Singapore Health Care

Market Demand - Due to Ageing Population

Singapore aging- 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.
Reference: https://population.sg/articles/older-singaporeans-to-double-by-2030

 

Market Demand - Medical Aesthetics

Medical aesthetics singapore- 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.
Reference: http://www.businesstimes.com.sg/lifestyle/wellness/best-face-forward

Market Demand - Medical Tourism

Medical Tourism Singapore- 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.

Reference: https://www.stb.gov.sg/industries/healthcare

Market Demand - Growth Potential

Singapore Growing Medical Hub- 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)

Health Expenditure

Subject: HEALTH EXPENDITURE

Topic : Private Consumption Expenditure

Title  : M014061 - Private Consumption Expenditure At 2010 Market Prices, Annual

Year

1985

1986

1987

1988

1989

1990

1991

1992

1993

1994

HEALTH

1,446

1,858

1,993

2,315

2,441

2,796

2,838

3,074

3,154

3,227

Year

1995

1996

1997

1998

1999

2000

2001

2002

2003

2004

2005

HEALTH

3,353

3,672

3,983

3,949

4,218

4,560

4,975

5,196

5,248

5,872

6,287

Year

2006

2007

2008

2009

2010

2011

2012

2013

2014

2015

2016

HEALTH

6,643

7,097

7,336

7,430

7,796

7,972

8,247

8,558

8,783

9,293

10,000

SOURCE: SINGAPORE DEPARTMENT OF STATISTICS

 

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