The standard of living in Singapore is comparable to many developed Western nations and, with the exception of Japan, GDP per capita is the highest of all the Asian countries. Projected GDP growth is currently the fourth highest in the world.

A universal and affordable healthcare system is evident in Singapore. Both rates for doctors and hospital beds per thousand population are above global averages. The Singapore government provides considerable financial backing to the healthcare industry. Known for a strong and focused industrial policy, government funds totalling US$1.7 billion have been channelled into university and research centres in a bid to enable Singapore to enhance the life science, pharmaceutical, medicine and bio-technology sectors.

Singapore announced the implementation of its first set of medical device regulations in November 2007, and by October 2010, all medical devices will need to be registered and all dealers (including importers and manufacturers) will have to be licensed. The manufacture of medical products is dominated by multinational companies and the majority of what little domestic production takes place is intended for export, particularly to Europe and the USA.

Singapore acts as a key trading hub to connect South East Asia and the Western world and is a major re-exporter of medical equipment. Strong trade links with the US and the EU have helped to create a resilient market.