Singapore Healthcare Market is Expected to Register Revenues worth SGD 18 Billion by 2022: Ken Research
• Healthcare expenditure to triple by 2030 with ageing demographics. Based on the projected Singapore’s population growth to 2030, healthcare expenditure is estimated to triple by 2030, rising to SGD 44 billion from SGD 17 billion in 2013. Personal healthcare expenditure would rise to SGD 28 billion from SGS 11 billion in 2013, comprising 64% of total healthcare expenditure, implying the potential growth in private healthcare.
Singapore Healthcare market will be facilitated by the rising number of healthcare providers coupled with elevating prevalence of chronic diseases such as diabetes, HIV, cancer and others. The Ministry of Health (MOH) has set out three key shifts for the healthcare system which includes effective health promotion and disease prevention, shifting focus from the acute hospital setting to the primary care, community and home settings, while maintaining the quality of services and ensuring appropriate and cost-effective care.
Singapore hospitals market will be driven by organic expansion as more public hospitals are expected to start by 2022 and increased government initiatives in the healthcare sector are anticipated to provide better care to the geriatric population and patients suffering from chronic diseases. The clinics market is expected to witness consolidation as players continue to seek volume growth to benefit from economies of scale.
The pharmaceutical market growth will be driven by increase in number of public private partnerships to drive R&D investment in clinical trials, growing Contract Research Organization Market and biopharmaceutical segment. The best in class research and manufacturing infrastructure will continue to attract foreign investment in this segment. As pharmaceutical companies get new drug approvals, the pharmacy retail segment will benefit as they widen their product portfolio and enhance their geographic presence by setting up more number of outlets.
The medical device segment will witness advancements in technology and shift from treatment to preventive care and health promotion, where mobile applications and wearable devices or the Internet of Things will see an increased uptake.
Increased focus on research and development for pharmaceutical products, medical devices and laboratory services coupled with elevating prevalence of chronic and lifestyle diseases will propel the Singapore healthcare market revenue in future.
ResearchForecast.com in its latest study, “Singapore Healthcare Market Forecast to 2022 - by Type of Clinics (Medical and Dental), by Type of Hospital (Private, Public and Not-for-Profit), by Prescription and OTC Drugs, by type of Medical Devices (Consumables, Diagnostic Imaging, Patient Aids, Orthopedics & Prosthetics, Dental Products and Others)”, suggests that demand for healthcare services in the market will continue to grow in Singapore owing to favorable government incentives, strong IP protection system, adoption of healthcare IT systems for integration, increased focus on biopharmaceuticals and nutrition and dietary supplements.
For more information on the research report, refer to below link:
Products Covered: Singapore Private and Public Hospitals (Inpatient & Outpatient and by Acute, Community & Psychiatry Hospitals), Pharmaceutical (Prescription & OTC Drugs, by Patented & Generic Drugs), Pharmacy Retail (by drugs & private label goods and by region), Clinics, Contract Research Organization (by Therapeutic Class & by Clinical Trial Phase), Medical Devices (by type of medical devices, and by end user)
Singapore Medical group, Q&M Dental Group, Singapore General Hospital, Changi General Hospital, GSK, Singapore, Beacon pharmaceuticals, Guardian Pharmacy, Unity Pharmacy, Singapore Clinical Research Institute, QT Vascular, Biosensors International, National Healthcare Group Diagnostics, Innovative Diagnostics and Radlink
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