Singapore In Vitro Diagnostics Market Insights Forecasts to 2033

• The Singapore In Vitro Diagnostics Market Size was valued at USD 220.5 Million in 2023.
• The Market Size is Growing at a CAGR of 8.10% from 2023 to 2033
• The Singapore In Vitro Diagnostics Market Size is Expected to reach USD 480.5 Million by 2033

 

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The Singapore In Vitro Diagnostics Market Size is anticipated to Exceed USD 480.5 Million by 2033, Growing at a CAGR of 8.10% from 2023 to 2033. The increasing prevalence of infectious diseases and the adoption of point-of-care testing devices are driving the Growth of the in vitro diagnostics Market in Singapore.      

 

Market Overview

In vitro diagnostics (IVDs) refers to the tests for detecting diseases, typically conducted in laboratory settings using various techniques. The samples used in this test include blood or tissue taken from the human body. IVD tests mediate personalized medicine by guiding tailored treatment approaches based on individual patient characteristics. These tests aid in the detection and monitoring of autoimmune illnesses, infectious diseases, and a number of other medical conditions. They are also occasionally used to examine changes in drug therapy. There are growing emphasis on market growth strategies such as collaborations and partnerships for accelerating business expansion, innovations, engineering, and manufacturing. The emergence of POCT (point-of-care testing) in emergency departments, ambulances, and remote healthcare settings for enhancing diagnostic capabilities and improving patient care is providing market opportunities for in vitro diagnostics.

 

Report Coverage

This research report categorizes the market for the Singapore in vitro diagnostics market based on various segments and regions and forecasts revenue growth and analyzes trends in each submarket. The report analyses the key growth drivers, opportunities, and challenges influencing the Singapore in vitro diagnostics market. Recent market developments and competitive strategies such as expansion, product launch, and development, partnership, merger, and acquisition have been included to draw the competitive landscape in the market. The report strategically identifies and profiles the key market players and analyses their core competencies in each sub-segment of the Singapore in vitro diagnostics market.

 

Driving Factors

In Singapore, infectious diseases remain a significant concern and continue to be a major source of sickness and mortality. The increasing concerns regarding infectious disease along with its growing prevalence with age are driving the market demand for in vitro diagnostics. The adoption of point-of-care testing devices as an essential diagnostic technology for optimal patient care is propelling the market growth.

 

Restraining Factors

The high cost required for research & development activities is challenging the market. Further, the stringent regulatory approval process for invitro diagnostic devices may hamper the market growth.

 

Market Segmentation

The Singapore In Vitro Diagnostics Market share is classified into product type, technique, setting, application, and end-user.

• The reagents & consumables segment accounted for the largest market share in 2023.

The Singapore in vitro diagnostics market is segmented by product type into instruments and reagents & consumables. Among these, the reagents & consumables segment accounted for the largest market share in 2023. Invitro diagnostics reagents are used to detect, measure, or produce a reaction with the sample components while the consumables comprise of broad range of medical devices and components for analysis of patient samples such as blood, urine, or tissues outside the body.

 

• The molecular diagnostics segment dominated the Singapore in vitro diagnostics market with the largest market share in 2023.       

Based on the technique, the Singapore in vitro diagnostics market is divided into immunodiagnostics, clinical chemistry, molecular diagnostics, hematology, and others. Among these, the molecular diagnostics segment dominated the Singapore in vitro diagnostics market with the largest market share in 2023. Molecular diagnostics refers to the analysis of biomarkers in the genome and proteome, interrogating specific sequences in nucleic acids and expression of genes as proteins. The application of molecular diagnostics in oncology, genetic disease screening, pharmacogenomics, etc. is driving the market.

 

• The infectious diseases segment is dominating the market with the largest market share over the predicted timeframe.

The Singapore in vitro diagnostics market is segmented by application into infectious diseases, cardiology, oncology, gastroenterology, and others. Among these, the infectious diseases segment is dominating the market with the largest market share over the predicted timeframe. In vitro techniques such as imaging and molecular laboratory tests aid in identifying infectious diseases such as malaria, Ebola, or HIV and manage drug resistance. The increasing burden of infectious disease for mortality and morbidity in the country driving the market.

 

• The laboratories segment accounted for the largest revenue share of the Singapore in vitro diagnostics market in 2023.

The Singapore in vitro diagnostics market is segmented by setting into laboratories and point-of-care. Among these, the laboratories segment accounted for the largest revenue share of the Singapore in vitro diagnostics market in 2023. Concerns over the safety and efficacy of IVDs supplied as laboratory diagnostic tests have been addressed for many years, and they are being employed in an increasing number of healthcare choices. The increasing adoption of advanced instruments and investments in laboratory infrastructure are significantly contributing to driving the market growth.

 

• The clinical laboratories segment is anticipated to hold the largest market share during the forecast period.

The Singapore in vitro diagnostics market is segmented by end-user into clinical laboratories, hospitals, physician’s offices, and others. Among these, the clinical laboratories segment is anticipated to hold the largest market share during the forecast period. Laboratory data management has greatly benefited from automation in clinical settings. Further, there are widespread clinical laboratory tests owing to the rising demand for early disease detection and proper therapy. The widespread use of laboratory automation technologies is anticipated to drive the market in the clinical laboratories segment.

 

Competitive Analysis:

The report offers the appropriate analysis of the key organizations/companies involved within the Singapore in vitro diagnostics market along with a comparative evaluation primarily based on their product offering, business overviews, geographic presence, enterprise strategies, segment market share, and SWOT analysis. The report also provides an elaborative analysis focusing on the current news and developments of the companies, which includes product development, innovations, joint ventures, partnerships, mergers & acquisitions, strategic alliances, and others. This allows for the evaluation of the overall competition within the market.

 

List of Key Companies

• Thermo Fisher Scientific Inc.
• Roche Holding AG
• Abbott Laboratories
• Becton, Dickinson and Company
• Siemens Healthineers AG
• Danahar Corporation
• QIAGEN N.V.
• bioMerieux SA
• Sysmex Corporation
• Bio-Rad Laboratories, Inc.
• Others

 

Key Target Audience

• Market Players
• Investors
• End-users
• Government Authorities 
• Consulting And Research Firm
• Venture capitalists
• Value-Added Resellers (VARs)

 

Recent Developments

• In December 2023, MedTech Innovator Crowns Medipixel Top 2023 Innovator in Grand Finals Competition of Asia Pacific Accelerator. Transformative healthtech AI company awarded prestigious US$ 175,000 Grand Prize at the 5th annual grand finals hosted by MedTech Innovator in partnership with APACMed.  

 

Market Segment

This study forecasts revenue at Singapore, regional, and country levels from 2020 to 2033. Spherical Insights has segmented the Singapore In Vitro Diagnostics Market based on the below-mentioned segments:

 

Singapore In Vitro Diagnostics Market, By Product Type

• Instruments
• Reagents & Consumables

 

Singapore In Vitro Diagnostics Market, By Technique

• Immunodiagnostics
• Clinical Chemistry
• Molecular Diagnostics
• Hematology
• Others

 

Singapore In Vitro Diagnostics Market, By Setting

• Laboratories
• Point-of-Care

 

Singapore In Vitro Diagnostics Market, By Application

• Infectious Diseases
• Cardiology
• Oncology
• Gastroenterology
• Others

 

Singapore In Vitro Diagnostics Market, By End-user

• Clinical Laboratories
• Hospitals
• Physician’s Offices
• Others