Singular enters giant East Asia medical VR market with breakthrough Macau JV

Singular Health is taking its core 3Dicom software into Macau through an equal joint venture with a group of strategic investors.

The JV, which includes a trial of 3Dicom at a Macau hospital, is focused on marketing and sales of its Scan to Surgery process within East Asia starting with Macau, Hong Kong and China.

East Asia is of course a huge and very lucrative space for Singular Health Group (ASX:SHG), as the Chinese market for medical imaging is forecast to top US$10bn with a compound annual growth rate (CAGR) of 8.2% by 2027.

The medical 3D Printing market alone is expected to grow to US$418M or a CAGR of 17.6% by 2026.

As such the company has committed to provide the JV with up to $125,000 worth of funding over a two-year period – matched by its partners – to fund a local salesforce to market and sell the 3Dicom Pro, Surgical, and Virtual Surgical Planning software in Macau.

This will act as the springboard for its expansion into the rest of East Asia.

“Singular Health is very excited to enter into this new JV which has already yielded results with Conde S. Januário Hospital in Macau agreeing to trial the 3Dicom software, and Virtual Surgical Planning on an Oculus Quest 2,” managing director Thomas Hanly said.

“The Company is also working to port the VSP onto a Xiaomi VR headset in order to target the mainland China market. In anticipation of an extended roll out, the JV is currently appointing its first sales and marketing staff member.

“This is an initial step for Singular Health into China and recognises the need to partner with people that have an extensive background working and transacting in the relevant market.”

Joint venture partner and strategic investor in SHG Peter Su also expressed his belief in the Chinese market for advanced 3D medical imaging and Patient Specific Implants saying he looked forward to developing the business into the Chinese market.

Disruptive technology

The company has developed the Scan to Surgery platform, a disruptive technology-driven process that plans surgical procedures and manufactures patient specific implants and guides with the goal of reducing cost and improving patient outcomes.

It incorporates 3D/VR scan review with virtual surgical planning software and can utilise local additive manufacturing facilities to rapidly deliver patient-specific solutions.

This article was developed in collaboration with Singular Health, a Stockhead advertiser at the time of publishing.

This article does not constitute financial product advice. You should consider obtaining independent advice before making any financial decisions.