Singapore Healthcare Insurance Market Report 2022 to 2030

Singapore Healthcare Insurance Market Analysis

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The Singapore healthcare insurance market is projected to grow from $2.43 Bn in 2022 to $4.57 Bn by 2030, registering a CAGR of 8.2% during the forecast period of 2022 - 2030. The main factors driving the growth would be a strong economy, government support, technological advancements and an ageing population. The market is segmented by the component, provider, coverage, by health insurance plans and end-user. Some of the major players include NTUC Income, Great Eastern, AIA, AXA and Prudential.

ID: IN10SGHS008 CATEGORY: Healthcare Services GEOGRAPHY: Singapore AUTHOR: Neha Davda

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Singapore Healthcare Insurance Market Executive Summary

The Singapore healthcare insurance market is projected to grow from $2.43 Bn in 2022 to $4.57 Bn by 2030, registering a CAGR of 8.2% during the forecast period of 2022 - 2030. Singapore spent $2,633 on healthcare per person in 2019, a 1.31% decline from 2018. It spent less on healthcare than many other industrialised nations, barely 4.09% of GDP.

One of the best healthcare systems in the world is found in Singapore, which has a highly developed healthcare system. Both citizens and permanent residents must have health insurance in this country, which has a mix of public and private healthcare services. Singapore's healthcare insurance industry is diversified and competitive, offering a wide selection of insurance policies from both domestic and foreign suppliers. The Monetary Authority of Singapore (MAS), which also manages the nation's insurance sector, controls the market.

The Central Provident Fund (CPF) Board, which is in charge of running the government-sponsored MediShield Life program, is one of the major players in the Singapore healthcare insurance industry. All Singaporeans and permanent residents are covered by this program's basic health insurance, which is intended to protect them from expensive hospital expenditures. In Singapore, in addition to MediShield Life, there are a number of private health insurance policies that provide more thorough coverage for medical care and hospitalisation. A variety of suppliers, including local and foreign insurance companies, provide these products for purchase.

Singapore Healthcare Insurance Market

Market Dynamics

Market Growth Drivers

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

Strong economy- Singapore's economy is robust and steady, thus residents have more discretionary cash to spend on health insurance. The demand for private health insurance policies that give more extensive coverage than what is offered by the government-run MediShield Life program has increased as a result
Government support- The Singaporean government supports the healthcare sector and has put in place a number of regulations to promote its expansion. For instance, the government offers tax breaks and subsidies to healthcare providers, which helps to control costs and lower the cost of health insurance
Technological advancements- A rise in demand for healthcare insurance packages that cover cutting-edge treatments and procedures can be attributed to Singapore's leadership in healthcare technological advancements. For instance, there is rising demand for health insurance policies that offer remote healthcare monitoring and telemedicine services
Ageing population- The ageing population of Singapore is increasing the demand for insurance and healthcare services. People need health insurance coverage more as they get older since they are more likely to need hospitalisation and medical care

Market Restraints

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

Government regulations- The Singaporean government has strict regulations governing the insurance market as well as the healthcare sector. This may limit the adaptability and innovation of insurance services and products, which may have an effect on the market's expansion
High cost of insurance- In Singapore, the cost of health insurance premiums can be high, especially for complete coverage. This may make insurance more expensive for some people and have an effect on how many people purchase insurance
Limited competition- There is little competition in Singapore's healthcare insurance sector, which could lead to higher pricing and less innovation in insurance goods and services

Competitive Landscape

Key Players

NTUC Income (SGP)- Singapore's top provider of life, health, travel, and automobile insurance as well as savings, investments, and retirement plans is Income Insurance
Great Eastern (SGP)- Great Eastern, is a multinational finance and insurance company headquartered in Singapore with activities throughout a number of Asian nations and jurisdictions. Medical expense insurance, critical illness insurance, and disability income insurance are among the healthcare insurance products it provides
AIA- A worldwide insurance and finance company, AIA is based in Hong Kong. It dominates the Asia-Pacific market as the largest publicly traded life insurance firm. In addition to writing life insurance policies for both individuals and corporations, it also provides accident and health insurance, retirement planning, wealth management services, variable contracts, investments, and securities
AXA- Offering a variety of healthcare insurance products, such as health insurance, critical illness insurance, and personal accident insurance, AXA is a global insurance firm with a significant local presence in Singapore
Prudential- About 19 million consumers in Asia and Africa receive asset management and life and health insurance from Prudential. By encouraging financial inclusion and lowering the cost of healthcare, they want to help people make the most of life. They safeguard people's wealth, assist in asset growth, and give them the ability to set aside money for their objectives

Upcoming Events

May 2023- The 18th Asia Conference on Healthcare and Health Insurance is set to take place in Singapore on May 10 and 11, 2023. "Reimagining Health Insurance: Addressing Pain Points Toward a Promising Future" is the conference's theme.

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

Healthcare Insurance Market Segmentation

By Provider (Revenue, USD Billion):

It mainly includes healthcare insurance that provides safety against the increasing cost of medical treatments and in case of health emergencies such as critical illnesses. Hence, it is the best way to safeguard medical expenses.

Public
Private

By Coverage Type (Revenue, USD Billion):

In terms of sales and market share, it is anticipated to rule the market over the projection period. This is explained by a number of benefits provided by life insurance, including guaranteed death payout and permanent coverage. Additionally, investing in these kinds of plans enables working professionals to save taxes

Life Insurance
Term Insurance

By Health Insurance Plans (Revenue, USD Billion):

Health Maintenance Organization (HMO)
Preferred Provider Organization (PPO)
Exclusive Provider Organization (EPO)
Point of Service (POS)
High Deductible Health Plan (HDHP)

By Demographics (Revenue, USD Billion):

Minors
Adults
Seniors

There is a high prevalence of lifestyle disease in the adult population that can increase health risks in the future. The population is more prone to cardiac and other diseases that require hospitalization. Healthcare insurance plans for seniors are more of a necessity, especially in the case of retirement. Also, it carries various advantages such as no medical screening before buying plans, includes coverage of the outpatient department, and provides the benefit of fee annual checkups along with lifetime renewability.

By End-user (Revenue, USD Billion):

Individuals
?Corporates

A large number of people buy individual health plans as they are also customizable. Also, it gives more control over deductibles, co-pays, and benefits limits and is not dependent on employment status.

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.