Medical devices market to hit $3.5b by year-end: GlobalData

This translates to a compound annual growth rate of 5.2% from 2016.

The medical devices market will likely jump from $2.6b in 2016 to $3.5b by year-end, analytics company GlobalData said.

The increase translates to a compound annual growth rate (CAGR) of 5.2%.

According to GlobalData, Singapore has become a key hub for manufacturing a range of advanced medical technologies like implanted pacemakers, contact lenses, and mammography equipment for global markets.

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GlobalData added that Singapore also presents  “great opportunities for the adoption of technology in healthcare and is open for investments,” and proof of this is the recent pre-series A funding of digital health AI company FathomX. 

The startup raised $2.24m to be used for the multicenter validation study of its flagship software as a medical device (SaMD) FxMammo across eight regions in the Asia-Pacific.

FathomX said FxMammo has “strong efficacy” in detecting cancer in dense breasts amongst Asian women and has higher accuracy compared with other technologies in the market.