Singapore CT Scan Market Analysis

Singapore CT Scan Market Executive Summary

Singapore CT Scan Market was valued at $5.53 Mn in 2023 and is predicted to grow at a CAGR of 8.47%from 2023 to 2030, to $9.77 Mn by 2030.

A CT scan, or computed tomography scan, is a sophisticated imaging procedure that uses X-rays to produce detailed cross-sectional images of the body. Unlike traditional X-rays, CT scans capture multiple views from various angles, which a computer then processes into a three-dimensional representation of internal structures such as organs, bones, and soft tissues. Before the scan, patients may prepare by wearing a gown and removing metal objects. Depending on the type of scan, they might need to ingest a contrast material to enhance the visibility of specific tissues. During the scan, patients lie on a table that moves through a donut-shaped scanner while X-ray images are taken. Afterward, a radiologist interprets the images to diagnose conditions like cancer, heart disease, bone fractures, internal bleeding, and injuries. While CT scans offer detailed diagnostic capabilities, they involve radiation exposure and can be costly, though advancements have minimized risks and enhanced safety. Other imaging options like X-rays, ultrasound, and MRI scans are considered based on specific medical needs and radiation concerns.

Chronic diseases, which account for over 74% of global deaths annually according to the World Health Organization (WHO), are primarily managed through ongoing medical interventions. In Singapore, a significant portion of the population aged 18-74 years is affected by chronic health conditions. Hypertension, or high blood pressure, affects 37% of this demographic, while diabetes affects 9.5%. Hyperlipidemia, characterized by high cholesterol levels, impacts 31.9% of individuals in this age group. Additionally, chronic kidney disease has a prevalence rate of 15.6% among the Singaporean population.

The market is therefore driven by significant factors like rising affluence and healthcare expenditure, the growing burden of chronic diseases, and the aging population. However, high costs, skilled workforce, and radiation concerns restrict the growth and potential of the market.

A prominent player in this field is GE Healthcare, which launched a new refurbishing unit in Bangladesh for A1-Sure Ultrasound Systems, aiming to enhance accessibility to affordable ultrasound technology in developing regions, and Siemens Healthineers partnered with Microsoft to utilize Azure cloud services for AI-powered medical imaging solutions, aimed at advancing healthcare delivery with secure and scalable cloud computing. Other contributors include Canon Medical Systems, and NeuroLogica Corp. among others.

Market Dynamics

Market Growth Drivers

Rising Affluence and Healthcare Expenditure: Singapore boasts a high GDP per capita of $72,838 in 2023 according to the World Bank and prioritizes healthcare. This translates to increased spending on advanced medical technologies like CT scanners, driving market growth.

Growing Burden of Chronic Diseases: Chronic diseases like cancer are a concern. The Singapore Cancer Registry reported over 43,000 new cancer cases in 2020. CT scans play a vital role in early detection, treatment planning, and monitoring, propelling market demand.

Aging Population: Singapore's population is aging. As of 2023, over 16% are aged 65 or above according to the Department of Statistics, Singapore. This demographic shift increases the need for advanced diagnostics like CT scans for accurate diagnoses and treatment planning.

Market Restraints

High Costs: CT scans can be expensive, with the cost varying depending on the type of scan, contrast material used, and facility fees. The cost can be a barrier for some patients, particularly those without adequate health insurance.

Skilled Workforce: Operating and interpreting CT scans requires specialized training. While Singapore has a well-developed healthcare system, ensuring a sufficient number of qualified radiologists and technicians across all healthcare facilities might be a challenge.

Radiation Concerns: Despite its benefits, radiation exposure from CT scans is a concern. This might lead some patients to opt for alternative imaging methods, when possible, potentially slowing market growth for specific applications.

Regulatory Landscape and Reimbursement Scenario

Singapore's Health Sciences Authority (HSA) strictly regulates the CT scan market. The HSA enforces rigorous standards for safety, efficacy, and quality control of CT scanners. Manufacturers must obtain approval from the HSA before marketing or selling their CT scanners in Singapore. This process ensures a high level of quality in the market but can be time-consuming for manufacturers.

Reimbursement for CT scans in Singapore is a multi-layered system. The government-funded MediShield Life plan offers basic coverage for medically necessary CT scans for Singaporean citizens and permanent residents. However, specific coverage details depend on the type of scan, the medical condition being diagnosed, and the specific MediShield Life plan a patient holds. Private insurance plans can offer additional coverage, but navigating the entire reimbursement landscape can be complex for both patients and healthcare providers. There can also be out-of-pocket expenses for patients depending on their insurance coverage.

Competitive Landscape

Key Players

Here are some of the major key players in the Singapore CT Scan Market:

• GE HealthCare
• Koninklijke Philips N.V.
• Siemens Healthineers AG
• Canon Medical Systems
• NeuroLogica Corp.
• Shanghai United Imaging Healthcare Co., Ltd.
• Fujifilm Holdings Corporation
• Shenzhen Anke High-tech Co., Ltd.
• Koning Health
• Carestream Dental LLC.