Singapore Radiology Service Market Analysis

Singapore Radiology Service Market Executive Summary

The Singapore Radiology Service market is at around $4.8 Mn in 2023 and is projected to reach $13 Mn in 2030, exhibiting a CAGR of 15.3% during the forecast period.

There are many techniques used in radiology. MRI (Magnetic Resonance Imaging) scan is a powerful imaging technique that uses magnets instead of radiation to create images of the body. It is excellent for visualizing soft tissues like the brain, muscles, and organs. Areas investigated through MRI scanning include spinal cord and brain abnormalities, cysts and tumors, joint injuries, breast tissue anomalies, and abdominal and liver irregularities. Radiography is a type of radiological imaging technique which applies X-ray radiation. X-ray mammograph is also a type of radiological imaging technique which is used specifically to identify abnormalities or lesions in the human breast. MRA (Magnetic Resonance Angiogram) scan is an examination that produces detailed versions of the blood vessels in the body. Compared to X-rays, CT (Computed Tomography) uses a low dose of radiation and also provides a better overview of the interior of the body. An ultrasound or sonography is a technique that uses high frequency ways to produce images. As it does not involve the use of radiation it is the most widely used technique for monitoring pregnancy. A Positron Emission Tomography (PET) scan is an advanced technique used to reveal the metabolic or biochemical functions of tissues and organs. Lastly, a Single-Photo Emission Computerized Tomography (SPECT) uses a radioactive substance and a special camera to create 3-D images.

In Singapore, there is a high prevalence of chronic diseases, especially hyperlipidemia, hypertension, diabetes, and obesity which leads to an increase in morbidity and mortality. The Singapore Radiology Service Market is thus driven by significant factors such as the increasing burden of chronic diseases, aging population, and technological advancements. However, high cost, radiation exposure concerns, and regulatory compliance restrict the growth and potential of the market.

The major players of the Singapore Radiology Service Market are Mount Elizabeth Hospital, National University Hospital (NUH)-Singapore, Gleneagles Hospital, Mount Elizabeth Novena Hospital, Parkway East Hospital, Mount Alvernia Hospital, among others.

Market Dynamics

Market Growth Drivers

Increasing Burden of Chronic Diseases: According to the Ministry of Health (MoH) of Singapore, the prevalence of hyperlipidaemia, hypertension, diabetes, and obesity was 39.1%, 37.0% 8.5%, and 11.6%, respectively, for 2021-2022. Long-term care is necessary for these disorders which causes the rising demand for diagnostic imaging tests. Radiology plays a crucial part in the management of diseases, and the market is growing as a result of the abundance of equipment and techniques available for diagnosis, staging, and therapy.

Aging Population: According to the Department of Statistics, Malaysia (DOSM), the composition of the population aged 65 years and over (old age) increased from 7.2% in 2022 to 7.4% in 2023, encompassing 2.5 Mn people, indicating that Malaysia is experiencing population ageing. This elderly population in the country is more likely to require the medical diagnostic services due to an increased risk of chronic diseases. They increase the demand for the radiology services and thus acts as a significant driver of the Radiology Service Market.

Technological Advancements: Artificial intelligence (AI) and machine learning (ML) have become revolutionary technologies in the field of radiology and imaging. AI algorithms are capable of processing large volumes of medical imaging data, aiding radiologists in identifying abnormalities, assessing risks, and offering decision-making support. Meanwhile, ML algorithms learn from patterns and past cases, resulting in enhanced accuracy in interpreting images and diagnosing conditions. The incorporation of AI and ML into radiology and imaging workflows promises to boost efficiency, precision, and speed. These technological advancements have led to the overall growth of the Radiology Services Market.

Market Restraints

High Cost: High costs present a significant obstacle to the growth of the radiology service market. Essential equipment such as MRI, CT, and PET scanners can each cost millions, making the initial investment costly. Additionally, maintaining these machines requires considerable ongoing expenses for regular maintenance, software updates, and hiring specialized technical staff. These substantial financial requirements make radiology services among the most expensive in healthcare, thereby restraining market expansion.

Radiation Exposure Concerns: Despite the lack of sufficient clinical evidence, the widespread use of diagnostic imaging methods, such as X-rays and CT scans, poses a barrier to even the less likely health concerns associated with exposure to ionizing radiation. Patients and healthcare professionals are being more careful due to worries about radiation exposure, which may lead to a decrease in the number of treatments of this kind. This leads to a decreased growth of the Radiology Service Market.

Regulatory Compliance: For radiology service providers, stringent rules and guidelines enforced by the medical device regulating body may result in higher operating expenses and complexity. It can also be difficult to find time, money, and experience necessary to navigate the regulatory requirements. This may impede the growth of the market and slow down the acceptance of new technology.

Regulatory Landscape and Reimbursement Scenario

The Health Sciences Authority (HSA) is the board under the Ministry of Health (MoH) of Government of Singapore which is responsible for ensuring the safety, efficacy, and quality of pharmaceuticals and medical devices, thus safeguarding the public health. The HSA conducts a thorough evaluation for applications from pharmaceutical companies seeking to register and market new drugs in Singapore. 

The HAS’s responsibility extends beyond just granting marketing authorizations, and includes collecting and analysing data on adverse drug reactions reported by the patients. Also, the HAS safeguards the participants of the clinical trial by ensuring their ethical principles and safety above all. Overall, the HAS plays a crucial role in protecting patient health, ensuring quality, and promoting innovation.

The reimbursement scenario in Singapore’s healthcare system is aimed at achieving affordability and access to quality care for all patients. Regarding the public healthcare system, Singapore has a two-tiered healthcare system that consists of a subsidized public system (MediShield Life and MediSave) and a private system. The MediShield Life is an obligatory national health insurance program that covers the basics of hospital expenses in certain private hospitals with Class B2 and C ward accommodations as well as authorized public hospitals. MediSave is a mandated savings program where people save funds for their future medical expenses. With specific restrictions, it can be used in both public and private hospitals for both inpatient and outpatient care, including the certain medicines. The Integrated Shield Plans (IPs) are voluntary private health insurance plans that complement MediShield Life by providing broader coverage, including higher hospitalization reimbursements, coverage for outpatient care and medications, and coverage in private hospitals with higher-class wards.

Competitive Landscape

Key Players

Here are some of the major key players in the Singapore Radiology Service Market:

• Mount Elizabeth Hospital
• National University Hospital (NUH)- Singapore
• Gleneagles Hospital
• Mount Elizabeth Novena Hospital
• Parkway East Hospital
• Changi General Hospital
• Tan Tock Seng Hospital
• Raffles Hospital
• Mount Alvernia Hospital
• Novena Medical Centre