Singapore Connected Healthcare Market Report 2022 to 2030

Singapore Connected Healthcare Market Analysis

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The Singapore-connected healthcare market is projected to grow from $79.63 Mn in 2022 to $610.67 Mn by 2030, registering a CAGR of 29% during the forecast period of 2022 - 2030. The main factors driving the growth would be a growing ageing population, technologically advanced infrastructure, growing start-up ecosystem and government support. The market is segmented by type, function and by application. Some of the major players include Doctor Anywhere, KroniKare, HiDoc, Siemens Healthineer, Philips Healthcare and Apple.

ID: IN10SGHS004 CATEGORY: Healthcare Services GEOGRAPHY: Singapore AUTHOR: Neha Davda

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Singapore Connected Healthcare Market Executive Summary

The Singapore-connected healthcare market is projected to grow from $79.63 Mn in 2022 to $610.67 Mn by 2030, registering a CAGR of 29% during the forecast period of 2022 - 2030. Singapore spent $2,633 per person on healthcare in 2019, a 1.31% decrease from the previous year. In comparison to many other industrialised countries, it spent only 4.09% of its GDP on healthcare.

The Connected Healthcare Industry in Singapore is a fast-growing industry that uses digital technologies to improve the quality and efficiency of healthcare delivery. Singapore, with a strong emphasis on innovation and technology, has become a magnet for healthcare companies and start-ups developing cutting-edge solutions to improve patient care and reduce costs.

Telemedicine, digital health records, wearables, remote patient monitoring, and artificial intelligence are all part of Singapore's connected healthcare business. These technologies are changing the way healthcare is delivered in Singapore, allowing patients to receive care at any time and from any location, and providing healthcare providers with the tools they need to provide more tailored and efficient care. The Singapore government has been actively supporting the adoption of connected healthcare technology in order to improve the country's healthcare quality and accessibility. This includes programs like the National Electronic Health Record (NEHR) system, which allows healthcare providers to electronically access patients' health records, and the Smart Nation Initiative, which strives to use technology to enhance the lives of Singaporeans.

Singapore Connected Healthcare Market

Market Dynamics

Market Growth Drivers

The Singapore-connected healthcare market is expected to be driven by factors such as:

Growing ageing population- Singapore has one of the world's fastest ageing populations. As the number of senior people grows, so does the demand for healthcare services. Remote patient monitoring and telemedicine, for example, can help to fulfil this demand by making care more accessible and efficient
Technologically advanced infrastructure- High-speed internet, cutting-edge telecommunications, and robust cybersecurity systems are all part of Singapore's highly developed technological infrastructure. For the creation and application of connected healthcare solutions, this offers a solid foundation
Growing start-up ecosystem- Singapore has a thriving start-up community with a strong emphasis on healthcare innovation. The government has assisted entrepreneurs in developing and commercialising their ideas in the domestic and foreign markets through a variety of funding schemes and incubation programs
Government support- Singapore has a thriving start-up community with a strong emphasis on healthcare innovation. The government has assisted entrepreneurs in developing and commercialising their ideas in the domestic and foreign markets through a variety of funding schemes and incubation programs

Market Restraints

The following factors are expected to limit the growth of the connected healthcare market in Singapore:

Data privacy and security- Ensuring data privacy and security is crucial since connected healthcare devices depend on the gathering and transmission of sensitive patient data. Any compromise of the security and privacy of patient data could have negative effects on both patients and healthcare professionals, weakening faith in the healthcare system
Limited inoperability- More interoperability and data sharing are required between Singapore's numerous healthcare systems and providers. The efficiency and efficacy of healthcare delivery may be impacted by the limits on the capacity to effortlessly share patient data across various systems and providers at the moment
High Cost- The cost of implementing connected healthcare technologies can make healthcare providers wary of making new technology investments without a clear indication of their profitability. The high price of these technologies may prevent smaller healthcare providers from implementing them

Competitive Landscape

Key Players

Doctor Anywhere (SGP)- Doctor Anywhere is a digital healthcare platform that connects users to a variety of healthcare services such as telehealth, prescription delivery, and health coaching
KroniKare (SGP)- KroniKare is a medical technology firm that has created a number of connected healthcare products, such as remote wound monitoring and telemedicine
HiDoc (SGP)- HiDoc is a digital health platform that uses telemedicine, health monitoring devices, and other digital health solutions to connect patients with healthcare experts
Siemens Healthineer- Siemens Healthineers is a multinational medical technology firm that provides diagnostic imaging systems, telemedicine, and health information systems
Philips Healthcare- Philips is a global healthcare corporation that provides telemedicine, remote patient monitoring, and digital health records, among other connected healthcare technologies
Apple- Apple's Health app and Apple Watch have a number of health and fitness features, and the company is increasingly cooperating with healthcare organisations to incorporate its technologies into patient treatment

