Singapore Digital Health Market Analysis Report 2022 to 2030

Singapore Digital Health Market Analysis

$ 3999

Singapore's Digital Health market is projected to grow from $xxBn in 2022 to $xxBn by 2030, registering a CAGR xx% during the forecast period of 2022-2030. The market will be driven by the collaboration amongst healthcare stakeholders across the ecosystem to address people's expectations, Efficient and low-cost digital technologies. The market is segmented by solution, by deployment & by end-use. Some of the major players include Doctor Anywhere, Holmusk & Biofourmis Inc.

ID: IN10SGDH005 CATEGORY: Digital Health GEOGRAPHY: Singapore AUTHOR: Vidhi Upadhyay

Buy Now

Singapore Digital Health Market Executive Summary

Singapore's Digital Health market is projected to grow from $xxBn in 2022 to $xxBn by 2030, registering a CAGR xx% during the forecast period of 2022-30. Singapore's healthcare spending, which includes both public and private spending, is estimated to account for 5.9% of the GDP. Healthcare spending (%GDP) has been progressively rising in recent years and is predicted to rise further as the population ages and healthcare requirements become more complicated. According to World Health Organization (WHO), Singapore has developed world-class healthcare standards.

While digital technologies have been more readily available after the COVID-19 outbreak, consumer adoption in Singapore remains low. In recent years, the Singapore government has actively encouraged the use of digital technology in healthcare, with the objective of enhancing the productivity and accessibility of healthcare services. Effective communication among providers across the healthcare ecosystem, trying to remove economic barriers to healthcare services and care, and assisting patients in navigating their journey can all help to increase the uptake of digital health technologies in Singapore, resulting in more effective and accessible healthcare experiences for everyone.

singapore digital health market analysis

Market Dynamics

Market Growth Drivers

Singapore's government is a highly reliable source of information, providing an opportunity for authorities and Digital Health businesses to collaborate which will be a major growth driver for the digital health market. Moreover, Improved efficiency of healthcare service delivered, increase cost savings at both ends by the caregiver and receiver, improved health outcomes, and data privacy for medical records are important pieces that add up to support the growth of the digital health market in Singapore.

Market Restraints

Low trust in technology companies, financial struggles, and difficulty finding and using quality digital tools are some potential barriers to adoption. Data privacy and security are top considerations for Singaporeans, and meeting these demands might boost trust in, and hence the adoption of, digital technology.

Competitive Landscape

Key Players

Doctor Anywhere: An online platform that offers telemedicine services to book appointments and gets video consults
Holmusk: It is a digital health platform that uses huge data to manage chronic diseases and influence positive health outcomes
Biofourmis Inc.: They provide an innovative analytics engine that creates a personalized baseline for each patient
Singtel: It is a telecommunications company offering a wide range of digital health solutions, including telemedicine, remote monitoring, and digital health platforms
NTT Data: It is a global IT services company that has a strong presence in Singapore. It offers digital health solutions, including EHR systems, population health management, and digital health platforms

Healthcare Policies and Regulatory Landscape

The Ministry of Health (MOH) is responsible for the regulation of healthcare services which consists of digital health in Singapore. The Health Sciences Authority (HSA) is in charge of medical device and health supplement regulation, as well as digital health goods and services it also establishes product safety and effectiveness standards and inspects to guarantee compliance.

The Infocomm Media Development Authority (IMDA) establishes standards for personal data protection and cybersecurity and performs inspections to verify compliance. The Personal Data Protection Commission (PDPC) is in charge of personal data protection regulation, including private data used in digital healthcare.

Reimbursement Scenario

Digital healthcare reimbursement in Singapore is offered by a combination of government subsidies and private insurance. Reimbursement policies and coverage for digital health services differ based on the service and payer.

Medisave is a government-managed savings plan that allows citizens to set away a percentage of their salary for medical bills. Certain digital health services, such as telemedicine consultations and remote monitoring, can be compensated with Medisave.

MediShield Life is a basic health insurance policy that offers lifetime protection against big healthcare expenditures to citizens and permanent residents, regardless of age or health status.

1. Executive Summary
1.1 Digital Health Overview
1.2 Global Scenario
1.3 Country Overview
1.4 Healthcare Scenario in Country
1.5 Digital Health Policy 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 Diagnosis
5.3 Reimbursement Process for Treatment

6. Methodology and Scope

Digital Health Market Segmentation

The Digital Health Market is segmented as mentioned below:

By Solution (Revenue, USD Billion):

Software
Services

By Deployment (Revenue, USD Billion):

Cloud-based
On-premises

By End-use (Revenue, USD Billion):

Diagnostic Centres
Healthcare Payers
Healthcare Research Centres
Hospitals & Clinics
Nursing Care Centres
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.