The Singapore Hospital Market was valued at $6.60 Bn in 2023 and is predicted to grow at a CAGR of 8.2% from 2023 to 2030, to $11.46 Bn by 2030. The key drivers of this industry are rise in the geriatric population, shift towards preventive healthcare and medical tourism. The key players in the industry are Mount Elizabeth Hospital, Gleneagles Hospital, Farrer Park Hospital, and Mount Alvernia Hospital among others
The Singapore Hospital Market is at around $6.60 Bn in 2023 and is projected to reach $11.46 Bn in 2030, exhibiting a CAGR of 8.2% during the forecast period.
Hospitals are essential pillars of our healthcare system. They provide a wide range of services to keep us healthy and cared for in times of illness or injury. Hospital services are delivered by a multidisciplinary team of healthcare professionals, including doctors, nurses, technicians, and support staff, all working together to diagnose, treat, and support patients on their journey to recovery. Hospitals invest in advanced medical technologies and equipment to meet the healthcare requirements of an aging population. This includes state-of-the-art diagnostic tools, surgical equipment, and telemedicine solutions, which contribute to hospital revenue growth. Overall, hospital services are pivotal in maintaining and promoting the health and well-being of individuals and communities by delivering comprehensive medical care and addressing a variety of healthcare needs.
The private sector hospitals, driven by competition and innovation, offer the latest medical technologies and personalized care. Patients often choose these institutions for their shorter wait times, luxurious amenities, and access to renowned specialists. While it comes with a price tag. On the other hand, public sector hospitals uphold the principle of healthcare as a fundamental right. They serve as safety nets for vulnerable and underserved populations, offering comprehensive healthcare services and research regardless of a patient’s financial means.
Singapore has 28 doctors per 10,000 inhabitants, with a steady rise from previous years. The market therefore is driven by significant factors like the rise in geriatric population, shift towards preventive healthcare, and medical tourism. However, alternative care settings, rising healthcare cost, and shortage of skilled professionals restrict the growth of the market.
The hospitals known for comprehensive medical services include Mount Elizabeth Hospital and Parkway East Hospital. Regency Specialist Hospital, Gleneagles Hospital, and Farrer Park Hospital are also significant contributors to the Singapore Hospital Market.
Market Growth Drivers
Shift Towards Preventive Healthcare: There is a growing focus on preventive healthcare in Singapore, which is increasing the demand for outpatient hospital services like diagnostics and screenings. This has led to outpatient revenues accounting for the majority share of the hospital market.
Rise in Geriatric Population: Singapore has an aging population, with a growing number of elderly residents. Currently, the elderly population accounts for 16% of the population. This is driving up the demand for comprehensive hospital services. Older adults are more likely to require complex medical care, leading to increased hospital admissions and lengths of stay.
Medical Tourism: Singapore has emerged as a leading destination for medical tourism, attracting patients from across Asia and globally. Its world-class hospitals, cutting-edge treatments, highly skilled doctors, and stringent safety standards make it a preferred choice for complex procedures like cancer care, cardiac surgeries, and orthopedics.
Market Restraints
Shortage of Skilled Professionals: Singapore is facing a severe shortage of healthcare professionals, including both doctors and nurses, which is limiting the capacity and availability of hospital services in the country. Hospitals are struggling to meet the growing demand for services, which leads to longer wait times, reduced access, and strained quality of care.
Alternative Care Settings: There is growing competition for hospital services from alternative care settings like outpatient clinics, day surgery centers, and home-based care. These options are more convenient and cost-effective for certain treatments and procedures.
Rising Healthcare Costs: The cost of healthcare services in Singapore, including hospital care, has been rising steadily. This is putting pressure on both public and private healthcare budgets, and making it more difficult for some patients to afford necessary hospital treatments.
Healthcare Services Act (HCSA) provides an adaptable, services-based framework for regulating healthcare providers. Under the HCSA, hospitals must obtain a license from the Ministry of Health (MOH) to operate. Hospitals must comply with licensing conditions set by the Ministry of Health (MOH), such as having adequate facilities, equipment, and qualified staff. Health Sciences Authority (HSA) is the regulatory authority responsible for overseeing medical devices and pharmaceuticals in Singapore. Healthcare providers in Singapore face stringent regulatory requirements and oversight to ensure quality and safety standards.
MediShield Life is Singapore's universal basic health insurance scheme that covers large hospital bills and selected costly outpatient treatments. It provides lifelong protection for all Singapore citizens and permanent residents, with premiums paid through mandatory contributions from the MediSave account. MediSave is another national medical savings scheme where individuals and employers make mandatory contributions. Funds in the MediSave account can be used to pay for hospitalization expenses and selected outpatient treatments.
Key Players
Here are some of the major key players in the Singapore Hospital Market:
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
By Service Type
By Hospital Type
By Service Areas
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:
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:
2. Primary Research
To complement and validate our secondary data, we engage in primary research through local tie-ups and partnerships. This process involves:
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:
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.
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