1. Executive Summary
1.1 Service Overview
1.2 Global Scenario
1.3 Country Overview
1.4 Healthcare Scenario in Country
1.5 Healthcare Services Market in Country
1.6 Recent Developments in the Country

2. Market Size and Forecasting
2.1 Market Size (With Excel and Methodology)
2.2 Market Segmentation (Check all Segments in Segmentation Section)

3. Market Dynamics
3.1 Market Drivers
3.2 Market Restraints

4. Competitive Landscape
4.1 Major Market Share

4.2 Key Company Profile (Check all Companies in the Summary Section)

4.2.1 Company
4.2.1.1 Overview
4.2.1.2 Product Applications and Services
4.2.1.3 Recent Developments
4.2.1.4 Partnerships Ecosystem
4.2.1.5 Financials (Based on Availability)

5. Reimbursement Scenario
5.1 Reimbursement Regulation
5.2 Reimbursement Process for Services
5.3 Reimbursement Process for Treatment

6. Methodology and Scope

Connected Healthcare Market Segmentation

By Type (Revenue, USD Billion):

Based on the Type the market is segmented into mHealth services, mHealth Devices, and E- Prescription

MHealth services
mHealth Devices
E- Prescription

By FunctionType (Revenue, USD Billion):

Remote patient monitoring
Clinical monitoring
Telemedicine
Others (Assisted Living)

By Application Type (Revenue, USD Billion):

Diagnosis and Treatment
Monitoring Application
Wellness and Prevention
Healthcare management
Others

Methodology for Database Creation

Our database offers a comprehensive list of healthcare centers, meticulously curated to provide detailed information on a wide range of specialties and services. It includes top-tier hospitals, clinics, and diagnostic facilities across 30 countries and 24 specialties, ensuring users can find the healthcare services they need.

Additionally, we provide a comprehensive list of Key Opinion Leaders (KOLs) based on your requirements. Our curated list captures various crucial aspects of the KOLs, offering more than just general information. Whether you're looking to boost brand awareness, drive engagement, or launch a new product, our extensive list of KOLs ensures you have the right experts by your side. Covering 30 countries and 36 specialties, our database guarantees access to the best KOLs in the healthcare industry, supporting strategic decisions and enhancing your initiatives.

How Do We Get It?

Our database is created and maintained through a combination of secondary and primary research methodologies.

1. Secondary Research

With many years of experience in the healthcare field, we have our own rich proprietary data from various past projects. This historical data serves as the foundation for our database. Our continuous process of gathering data involves:

Analyzing historical proprietary data collected from multiple projects.
Regularly updating our existing data sets with new findings and trends.
Ensuring data consistency and accuracy through rigorous validation processes.

With extensive experience in the field, we have developed a proprietary GenAI-based technology that is uniquely tailored to our organization. This advanced technology enables us to scan a wide array of relevant information sources across the internet. Our data-gathering process includes:

Searching through academic conferences, published research, citations, and social media platforms
Collecting and compiling diverse data to build a comprehensive and detailed database
Continuously updating our database with new information to ensure its relevance and accuracy

2. Primary Research

To complement and validate our secondary data, we engage in primary research through local tie-ups and partnerships. This process involves:

Collaborating with local healthcare providers, hospitals, and clinics to gather real-time data.
Conducting surveys, interviews, and field studies to collect fresh data directly from the source.
Continuously refreshing our database to ensure that the information remains current and reliable.
Validating secondary data through cross-referencing with primary data to ensure accuracy and relevance.

Combining Secondary and Primary Research

By integrating both secondary and primary research methodologies, we ensure that our database is comprehensive, accurate, and up-to-date. The combined process involves:

Merging historical data from secondary research with real-time data from primary research.
Conducting thorough data validation and cleansing to remove inconsistencies and errors.
Organizing data into a structured format that is easily accessible and usable for various applications.
Continuously monitoring and updating the database to reflect the latest developments and trends in the healthcare field.

Through this meticulous process, we create a final database tailored to each region and domain within the healthcare industry. This approach ensures that our clients receive reliable and relevant data, empowering them to make informed decisions and drive innovation in their respective fields.