Around the few trade and pieces of industry, the Singapore region is the leader. The healthcare segment of Singapore is said to be a one of the greatest around the globe, as the country now have advanced the most developed healthcare services. Moreover, along the foremost underwriters likewise financial services, manufacturing and oil-refining the Singapore economy distinctions. The legal authorities of this region established profitable initiatives to motivate the economy as a regional hub for the financial technology such as FinTech.
In addition, the Singapore International Remittance Market has been analyzed to be concerted for banks whereas temperately fragmented for non-banking institutes during 2018. The market has been placed to be at mature stage. The market entails of banks, money transfer operators, mobile wallets, postal networks as foremost entities wherein it is greatly dominated by Banks and MTOs. Prominent business strategies adopted by foremost players to position themselves in the market comprising forming a widespread network & advanced reach, new services launched & service innovation and better pricing & handy/transparent functions offered. The market has been propelled by augmented migration, better legislative environment in form of relaxed policies, augmented the awareness towards digitalized remittance services and improvements in digital payment networks & Fintech space. During the next 5 years, players would be enlarging through acquisitions, tie-ups, augmented the digital modes of money transfer such as mobile applications and M-wallets, lowered cost of sending money and sooner transfer speed.
Not only has this, the Singapore Market Future Outlook will be continuous by the advancements in Fintech and digital payments, with more optimization of the mobile wallets and mobile applications. The momentous growth in mobile phone penetration, supplement in possession of smart-phones rate and augmented admittance and consumption of internet services would drive the growth.
Nonetheless, the Singapore nutraceutical market augmented at a single digit CAGR throughout the review period of 2013-18. The Singapore market share was assisted by the surge in the personal disposable income, augment in ageing population, growing health awareness and preventive nature of the age group (25-45 years). The market was witnessed in its late growth stage and is tending towards into maturity owing to the existence of large number of players already competing in the market. A fundamental change was witnessed towards the Singapore health and wellness industry, from taking health complements in the old age to a preventive consumption outline in which the consumption of supplements augmented in the earlier ages in order to safeguard them from permanently contingent on pharmaceutical drugs. Nutraceutical ingredients have placed itself as natural and healthy alternative to traditional medicine around the country.
Although, the organized and large players in the Singapore market are effectively opting the strategies of joint venture, new product development, merger and acquisition, amalgamation and several others for ruling around the globe, obtaining the competitive edge and generating the high percentage of revenue. Therefore, in the near years, it is predicted that the market of Singapore will increase around the globe more effectively over the coming period.
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Ankur Gupta, Head Marketing & Communications