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Tractus & Govt of Ontario Asia Medtech Webinar - Sept 9 2020
- 1. 35 ExportON!: Exporting to Asia Pacific Series - Medtech Sector in India, Southeast Asia and Japan Udai Panicker Country Manager, Singapore Mr. Panicker returned to Tractus Asia in 2018 as the Country Manager for Singapore after having spent four years earlier with Tractus in India (2011-2015). Mr. Panicker brings with him a blend of consulting, tech start-up and B2B enterprise sales experience and has grown Tractus Singapore’s revenues/client porftolio multifold and expanded the team. Mr. Panicker leads Tractus’ Singapore, Malaysia, and Indonesia projects across all their service lines and works with clients from sectors ranging from healthcare and agro-foods to chemicals and technology. Education: He graduated from Mount Allison University, Canada, in 2007, with a Bachelors in Commerce and his interest in international commercial law and technology saw him complete his Masters in Law (Commercial Law and IP) from the University of Nottingham in 2010.
- 2. Copyright © Tractus Asia Ltd. 2020 ASEAN: Trade Opportunities in Medtech Ontario – Ministry of Economic Development, Job Creation, and TradePrepared for: Date: 09 September 2020 Presented by: Udai Panicker, Country Manager - Singapore, Tractus Asia
- 3. 37 Copyright © Tractus Asia Ltd. 2020 from automotive to zeolites projects completed full-time employees with multidisciplinary backgrounds years of experience with foreign direct investment of foreign direct investment supported by advice to public and private sector clients Hong Kong & Shanghai, China. New Delhi & Chennai India. Jakarta, Indonesia. Yangon, Myanmar. Singapore. Bangkok, Thailand. Ho Chi Minh, Vietnam. California, USA. Introducing Tractus Asia
- 4. 38 Copyright © Tractus Asia Ltd. 2020 ASEAN is already Canada’s 6th largest export market… 10 Association of Southeast Asian Nations formed in 1967 Member countries: Singapore, Thailand, Philippines, Brunei, Laos, Cambodia, Malaysia, Vietnam, Indonesia, Myanmar Big economic trade bloc but very different levels of income, market and cultural differences Market size: 650 million Total GDP: US$ 2.8 trillion GDP Growth: 4-5% on average Annual consumer spending in ASEAN will touch US$2 trillion by 2020
- 5. 39 Copyright © Tractus Asia Ltd. 2020 ASEAN – Medtech Overview
- 6. 40 Copyright © Tractus Asia Ltd. 2020 The top 6 ASEAN markets’ Medtech and device market is expected to grow at a CAGR of 9.7% and cross US$8.5 Billion by 2021 • Across ASEAN’s biggest 6 markets, total spending in healthcare is expected to increase to US$ 740 billion by 2025 - a compound annual growth rate of over 7.3% - • This will drive the medtech/medical devices market • Each Southeast Asian market’s healthcare sector is at a different stage of evolution with varying needs – this extends to its medtech/medical device segment • Most ASEAN countries are still net importers of medical devices • Covid-19 has highlighted existing gaps and pushed for more technology enabled devices and platforms to be used • 2020 has seen a sharp rise in telemedicine users especially in Singapore and Thailand with apps such as Doctor Anywhere and Raksa Key Drivers Growing middle class Rise of lifestyle related diseases An ageing population Rising healthcare costs
- 7. 41 Copyright © Tractus Asia Ltd. 2020 ASEAN imported a total of US$9.3 Billion worth of Medtech equipment and devices from the world in 2019 – up 10% Year-on-Year Top 5 Medtech Product Import Segments into ASEAN from the World (2019) HS Code Product segment Import Value Y-o-Y Growth % 9018 Instruments and appliances used in medical, surgical, dental or veterinary sciences $5.45 Bn 11% 9019 Mechano-therapy appliances $674 Mn 0% 9020 Breathing appliances and gas masks (excluding protective masks) $120 Mn 20% 9021 Orthopaedic appliances, artificial parts of the body; fracture appliances $1.66 Bn 7% 9022 Apparatus based on the use of X-rays or of alpha, beta or gamma radiations $1.4 Bn 12% Top 5 Medtech Product Import Segments into ASEAN from Canada HS Code Product segment Import Value Y-o-Y Growth % 9018 Instruments and appliances used in medical, surgical, dental or veterinary sciences $30 Mn 19% 9019 Mechano-therapy appliances $1.7 Mn - 42% 9020 Breathing appliances and gas masks (excluding protective masks) $1.18 Mn 289% 9021 Orthopaedic appliances, artificial parts of the body; fracture appliances $2.15 Mn 12% 9022 Apparatus based on the use of X-rays or of alpha, beta or gamma radiations $11 Mn 79% Tractus categorized trade data for 5 key HS Codes for a general outlook on ‘Medtech and Medical Devices’ (excluding apps/software) ASEAN imported US$46 Million worth of Medtech equipment and medical devices from Canada in 2019
- 8. 42 Copyright © Tractus Asia Ltd. 2020 Singapore
