Report Description of the Singapore Telemedicine Market Analysis
Research Scope and Assumption
- The report provides the market value for the base year 2020 and a yearly forecast up to 2028 in terms of revenue (USD billion)
- The key industry dynamics, regulatory scenario, reimbursement scenario, major market trends, and drug markets are evaluated to understand their impacts on the demand for the forecast period. The growth rates were estimated using correlation, regression, and time-series analysis
- We have used the combination of top-down and bottom-up approach for market sizing, analyzing key regional markets, dynamics, and trends for various solutions, services, and end uses
- All market estimates and forecasts have been validated through primary interviews with the Key Industry Players (KIPs) and secondary analysis
- Inflation has not been accounted for in order to estimate and forecast the market
- Numbers may not add up due to rounding off
Reason to buy the report:
- Facilitate decision-making based on strong current and forecast data for Singapore Telemedicine Market Analysis
- Develop strategies based on the latest regulatory framework
- Strategically analyze micro-markets with respect to individual growth trends, future prospects, and their contribution to the market
- Analyze competitive developments such as expansions, investments, mergers & acquisitions, new product developments, and research & developments in the Singapore Telemedicine Market Analysis
- Analyze the opportunities in the market for stakeholders and draw a competitive landscape for market leaders
- To strategically profile key players and comprehensively analyze their market shares and core competencies
- We have technically sound team which do a deep dive research and also provide strategy based consulting analysis
Singapore Telemedicine Market Analysis Executive Summary
Telemedicine is the delivery of health care services, where distance is a critical factor, by all health care professionals using information and communications technologies for the exchange of valid information for diagnosis, treatment and prevention of disease and injuries, research and evaluation, and for the continuing education of health care providers, all in the interests of advancing the health of individuals and their communities. The significant growth of the Singapore telehealth market in the coming timeframe is expected to be witnessed on the back of an increase in digitalization in the healthcare sector. A rise in remote consultation backed by the rising prevalence of chronic diseases is anticipated to be a growth contributing factor for the progressive growth of the Singapore telehealth market in the coming timeframe.
Market Size and Key Findings
The Singapore Telemedicine Market Analysis size stood at around USD xx billion in 2020 and is projected to reach USD xx billion by 2028, exhibiting a CAGR of xx% during the forecast period.
Market Growth Drivers Analysis
Singapore Telemedicine market is anticipated to witness a proliferation in the coming years backed by an increase in the ceramics industry in the country. The rapid urbanization in the country is leading to an increased demand for best in class infrastructure in the residential domain along with a rise in the demand for premium infrastructural Types. The ceramics industry along with the infrastructure development is the key component of the growth of the economy of Singapore and is expected to benefit all the industries related to them.
The increase in the healthcare costs, a spur in the technological innovations in the healthcare sector, and efforts to find a resolution to address the accessibility issues of the healthcare sector in remote areas which have been a perennial problem in the developing economies
Covid-19 Market Impact Analysis
The outbreak of the COVID-19 disease has led to a massive growth of the Telehealth market globally. The unprecedented disruption of the pandemic has led to a rising need for agility, transformation, and adaptability of telehealth solutions. Backed by the massive spread of the disease, as the corporate firms and even schools came down to the work-from-home-solution, the healthcare sector has also adopted remote consultation as an increasingly innovative method to win the bid to combat the spread of the novel coronavirus. The spread of the virus has brought the telehealth market a new light.
Some of the major industry players involved in Asia Pacific telemedicine market include Koninklijke Philip N.V., In Touch Technologies Inc., Resideo Technologies Inc. and AMD Global Telemedicine Inc. among others. Companies undertake various strategies such as new product launch geographic expansions to strengthen their market share.
Products in Pipeline
MOH aims to license telemedicine services in mid-2022 as part of the phasing in of the upcoming Healthcare Services Act. The Health Services Bill was approved by Parliament in January 2020 and was supposed to be implemented in three phases, from early 2021 to end 2022. However, last year’s pandemic derailed this and the new timeline is now scheduled for September 2021 to March 2023.
Notable Recent Deals
- In May 2020, IHH Healthcare, one of Asia’s largest privately-owned healthcare group, launched telemedicine services in Singapore, Malaysia, Turkey, India, and Hong Kong.
- As of March 2020, the number of daily active users of the telemedicine app Doctor Anywhere in Singapore increased by 156 percent compared to the previous year’s average. This positive growth signified the acceptance of telemedicine among the population in the country.
- Cigna Singapore and AIG partnered with Doctor Anywhere for providing Covid-19 Medical Advisory Clinic as a free service to policyholders across Vietnam, Singapore, and Thailand.
Healthcare Policies and Regulatory Landscape
Policy changes and Reimbursement scenario
The Singapore Ministry of Health (MOH) started a regulatory sandbox for telemedicine in 2018 to better understand the risks, and as of February 2021, are satisfied that it had achieved the objectives. It had, in the interim, introduced a voluntary listing of direct telemedicine providers that have agreed to comply with the MOH telemedicine e-training. There are more than 600 telemedicine providers on the list including public hospitals, clinics and telemedicine firms. Only registered providers can offer consultations to patients under the Community Health Assist Scheme (CHAS) and tap Medisave (Singapore’s compulsory national medical savings plan), for video consultations for follow-up of certain chronic conditions.
Video consultations in telemedicine in Singapore rose throughout 2020 amidst the Covid-19 pandemic lockdown. Video consultations and telemedicine pilots began at six public health institutions as early as 2017. Only 1,947 patients used the service between 2017 and the start of 2020. By January 2021, 36,000 patients had sought medical help via video consultations. In the past, telemedicine was employed for review consult cases which were stable, where physical checks and tests were not required, and where patients had access to the appropriate devices and connectivity. The initial pilots were for disciplines such as mental health, renal medicine, pharmacy, epilepsy, and dementia.
Telemedicine can help tackle the problem of Singapore’s overcrowded hospitals and specialist outpatient clinics, saving patients commuting and appointment waiting time. Apart from public hospitals, private sector healthcare providers are offering telemedicine as an option. Even Traditional Chinese Medicine (TCMs) firms acknowledge that the pandemic has disrupted the way they do business. They already sell products online but are now also offering teleconsultation services.