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Singapore Witnesses Healthy Growth in Diagnostics Industry
Date:10/9/2009

SINGAPORE, Oct. 9 /PRNewswire/ -- 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, Vice President of Frost & Sullivan's 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).

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In his presentation today on 360 Degree Outlook and Growth Strategies in the APAC In-Vitro Diagnostics Industry, 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 4 pillars which would guarantee long term commercial success for this industry."

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SOURCE Frost & Sullivan
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