Singapore Health Care
Market Demand - Due to Ageing Population
- With low fertility rate, coupled with increasing life expectancy of Singapore citizen aged 65 years and above has continue to rise.
- It was projected that by 2030, the elderly population is projected to increase to 18.7% as compared to 1995.
- By 2030, the number of Singaporeans aged 65 and above is projected to double to 900,000. That means 1 in 4 Singaporeans will be in that age group, up from 1 in 8 in 2016.
Market Demand - Medical Aesthetics
- There has been a strong growing awareness and popularity of medical aesthetics
- Plastic surgery in 2012 was rather popular especially among the young
- 8 out of 10 women in Singapore aged between 20 and 25 will soon have some form of aesthetic work done on their bodies or faces
- Men in Singapore is also attracted to cosmetic procedures mainly due to career pressure.
An American study indicated that good-looking men were 15 per cent more likely to be in higher positions or paid more than their less good-looking peers.
Market Demand - Medical Tourism
- There is a continuing rise of medial tourism as Singapore remains to be a very reputable medical tourism hub, with its high-quality medical services and treatments.
- It was estimated that tourists spend around $1 billion on medical treatments in 2011
- Taking reference from Singapore Tourism Board:
Singapore's quality healthcare, as one of the best in the world, is internationally recognised.
• Ranked first for most efficient healthcare system, out of 51 countries, in 2014 by Bloomberg.
• Ranked second in the world for health-care outcomes according to The Economist Intelligence Unit (EIU) in 2014.
• Ranked first as a global favourite medical tourism destination in PHD Chamber Medical and Wellness Tourism Report 2013.
• 21 hospitals and medical centres and medical organisations in Singapore have obtained the Joint Commission International (JCI) accreditation.
• Singapore's blood supply ranks among the safest in the world. Blood Services Group HSA (previously known as Singapore's Centre for Transfusion) was appointed a World Health Organization (WHO) Collaborating Blood Centre for Transfusion Medicine for the Western Pacific Region in1992.
Market Demand - Growth Potential
- Growing demand for medical suites to cater to the demand of quality healthcare and medical tourism
- There has been an increasing number of doctors in Singapore. The number of doctors in Singapore crossed 10,000 in 2011.
- Rising occupancy at Novena’s growing medial hub will lead to greater demand for medical suites
- Resulted in the development of Health City Novena, Singapore’s largest medical complex. It will provide a seamless patient transfer with buildings connected via a network of roads, bridges and basement car park.
- Royal Square at Novena is among one of the major players providing private healthcare.
Market Demand - Healthcare Expenditure
- Steady Increase year-on-year
- Health care expenditure seem to be ‘recession-proof’ as there was an increase in 2008/2009
- Within the last 5 years from 2012 to 2016, health expenditures in Singapore grew over 21%, from $8.247m to $10,000m. Year to year growth was around 7.6%
(Source: Singapore Department of Statistics)
Subject: HEALTH EXPENDITURE
Topic : Private Consumption Expenditure
Title : M014061 - Private Consumption Expenditure At 2010 Market Prices, Annual
SOURCE: SINGAPORE DEPARTMENT OF STATISTICS
Keep In Touch With Us
We are always Happy to hear from you
Please do not hesitate to contact us for a discussion, more information or an exclusive presentation or let us know we could be of further service to you.
We always look forward to be of great service to you.
+65 6100 8123
© Copyright 2018. Every care has been taken to prepare in the content of and material attached, in www.CosySingapore.com website. Responsibility cannot be held for inaccuracy and omission by the developers or the marketing agents. All graphic representations including artists’ impressions, architectural models, photographs, illustrations, drawings are not to be relied as statements or representation of facts. Floor plans have to be subjected to final survey and illustrations are approximate measurements. Subject to changes and availability apply to materials and finishes. Information is subjected to change and do not form part of an offer or contract (including Prices Quoted and Availability of Units). The entire agreement between the developer and purchaser as in the Sales and Purchase Agreement, shall in no way be modified by any representations or statements from this website.
3 Bishan Place #05-01
CPF Bishan Building
Your Commercial Property Partner
SMS / Whatsapp / Call:
+65 9114 3737
Office Phone: +65 6100 8123