US$140 billion opportunity: Mr. John Eng, VP Healthcare, EDB Singapore, on Singapore’s MedTech future 

US$140 billion. 8.4% growth. 400 HealthTech startups. These are the numbers that set the stage for today’s Opening Keynote at MedTech World Singapore 2025, delivered by Mr. John Eng, Vice President of Healthcare at the Singapore Economic Development Board (EDB), in collaboration with KPMG Singapore. The address positioned Singapore not just as a regional hub, but as a strategic innovation and manufacturing partner for MedTech companies aiming to meet Asia’s rapidly rising healthcare demand. 

Asia’s rapidly growing MedTech market 

Mr. Eng opened by highlighting the enormous opportunity in Asia. The region’s MedTech market currently stands at US$140 billion, representing nearly 23% of the global market, and is projected to grow at a CAGR of 8.4% between 2024 and 2029, outpacing the global growth of 6.6%. He emphasized the demographic shift driving demand: By 2030, Asia could represent two-thirds of the world’s global middle-class population, a growth that, paired with workforce shortages and resource gaps, creates an urgent need for innovative MedTech solutions.

Singapore: High-value manufacturing and innovation 

Singapore’s role as a MedTech powerhouse was illustrated through key figures: 

• US$15 billion in MedTech manufacturing output in 2023 

• 90+ manufacturing plants, 30+ R&D centers, and 80+ regional headquarters 

• Specialization in high-value products such as cardiac devices, intraocular lenses, contact lenses, and advanced life science tools 

These metrics underscore Singapore’s capacity as a proven hub for precision manufacturing and biomedical innovation. 

Digital health and startups driving the future 

Innovation and digitalization are central to Singapore’s MedTech strategy. Mr. Eng highlighted technologies like Remote Patient Monitoring, AI-driven diagnostics, and surgical planning tools as key to meeting Asia’s healthcare needs efficiently. The country’s HealthTech ecosystem has grown 10-fold over the past decade, now hosting around 400 startups, which collectively raised US$400 million in 2023. 

Global players are also contributing to this growth, with ResMed expanding its Digital Science and AI Lab (DSAIL) and Leica Microsystems launching a US$60 million R&D center for minimally invasive surgery imaging. 

A strong foundation: Supply chain and talent 

Singapore’s innovation ecosystem is supported by a world-class supply chain of over 2,700 suppliers, producing US$45 billion in products annually, covering precision metals, plastics and rubber molding, full systems integration, and advanced sterilization. 

To future-proof the sector, initiatives like the MedTech Catapult (US$29 million) and Singapore Biodesign train the next generation of MedTech innovators, ensuring the country can continue to meet Asia’s unique healthcare challenges. 

Concluding his keynote, Mr. Eng positioned Singapore as a trusted, resource-rich, and innovation-driven gateway for MedTech companies aiming to make a lasting impact across Asia. 

Next stop: MedTech Malta 2025 

The MedTech conversation doesn’t stop in Singapore. Join us at MedTech Malta 2025 from 12 to 14 November to continue exploring how innovation, investment, and collaboration are shaping healthcare across Europe and beyond. With thought leaders, investors, and startups coming together, this is your opportunity to connect, learn, and engage with the upcoming wave of MedTech breakthroughs. 

Looking ahead, don’t miss MedTech World’s flagship event in Hong Kong, September 2026, where the focus will expand to Asia-Pacific’s MedTech landscape, bringing together global innovators and industry leaders to explore the next frontier of healthcare solutions. 

For more information, contact us at [email protected].