chemiluminescence Immunoassay (CLIA)
-
Enzyme-linked Immunosorbent spot (ELISpot)
-
Radioimmunoassay (RIA)
-
Western Blot
-
-
Hematology
-
Molecular Diagnostics
-
PCR
-
INAAT
-
Hybridization
-
DNA diagnostics
-
Microarray
-
Other Molecular Diagnostics
-
-
Tissue Diagnostics
-
Clinical Chemistry
-
Basic Metabolic Panel
-
Liver Panel
-
Renal Profile
-
Lipid Profile
-
Thyroid Function Panel
-
Electrolyte Panel
-
Speciality Chemicals
-
-
Other IVD Techniques
By Application
-
Infectious Diseases
-
Cancer
-
Cardiac Diseases
-
Immune System Disorders
-
Nephrological Diseases
-
Gastrointestinal Diseases
-
Others
By End User
-
Stand Alone Laboratory
-
Hospitals
-
Academics and Medical Schools
-
Point of Care Testing
-
Other End Users
REPORT SCOPE AND SEGMENTATION:
|
Parameters |
Details |
|
Market Size Value in 2023 |
USD 0.92 billion |
|
Revenue Forecast in 2030 |
USD 1.65 billion |
|
Value Growth Rate |
CAGR of 8.2% from 2024 to 2030 |
|
Analysis Period |
2023–2030 |
|
Base Year Considered |
2023 |
|
Forecast Period |
2024–2030 |
|
Market Size Estimation |
Billion (USD) |
|
Growth Factors |
|
|
Companies Profiled |
10 |
|
Customization Scope |
Free customization (equivalent up to 80 working hours of analysts) after purchase. Addition or alteration to country, regional, and segment scope. |
|
Pricing and Purchase Options |
Avail customized purchase options to meet your exact research needs. |
KEY PLAYERS
-
Roche Holding AG
-
Abbott Laboratories
-
Thermo Fisher Scientific Inc.
-
Danaher Corporation
-
Becton, Dickinson and Company
-
Siemens Healthineers AG
-
bioMérieux SA
-
Sysmex Corporation
-
QIAGEN N.V.
-
Bio-Rad Laboratories, Inc.
At Next Move Strategy Consulting, we understand that insightful market research is the cornerstone of successful business decisions. That's why we employ a robust and multifaceted approach, combining various methodologies to deliver the most accurate and actionable data for our clients.
Research Landscape
We navigate the world of research with two primary approaches:
Qualitative Approach
Our qualitative research methodologies involve immersive techniques such as in-depth interviews, focus groups, and observational studies. By engaging directly with individuals and stakeholders, we uncover valuable insights that quantitative data alone may overlook.
Quantitative Research
In tandem with qualitative methodologies, NMSC leverages the power of Quantitative Research to provide a robust foundation of numerical insights. Through systematic data collection and analysis, we quantify patterns, preferences, and market trends, offering a comprehensive view of the business landscape.
Our quantitative research approach employs diverse tools, including surveys, experiments, and statistical modelling. These methodologies enable us to gather data from a large and representative sample, ensuring the statistical significance of our findings. By employing structured questionnaires and standardized data collection methods, we guarantee the reliability and validity of the information we present to our clients.
Quantitative research is particularly effective in measuring the prevalence of trends, assessing market size, and gauging the impact of various factors on consumer behavior. The numerical precision attained through this approach equips our clients with actionable insights, facilitating data-driven decision-making and strategy formulation.
Our Specialized Toolbox for Industry-Specific Market Research
We deploy a specialized arsenal of techniques tailored to meet your unique requirements. Here's a glimpse into our comprehensive toolbox:
Information Procurement
The stage entails acquiring market data or relevant information through various sources and methodologies.
Market Research Approach
We utilize both top-down and bottom-up approaches in market research analysis to achieve a comprehensive understanding of the market dynamics, leveraging the broad perspective of industry trends and macroeconomic factors alongside detailed insights from specific segments and individual companies.
Porters Five Forces Analysis
We conduct Porter's Five Forces analysis to evaluate the competitive landscape of an industry, providing us with insights into factors that affect profitability and strategic positioning.
SWOT Analysis
We conduct SWOT analysis to understand market trends, identify potential threats, capitalize on opportunities, and assess our strengths and weaknesses.
Forecasting
We utilize a forecasting model to predict future consumption by considering parameters like population, economics, regulations, market competition, drivers, constraints, technology, and pricing. We also employ statistical techniques such as multilinear regression, exponential smoothing, moving average, ARIMA, and Monte Carlo simulations for accurate predictions. In econometric forecasting, we analyzed short-term and long-term event impacts, attributing values based on regulatory frameworks, economic factors, and market events.
Frequently Asked Questions
Download Free Sample
Speak to Our Analyst
Related Report
Related Blogs
Role Of Companies In Shaping The Blood Gas And Electrolyte Analyzer Market
According to Next Move Strategy Consulting, the global blood...
Analysis of Key Players Operating in the Global Surgical Instrument Industry
Next Move Strategy Consulting forecasts more than 1.7-fold g...
CBCT Industry Is Dominated By Dentsply Sirona, Philips, & Vatech With More Than 45% – Know Why
Next Move Strategy Consulting predicts a significant growth...
