Singapore Home Healthcare Market Analysis Report 2022 to 2030

Singapore Home Healthcare Market Analysis

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Singapore's home healthcare market was valued at $435 Mn in 2022 and is estimated to expand at a compound annual growth rate (CAGR) of 7.93% from 2022-30 and will reach $801 Mn in 2030. One of the main reasons propelling the growth of this market is the introduction of newer technologies and the aging population. The market is segmented by component and product. Some key players in this market are Active Global Home & Community Care, Speedoc, Variantz, Prism, Jaga-Me Medical Home Care, Homage Home Care, NTUC Health Home Care Services, and Biocomm Pte Ltd.

ID: IN10SGHS010 CATEGORY: Healthcare Services GEOGRAPHY: Singapore AUTHOR: Nandini Shah

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Singapore Home Healthcare Market Executive Summary

Singapore's home healthcare market was valued at $435 Mn in 2022 and is estimated to expand at a compound annual growth rate (CAGR) of 7.93% from 2022-30 and will reach $801 Mn in 2030. Home healthcare is provided within the homes of frail and home-bound people who find it difficult to access services in the community. The services address both health and social care needs and support families in the care of their seniors with the aim of helping seniors age in place. The Home healthcare market is expected the growth during the forecast period. The home healthcare market is expected to grow considerably in the following years due to excellent treatment given to the patients with good quality home-based healthcare and social service, contributing to the country's market growth.

Singapore is a highly developed nation with a GDP per capita in 2021 that will be more than twice as high as the UK at purchasing power parity. Having a centralized administration and a reputation for excellent governance, it is a city-state with a population of 5.8 million. Singapore's population is aging quickly. By 2050, a third of Singapore's population will be over 65, making it the second-fastest aging civilization in the world, according to the United Nations. The government has highlighted this as one of Singapore's most significant challenges in the ensuing decades. Due to its long life expectancy and lower infant mortality than the UK, Singapore enjoys some of the finest health results in the world. Singapore has hospital beds, doctors, and nurses per 100,000 residents that are equivalent to those in the UK and other industrialized nations. By 2029, Singapore's government expects to have spent 160% more on healthcare.

singapore home healthcare market analysis

Market Dynamics

Market Growth Drivers

Market expansion in Singapore is anticipated to be fueled by increased demand and technological advances. A number of companies have dabbled in drug delivery, which has added to the advantages of in-home care for patients. More people are choosing home healthcare services over hospitalization as a result of increased knowledge of home healthcare as a viable option for patients. Modern healthcare technology is more convenient for patients who are at home or on the go because it is portable, user-friendly, and more practical. This industry's adoption of cutting-edge technologies has greatly improved the current patient-provider communication flow, allowing for better, faster, and more effective care. The rising prevalence of chronic diseases such as diabetes and heart disease is increasing the demand for home healthcare services as they are better suited to manage and monitor these conditions on an ongoing basis.

Market Restraints

Singapore's home healthcare services are frequently restricted to providing only the most basic care and may not have access to more specialized treatment, such as palliative or rehabilitation care. Depending on the area and population covered, the quality of home healthcare services offered by the SUS can vary greatly, and private home healthcare providers might not be subject to the same level of scrutiny and regulation. Singapore has several places that lack the infrastructure required to offer home healthcare services, such as reliable transportation and simultaneous communication networks. Many home healthcare providers lack access to the most recent medical technology and advancements, which might restrict the breadth of services they can offer. It is projected that the shortage of empathetic nursing staff will restrict the rate of growth of the Singapore home healthcare sector.

Competitive Landscape

Key Players

Active Global Home & Community Care
Speedoc
Variantz
Prism
Jaga-Me Medical Home Care
Homage Home Care
NTUC Health Home Care Services and Biocomm Pte Ltd
Homage Healthcare
Healthhub home healthcare

Healthcare Policies and Regulatory Landscape

All approved Home Healthcare services in Singapore under MOH, are managed by VWOs and depend on public donations to fund their activities, with partial subventions from the government. In addition, all patients accessing these services need to be means-tested. It is a 4-tier system where the percentage of subsidy could be 75%, 50%, 25%, or 0%. The patient is expected to co-pay the rest of the costs.

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

Home Healthcare Market Segmentation

By Device Type (Revenue, USD Billion):

Based on the Device Type the market is segmented into Testing, Screening, Monitoring Devices, Therapeutic Home Healthcare Devices, and Mobility Assist.

Testing, Screening, and Monitoring Device
Blood Glucose Monitors
Blood Glucose Monitors
Blood Pressure Monitors
Heart Rate Monitors
Temperature Monitors
Sleep Apnea Monitors
Coagulation Monitors
Ovulation and Pregnancy Test Kits
Pulse Oximeters
Home Hemoglobin A1C Test Kit

Therapeutic Home Healthcare Devices
Oxygen Delivery Systems
Nebulizers
Ventilators
Sleep Apnea Therapeutic Devices
Wound Care Products
IV Equipment
Dialysis Equipment
Insulin Delivery Devices
Inhalers
?Other Therapeutic Products (ostomy devices, automated external defibrillators (AEDs)

Mobility Assist
Walkers and Rollators
Wheelchairs
Canes
Crutches
?Mobility Scooters

By Service Type (Revenue, USD Billion):

Skilled Nursing Services
Rehabilitation Therapy Services
Hospice and Palliative Care Services
Unskilled Care Services
Respiratory Therapy Services
Infusion Therapy Services
Pregnancy Care Services?

By Indication Type (Revenue, USD Billion):

Cardiovascular Disorders & Hypertension
Diabetes
Respiratory Diseases
Pregnancy
Mobility Disorders
Hearing Disorders
Cancer
Wound Care
?Other Indications (sleep disorders, kidney disorders, neurovascular diseases, and HIV)

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.