- 9. 43 Copyright © Tractus Asia Ltd. 2020 Singapore is a gateway to the rest of ASEAN and is ranked as one of the easiest places to do business by the World Bank • Singapore’s overall healthcare industry is set to cross US$65 Billion in value by 2030 o Medical tourism is estimated to contribute US$1 billion in earnings and serves over 500,000 foreign patients yearly • Being a net importer of medical devices, total imports crossed $4 billion last year • 33 hospitals and over 4000 clinics in Singapore • Robust Medtech innovation and R&D ecosystem • Fast rate of technology adoption, telemedicine usage • Total healthcare expenditure is expected to reach US$ 25 billion by this year at a CAGR of 8% (2016-2020) Market Size: 6 million residents and 17 million tourists per year (pre-Covid) GDP Per Capita (2018) US$ 64,581 Rapidly ageing population. 1 in 4 to be 60+ by 2030
- 10. 44 Copyright © Tractus Asia Ltd. 2020 Singapore currently imported almost US$ 4 Billion in Medtech equipment and devices from the world in 2019 – up 4% Year-on-Year Top 5 Medtech Product Import Segments into Singapore from the World (2019) HS Code Product segment Import Value Y-o-Y Growth % 9018 Instruments and appliances used in medical, surgical, dental or veterinary sciences $2.17 Bn 3% 9019 Mechano-therapy appliances $335 Mn -4% 9020 Breathing appliances and gas masks (excluding protective masks) $49 Mn 26% 9021 Orthopaedic appliances, artificial parts of the body; fracture appliances $880 Mn 9% 9022 Apparatus based on the use of X-rays or of alpha, beta or gamma radiations $483 Mn 2% Top 5 Medtech Product Import Segments into Singapore from Canada (2019) HS Code Product segment Import Value Y-o-Y Growth % 9018 Instruments and appliances used in medical, surgical, dental or veterinary sciences $19.3 Mn 27% 9019 Mechano-therapy appliances $1.5 Mn -35% 9020 Breathing appliances and gas masks (excluding protective masks) $1.1 Mn 370% 9021 Orthopaedic appliances, artificial parts of the body; fracture appliances $0.16 Mn -74% 9022 Apparatus based on the use of X-rays or of alpha, beta or gamma radiations $2.3 Mn 22% Singapore’s imports of medtech/medical device from Canada grew by 21% Y-o-Y to US$ 24 million in 2019
- 11. 45 Copyright © Tractus Asia Ltd. 2020 Thailand
- 12. 46 Copyright © Tractus Asia Ltd. 2020 Market Size: 68.8 million residents and 35.38 million tourists per year GDP Per Capita (2018) US$ 7,273 Thailand is ASEAN’s second largest economy and has a burgeoning medical tourism industry • Thailand is a net importer of medical devices with total imports crossing $1.2 billion last year • Within ASEAN, Thailand is one of the largest importers of medical devices but also makes some medical devices • The majority of these imports are electrocardiograms, x-ray machines, monitors, etc. • Over 340 private hospitals, 290 public hospitals and 24,000 private clinics – making Thailand quite a sizeable market in terms of potential end-clients. • Medical tourism is a key component of the Government’s long term strategy for the development of its national healthcare industry by 2025 • Key drivers for growth in medtech and medical devices space will be o (i) rise of life-style related diseases o (ii) more investments from private hospitals o (iii) government support for the industry o (iv) rising market for preventative treatments and wellness Thailand is one of the top 10 most popular medical tourism destinations in the world
- 13. 47 Copyright © Tractus Asia Ltd. 2020 Thailand imported over US$1.2 Billion in Medtech equipment and devices from the world in 2019 – an annual increase of 14% Top 5 Medtech Product Import Segments into Thailand from the World (2019) HS Code Product segment Import Value Y-o-Y Growth % 9018 Instruments and appliances used in medical, surgical, dental or veterinary sciences $701 Mn 11% 9019 Mechano-therapy appliances $57 Mn 0% 9020 Breathing appliances and gas masks (excluding protective masks) $13.5 Mn 22% 9021 Orthopaedic appliances, artificial parts of the body; fracture appliances $186 Mn 2% 9022 Apparatus based on the use of X-rays or of alpha, beta or gamma radiations $263 Mn 37% Top 5 Medtech Product Import Segments into Thailand from Canada HS Code Product segment Import Value Y-o-Y Growth % 9018 Instruments and appliances used in medical, surgical, dental or veterinary sciences $5.7 Mn 6% 9019 Mechano-therapy appliances $0.11 Mn -61% 9020 Breathing appliances and gas masks (excluding protective masks) $0 0 9021 Orthopaedic appliances, artificial parts of the body; fracture appliances $0.23 Mn 103% 9022 Apparatus based on the use of X-rays or of alpha, beta or gamma radiations $0.10 Mn -33% Thailand’s imports of medtech/medical devicse from Canada grew by 4% Y-o-Y to US$ 6.1 million in 2019
- 14. 48 Copyright © Tractus Asia Ltd. 2020 Exploring ASEAN markets can be critical to your business during these uncertain times Diversify - look at new markets and new routes to market Observing ASEAN market developments and changing customer preferences Assess the opportunities and challenges carefully Vet your partners/distributors/suppliers
- 15. 49 Copyright © Tractus Asia Ltd. 2020 Shanghai Hong Kong Yangon Bangkok Ho Chi Minh City Singapore Jakarta Chennai New Delhi Los Angeles Copyright © Tractus Asia Ltd. 2020 Udai Panicker Country Manager – Singapore Tractus Asia Udai.panicker@tractus-asia.com www.tractus-asia.com Tractus provides trade and investment advisory services in Asia’s emerging economies