Singapore , 16 September 2008 – The first Asia MEDTECH 2009 will be held to catalyse the medical equipment manufacturing sector in Singapore and the region, positioning the industry to capitalise on the US$336 billion1 global medical devices market. The introduction of the event is especially timely and will enable the precision engineering sector to adapt and ride the wave of the boom in the market. Already, the medical device market has grown to about 50 percent of the world pharmaceutical market in terms of relative size, and is seeing faster expansion than other segments.
Organised by the Singapore Precision Engineering & Tooling Association (SPETA), Asia MEDTECH 2009 will be held from 25 – 28 March 2009 at the Singapore Expo. The event is held in collaboration with the Economic Development Board (EDB), International Enterprise Singapore (IE Singapore) and SPRING Singapore.
17 of the world’s leading medical technology companies have set up more than 20 commercial-scale manufacturing facilities in Singapore to date. Coupled with rising global sourcing needs from multinational corporations, a perpetual upward demand for reliable production and assembly of complex components have been created within the medical device supply chain. Singapore’s precision engineering industry players, numbering some 2,700 companies, are today solution providers with strong design, prototyping, production and supply chain management capabilities. Programmes such as the Supplier Development Initiative (SDI) has encouraged supplier companies to enhance their capabilities and establishes business linkages with larger precision engineering companies. The MedTech Capability Development Programme by SPRING Singapore has also encouraged SMEs to embark on capability development projects in the areas of process improvement, product development and certification to meet the increasing demand for innovation and efficiency for MedTech customers.
Local and regional enterprises in the precision engineering sector, backed with access to new technologies and skilled expertise, are also diversifying beyond current industries such as electronics, into high growth and higher value-added industry such as medical technology. As testament of their potential in the global manufacturing market, Asia MEDTECH 2009 will be a showcase of their world- class capabilities. This event, being the first of its kind in the region, will contribute to Singapore’s established standing as a leading manufacturing hub in Asia.
Asia MEDTECH 2009 will comprise an exhibition, the Asia MEDTECH 2009 seminar, as well as the Global - Asia Trade Exchange (GATE) 09 Medical Technology, a buyer-centric business matching platform for the medical technology sector. These will be held on 5,000 square metres of hall space, offering a consolidated platform that encourages business networking and exchanges.
The Asia MEDTECH 2009 exhibition will serve as the essential showcase for suppliers of raw materials, manufacturing equipment and sub-contracting services seeking to establish contacts with the region’s extensive medical device manufacturing sector. 150 exhibiting companies are expected to participate and showcase their component manufacturing capabilities for a wide range of some 8,000 medical devices ranging from simple bandages and specta cles, through life maintaining implantable devices, equipment to screen and diagnose disease and health conditions, to the most sophisticated diagnostic imaging and minimal invasive surgery equipment. Four country pavilions from Singapore, Malaysia, South Korea and the United States will be featured.
As global medtech procurers look to the Singapore precision manufacturing sector to cater to their needs, efforts will have to be made to grow the supply base steadily to meet the demand. The Asia MEDTECH 2009 Seminar is designed to provide Singapore-based manufacturers with industry insights and equip them with the know-how to expand their capacities to enter this high-growth sector. Participants to the seminar can look forward to a new avenue of growth for their companies.
Multinational companies are increasingly pursuing a global supply base for cost savings, competitive edge and value-added advantages. GATE09 – Medical Technology, co-organised by IE Singapore and SPETA, will help key procurement decision-makers from global OEMs connect with Asian suppliers in the industry. Previously a broad-based electronics and precision engineering business-matching event by IE Singapore, GATE09 - Medical Technology takes an industry-focused approach for the very first time to better meet the needs of the fast-growing and cutting-edge medical technology sector. The last GATE07 in October 2007 saw more than 400 one-to-one meetings took place between 30 international buyers and 82 suppliers.
Asia MEDTECH 2009 will be held concurrently with MTA2009. MTA2009, with a 27-year history, is the premier precision engineering event for Southeast Asia’s manufacturing industries.
For more information about Asia ME DT ECH2009, visit www.AsiaMEDTECH.com.
While the medtech industry is host to many large companies like the top 25 firms, there are an estimated 20,000 firms worldwide. These 25 companies alone generated $173.5 billion in product revenues for 2007. Based on company reports and projections from a variety of sources, MX has estimates that the global market for medical devices and diagnostic products will reach approximately $336 billion in 2008.
Compiled by MX magazine from recent company financial reports, this yearly review is exclusively limited to companies’ medical product sales—excluding healthcare services and product sales in other related categories.
Asia MEDTECH At A Glance
Show:
Asia MEDTECH 2009
The Manufacturing Processes for Medical Technology Exhibition
Date: 25 - 28 March 2009
Venue: Singapore Expo
Opening Hours: 10.30am to 6pm
Admission: Business and trade professionals only
About Singapore Precision Engineering & Tooling Association
Singapore Precision Engineering & Tooling Association (SPETA) is a non-profit trade association representing locally registered companies engaged in the manufacturing of moulds & dies, jigs & fixtures, metal stamping, metal castings, plastic and rubber moldings, precision machining, photonic and semi-conductor equipment, aerospace and automotive parts, as well as in providing services related to the precision engineering industry.
Founded in 1982 as the Singapore Tool & Die Association, it had changed its name to Singapore Precision Engineering & Tooling Association in 1988.
About Singapore Economic Development Board
The Economic Development Board (EDB) is the lead government agency responsible for planning and executing economic strategies to enhance Singapore’s position as a global hub for business and investment. We are the one-stop agency that facilitates and supports local and foreign investors in both the manufacturing and services sectors as they seek more value-creating operations, higher sustainable returns and new business opportunities.
Singapore commands global leadership positions in many areas. EDB is expanding and extending existing industry clusters, as well as exploring new growth areas to create good jobs and secure Singapore’s future competitiveness. Our emphasis is on capital-intensive, knowledge-intensive and innovation-intensive activities. EDB is constantly identifying new business areas to develop both in terms of new technologies as well as new consumer demands, such as our ‘clean and green’ focus - environmental technologies, urban solutions and clean energy, lifestyle, healthcare and wellness. EDB is also expanding our geographical reach, such as Middle East, in addition to North America, Europe, Japan, China, India and ASEAN.
For more information on how EDB can help in your business and investment, please visit www.sedb.com
About International Enterprise Singapore
International Enterprise (IE) Singapore is an agency under the Ministry of Trade and Industry spearheading the development of Singapore’s external economic wing.
Our mission is to promote the overseas growth of Singapore-based enterprises and international trade. With a global network in over 30 locations and our “3C” framework of assistance – Connections, Competency, Capital, we offer services to help enterprises export, develop business capabilities, find overseas partners and enter new markets. At the same time, we work to position Singapore as a base for foreign businesses to expand into the region in partnership with Singapore-based companies.
Please visit www.iesingapore.com for more information.
About SPRING Singapore
SPRING Singapore is the enterprise development agency for growing innovative companies and fostering a competitive SME sector. We work with partners to help enterprises in financing, capabilities and management development, technology and innovation, and access to markets. As the national standards and accreditation body, SPRING also develops and promotes internationally-recognized standards and quality assurance to enhance competitiveness and facilitate trade. Please visit www.spring.gov.sg for more information and news about SPRING Singapore.
