Singapore Witnesses Growth in Diagnostics Industry

The global diagnostics industry has witnessed strong growth over the past few years. According to Frost & Sullivan, the diagnostics and monitoring sectors are poised to present more growth opportunities.

According to Nitin Naik, VP, Asia Pacific Medical Technologies Division, the diagnostics and monitoring sectors in Asia Pacific are projected to provide more growth opportunities on the basis of the technology spending being channelled in these areas (80 percent).

Naik mentioned that this growing market in Asia presents a window of opportunity for medical technology companies to venture into new frontiers and new geographies; of which Singapore has been one of the hotspots for these firms.

“Singapore, India, China and S. Korea have some of the highest growth rates for healthcare spending in APAC and along with the growing aging population and middle class, represent attractive markets for clinical testing”, adds Naik.

The growth of clinical testing is also attributable to the increasing trend in lifestyle diseases such as cardiovascular, diabetes, as well as certain cancers. Driven by factors such as innovation, cost and actual readiness of respective countries, hospital owned laboratories are taking the lead in expanding and tapping into these pockets of opportunities.

As mentioned by Naik, “Singapore will serve as an "innovation test bed "as it offer diagnostic companies to launch products positioned around four pillars which would guarantee long term commercial success for this industry.”

Discoveries and innovations in molecular diagnostics are propelling the advancement of personalized medicine and theranostics and creating new growth opportunities for In-Vitro Diagnostics. “In clinical validity, we witness encouraging tie ups between pharmaceutical companies and with local research institutions such as A’Star and local diagnostic companies to develop platforms to promote pharmacogenomic and companion diagnostics.

“Recent discoveries have ignited a great deal of excitement over potential medical applications. Consequently, many companies have been boosting investments in research and development, focusing on pharmacogenomics and theranostics. In the near future, innovative technologies will enable physicians to identify diseases, choose the ideal treatment, and monitor the patient’s response to therapy. This concept of personalized medicine is still in its infancy but is expected to create great opportunities for both the pharmaceutical and diagnostic industries”, concludes Naik.