This is a best prospect industry sector for this country. Includes a market overview and trade data.
Last Published: 6/13/2019

Overview

                                             

2016

2017

2018 

2019 (estimated)

Total Market Size

8,766

7,140

7,633

7,846

Local Production

14,474

16,652

18,925

16,683

Exports

25,247

28,469

31,993

28,570

Imports

19,540

18,957

20,701

19,733

Imports from the U.S.

5,445

5,189

5,737

5,457

Exchange rate: 1USD

1.38

1.38

1.35

1.35

$US millions (total market size = (total local production + imports) - exports)
Data Sources: Singapore Government Trade Statistics

Research, innovation and enterprise are the key focus of Singapore’s national strategy to develop a knowledge-based, innovation-driven economy and public investment in research and innovation has grown over the last 25 years. Spending on research and development stands at about 1% of GDP. The Research Innovation Enterprise (RIE) 2020 Plan aims to support and translate research into solutions that address national challenges, build up innovation and technology adoption in companies, and drive economic growth. Under the RIE plan, the Singapore government will invest US$13 billion in R&D and innovation activities and signals a strong commitment to research and development. The four areas of focus are Advanced Manufacturing and Engineering, Health and Biomedical Sciences, Services and the Digital Economy, and Urban Solutions and Sustainability.

These seek to deepen Singapore’s technological capabilities and competitiveness in manufacturing and engineering, advance human health and wellness, leverage the country’s digital capabilities and more. Under the current RIE2020, there is an additional US$1.8 billion for “white space” which refers to emerging research, innovation, and enterprise activities. Developing deep research and development capabilities continues to remain a key priority.

More than a decade ago, when Singapore began its push into the biomedical sciences, the medical technology industry was worth US$1.2 billion.  Since then, Singapore’s biomedical sciences sector has grown into a sizeable stable of almost 300 companies and businesses. This includes over 30 global medical technology companies that have set up commercial-scale manufacturing plants in Singapore.

Singapore has also become a nexus for international research and development collaborations. The Campus for Research Excellence and Technological Enterprise (CREATE) has 15 joint research programs between Singapore universities and ten top overseas institutions including the Massachusetts Institute of Technology (MIT)in the U.S. There are currently more than 20 research institutes under Singapore’s Agency for Science, Technology & Research (A*STAR), whose breadth spans fundamental to applied research, producing breakthrough science in various fields such as biomedical engineering, biochemistry, molecular biology & genetics, chemistry and physics. A*STAR aims to align research with industry demand.

The United States continues to dominate around laboratory and scientific equipment and accounts for approximately 30% of total imports. In 2018, imports from the U.S. grew by 10% and correspondingly, total imports in 2018 also increased by 9%. Based on available data, U.S. imports are projected to decrease marginally in 2019 in lieu of the purchasing cycles for such equipment, which is between 5-10 years. As industry replaces equipment, demand is expected to remain consistent.

More than 75% of imports in Singapore are re-exported as it is a transshipment hub.

The U.S. is considered a leader in the field of scientific and laboratory instrumentation and there is a strong preference for American manufactured products. With Singapore’s keen focus across a broad spectrum of industries, such as advanced manufacturing, precision engineering, chemicals, and biomedical sciences, exports of American laboratory and scientific equipment is expected to remain strong.
 

Leading Sub-Sectors

Demand for laboratory and scientific equipment comes from industry clusters such as the clean technologies which encompasses environmental and water technologies, biomedical sciences, electronics, microelectronics, aerospace, petrochemicals, specialty chemicals, marine and offshore engineering, interactive and digital media, data storage, and institutional research and development laboratories.  Several of these key and leading sub-sectors have also attracted substantial new investment. 

This commitment to research, innovation and enterprise will enable Singapore to support and translate reearch and build up the innovation capacity. 

The Singapore Agency for Science, Technology and Research (A*STAR) has also establish two model factories at the A*STAR’s Advanced Remanufacturing and Technology Center and the Singapore Institute of Manufacturing Technology. These factories aim to encourage collaboration and development of innovative solutions for companies and stakeholders. Manufacturing remains a key pillar of Singapore’s economy making up 20% of GDP.  More than 60 A*STAR research scientists and engineers have been seconded to local companies to help support and grow this sector.


Opportunities

The Singapore government has budgeted US$13 billion in continued support of research, innovation, and enterprise activities till 2020. The year 2019 marks the third year of the RIE 2020 plan for science and technology research. 

A significant amount is dedicated to developing the advanced manufacturing sector, with a continued focus on the existing biomedical research and development infrastructure, integrating multi-disciplinary research and translating basic science into tangible outcomes.

Considerable resources are also being poured into six key research areas, specifically molecular, cellular, and developmental biology, cancer genetics, stem cells and regenerative medicines, immunology and infectious disease, metabolic medicine, and biomedical engineering. Many global companies and Asian enterprises have significant operations in Singapore, including eight of the world’s top ten pharmaceutical companies, all of the top ten medical technology companies, as well as several global skincare and personal care companies. U.S. firms that are active in these areas include GE Healthcare, Johnson and Johnson, Amgen, Merck, Baxter, BD, and Procter and Gamble.

Recognizing that Asia is home to half of the world’s population, Singapore is betting on clean technologies as a strategic economic growth area. To achieve this, Singapore has allocated approximately US$580 million to develop the following five key areas for clean technologies:  research and development, manpower development, grooming Singapore-based enterprises, branding Singapore’s clean technology industry internationally and developing a vibrant cleantech eco-system. There are also more than 70 water companies present in Singapore and these include U.S. firms such as GE Water and Black and Veach.


Web Resources

Trade Shows

Industrial Transformation Asia Pacific 2019 (ITAP)
October 22-24, 2019
MEDLAB Asia Pacific 2020
March 24-26, 2020
 
OSEA 2020
November 24-26, 2020

 
Singapore Government Offices
A*STAR (Agency for Science, Technology and Research)
National Research Foundation
Singapore Economic Development Board (SEDB)
 

 

U.S. Commercial Service, Singapore Contact

Ms. Luanne Theseira, Commercial Specialist
Email: Luanne.Theseira@trade.gov

Prepared by our U.S. Embassies abroad. With its network of 108 offices across the United States and in more than 75 countries, the U.S. Commercial Service of the U.S. Department of Commerce utilizes its global presence and international marketing expertise to help U.S. companies sell their products and services worldwide. Locate the U.S. Commercial Service trade specialist in the U.S. nearest you by visiting http://export.gov/usoffices.