Singapore Hospital Market is Expected to Reach SGD 9.5 Billion by 2022: Ken Research

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Ken Research in its latest study, “Singapore Hospital Market Outlook to 2022 – by Public, Private Hospital & Not-for-Profit Hospital, by Inpatient & Outpatient, by Acute, Community & Psychiatry Hospitals, suggests that demand for hospital services in the market will continue to grow in Singapore owing to increased adoption of healthcare IT systems and rising investment by the public sector.

  • The hospital market in Singapore witness reorganization of public healthcare system into three integrated clusters to better meet Singaporeans’ future healthcare need namely Central region (National Healthcare Group (NHG) and Alexandra Health System (AHS), Eastern region (Singapore Health Services (SingHealth) and Eastern Health Alliance (EHA),  Western region  (National University Health System (NUHS) and Jurong Health Services (JurongHealth)).
  • The market growth rate declined during 2012-2016 due to slowdown in medical tourism due to rising competition from neighboring countries such as Malaysia, Indonesia and Thailand.
  • The hospitals market is dominated by public hospitals with major hospitals being Singapore General Hospital, Changi general Hospital, Khoo Teck Puat Hospital, and Tan Tock Seng Hospital.

Singapore hospitals market will be driven by organic expansion of both public and private hospitals and increased government initiatives in the healthcare sector to provide better care to the geriatric population. For instance, Tan Tock Seng Hospital will open new 300 bed infectious disease hospital by 2018 which will act as a containment facility in the event of an outbreak similar to the severe acute respiratory syndrome (SARS). Further, the government has revealed expansion plans for Singapore General Hospital which includes opening of Outram Community Hospital by 2020, National Cancer Centre Singapore (NCCS) by 2040, expansion of SGH Accident & Emergency (A&E) Block.

The market will witness rise in healthcare inflation. Elderly healthcare costs in Singapore are projected to rise tenfold over the next 15 years to more than SDG 66 billion annually.

Further, rising competition in the industry may lead major players to undertake mergers and acquisitions which could drive the industry towards consolidation. Further, there will be more transparency in terms of pricing as MOH plans to introduce benchmarks for fees charged by doctors from 2018 which will majorly benefit foreign patients to make more informed decision.

Rising focus on high revenue intensity streams which includes secondary care, tertiary care and quaternary care and comprehensive health screening programs to increase contribution from outpatients coupled with elevating prevalence of chronic and lifestyle diseases will propel Singapore hospital market revenue in future.

Hospitals Covered:

  • Singapore General Hospital
  • KK Women’s and Children Hospital
  • Bright Vision Hospital
  • Changi General Hospital
  • Raffles Medical Group
  • Tan Tock Seng Hospital
  • Institute of Mental Health
  • Yishun Community Hospital
  • Khoo Teck Puat Hospital
  • IHH healthcare Berhad

For more information on the research report, refer to below link:

https://www.kenresearch.com/healthcare/general-healthcare/singapore-hospital-market/149669-91.html

Related Reports by Ken Research:

https://www.kenresearch.com/healthcare/general-healthcare/saudi-arabia-healthcare-market-research-report/1106-91.html

https://www.kenresearch.com/healthcare/general-healthcare/uae-healthcare-market-report/37505-91.html

https://www.kenresearch.com/healthcare/general-healthcare/qatar-healthcare-market-report/99730-91.html

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Ken Research
Ankur Gupta, Head Marketing & Communications
Sales@kenresearch.com
+91-9015378249

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