market-entry-home-health-diabetes-care-devices-market-in-singapore
Published

DEC 2017

Market Entry - Home Health Diabetes Care Devices Market in Singapore: Analysis of Growth, Trends and Progress (2016 - 2021)

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About the Market

The diabetes care devices market is driven by increasing prevalence of diabetes, technological advancements, rise in obese population and rising need for faster and safer diagnosis; leading to huge investments by market leaders and new companies foraying into this market. North America held the largest share in the global diabetes care products market, followed by Europe and Asia-Pacific. The Asia-Pacific region provides significant opportunities, with China and India being the most populous countries and home to 40-45% of the global diabetic population. Thereby, contributing to the demand for diabetes care devices like blood glucose monitoring devices and insulin delivery devices. As a result, many players in the market are focusing on strengthening their position in this region. Roche, Johnson & Johnson, Bayer AG, and Abbott Laboratories are few key players in the market.

About the Geography

Singapore is a small, but wealthy nation with an open and trade-driven economy.  It is ranked number one by the World Bank to start and run a business.

Singapore continued to develop since 2010 due to its exports. However, growth in 2014-15 was slower owing to sluggish global economy and Singapore’s weak manufacturing sector. The government is attempting to restructure the economy by reducing dependence on foreign labor and increasing productivity in certain sectors. To boost FDI, the country offers tax concessions, easier loan, and foreign firm’s majority stake in a local company. The liberal laws of the country also make it possible for foreign nations to buy real estate. The government gives preference to investments in manufacturing and services activities as a part of a strategy to replace labor-intensive activities that have migrated offshore to countries like China.

The main challenges of doing business in Singapore are high excise taxes on some products, monopolies in certain sectors, and being an expensive place to do business in. However, it is the leading global business hub, which tells us about the strengths of Singapore’s market. It has Asia’s strongest Intellectual Property (IP) Protection along with low corruption and strong rule of law making it the most popular choice for investors in Asia.

 

Component Name

Unit

From Site

GDP

USD billion

293

GDP Annual Growth Rate

%

0.6

GDP Per Capita

USD

51855

Unemployment Rate

%

2.1

Wages

USD/Month

3,443.83

Inflation Rate

%

-0.3

Consumer Price Index (CPI)

Index Points

99.15

Interest Rate

%

0.12

                    Loans to Private Sector                   

USD million/billion

434,237.15 million

Balance of Trade

USD million/billion

4,566.40 million

Business Confidence

(No Units)

-1

Manufacturing PMI

Index Points

50.1

Ease of Doing Business

(No Units)

1

Competitiveness Rank

(No Units)

2

Corruption Rank

(No Units)

8

Consumer Spending

USD million/billion

Bank Lending Rate (Consumers)

%

5.35

Corporate Tax Rate

%

17

Sales Tax Rate

%

7

 

The Market Entry Series

Exploring global markets is now recognized as the shortest way to ensure high time to efficiency conversion, when trying to expand revenues past domestic markets, for firms both large and small. Our market entry series, priced suitably low contains the essentials of all the parameters (Refer: Table of Contents) you must be apprised of before you can have a well informed contemplation of a business opportunity in your choice of industry, in your choice of geography.

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