Singapore Optical & Medical Industry

Singapore Optical & Medical Industry

High-tech, innovation-driven sectors that have positioned the country as a regional hub for manufacturing, research, and distribution. A strong pro-business environment, government support, and world-class talent have attracted leading multinational companies and fostered a vibrant ecosystem of local startups.

Optical industry

While the optical industry encompasses photonics and advanced optical components, the consumer-facing eyewear market is the most commonly reported segment. It is driven by an aging population, increasing awareness of eye health, and a demand for premium, tech-integrated products.

• Market size: The eyewear market in Singapore is projected to generate US$434.71 million in revenue in 2025.

• Key players: The industry features global corporations like Essilor Luxottica and Zeiss, as well as local eyewear retailers and startups.

• Segments:

  • Eyewear frames: The largest market segment, expected to reach US$156.35 million in 2025.

  • High-value optics: The country is also a center for the production of advanced optical components, including those used in medical equipment like surgical microscopes.

• Trends: Consumers are increasingly looking for fashionable and technologically advanced eyewear, such as smart glasses and augmented reality frames.

• Photonics: The broader photonics sector is supported by government R&D funding and a robust semiconductor ecosystem. It focuses on integrated photonics, imaging systems, and lasers, with strong ties to the medical and data communications fields

Medical (MedTech) industry

Singapore is a global powerhouse in the Medical Technology (MedTech) sector, with all of the top 30 multinational MedTech companies having a presence in the country.

• Market size: The MedTech market is expected to grow from US$1.38 billion in 2025 to US$1.92 billion by 2030, with medical devices being the largest segment.

• Key drivers: The industry is fueled by Singapore's aging population, rising chronic disease burden, and a robust medical tourism sector.

• Focus areas:

  • High-value manufacturing: Singapore produces high-end medical devices like cardiovascular implants, life sciences tools, diagnostics, and vision care products.

  • Research and development (R&D): With over 25 R&D centers run by multinationals and 400 local biomedical startups, the country is a hub for developing next-generation medical solutions.

  • Digital health: A major area of innovation includes AI-powered analytics, telemedicine, wearables, and precision diagnostics that use genomic data.

  • Surgical devices: The surgical microscope market, particularly for ophthalmology and neurosurgery, is growing rapidly due to technological advancements like AI and augmented reality.

• Manufacturing capabilities: Singapore manufactures 60% of the world's microarrays and one-third of the world's mass spectrometers, showcasing its strength in high-value production.

• Favorable environment: The industry thrives due to a skilled workforce, strong intellectual property protection, efficient regulations, and significant government support

Growth drivers and future outlook

Both sectors benefit from Singapore's strategic location, which allows companies to tap into the wider Asia-Pacific market. Key factors driving growth include:

• An aging population requiring more vision correction and chronic disease management.

• Continued government investment in healthcare technology and research.

• The increasing integration of AI and data analytics to create smarter products and services.

• Rising consumer demand for both functional and fashionable eyewear