Implementation of Medishield Life by the government, growing public and private partnerships in R&D activities, expansion of service and product portfolio by major private hospital chains and pharmaceutical companies were the key factors driving growth in Singapore Healthcare Market.
The report titled “Singapore Healthcare Market Forecast to 2022 – by Type of Clinics (Medical and Dental), by Type of Hospital (Private, Public and Not-for-Profit), by Prescription and OTC Drugs, by type of Medical Devices (Consumables, Diagnostic Imaging, Patient Aids, Orthopedics & Prosthetics, Dental Products and Others)” by Ken Research suggested a positive CAGR of 6.8% in terms of healthcare revenues during the period 2018-2022.
During 2012-2017, Singapore healthcare witnessed increase in number of outpatients, growing demand for specialized services in geriatric care & chronic disease treatment, greater investment in manufacturing activities by top global pharmaceutical & medical device companies and adoption of technology to move towards integration of healthcare services. Macro trends positively affecting the hospital market include ageing population, rising chronic disease prevalence, escalating healthcare needs and increasing complexity of care needs. The market faces certain challenges in terms of slowdown of medical tourism, retention of quality doctors, rising healthcare inflation and growing competition.
Singapore Pharmaceutical market can be characterized by the presence of best-in-class infrastructure, integrated and advanced hubs for pharmaceutical manufacturing and research and access to regional markets and skilled workforce. 8 out of 10 of the global pharmaceutical companies have established their manufacturing and R&D facilities in Singapore which act as major hubs for the Asia Pacific region.
The clinics market has witnessed significant number of mergers and acquisitions in order to widen their service portfolio to include specialized services. For instance, HC Surgical Specialists Limited expanded into medical-related services with the acquisition of Medical L & C Services Pvt Ltd.
The pharmacy retail market in Singapore which is dominated by 3 major chains namely Watsons Pharmacy, Guardian Pharmacy, and Unity Pharmacy launched various healthcare programmes and patient care centers to encourage higher patient compliance in the management of the chronic disease. For instance, Watsons Singapore and the National University of Singapore pharmacy department launched a new Diabetes Care Programme in 2017.
The market has witnessed enhancing innovation in nutritional health segment and biopharmaceuticals due to growing prevalence of lifestyle diseases such as diabetes, hypertension and obesity. In order to capture the market potential, the industry has observed various mergers and acquisitions over the last few years. Further, number of Tech-based healthcare start-ups have come up to offer more personalized and convenient services from service providers in the healthcare sector. Several start-ups based in Singapore, such as Cardiatrics, RingMD and PX Plate, are making healthcare services more accessible by bringing doctors, medical services and healthy eating right to the user’s smartphone. This will further lead to integration of healthcare services in the country.
Keywords:-
Hospital Market Singapore
Pharmaceutical Market Singapore
Pharmacy Retail Market Singapore
Clinics Market Singapore
Contract Research Organization (CRO) Market Singapore
Medical Devices Market Singapore
Healthcare Spending Singapore
Indonesia Healthcare Singapore
Diabetes Prevalence Singapore
Singapore Pharmaceutical Future
Hospital Market Future Trends Singapore
Clinics Future Trends Singapore
Number of Pharmacies Singapore
Number of Hospitals Singapore
Type of Medical Devices Singapore
Type of Clinical Laboratory Singapore
Number of Clinical Laboratories Singapore
Number of Clinics Singapore
Major Companies Medical Devices Market Singapore
Value Chain Pharmaceutical Market Singapore
Products Covered:-
Singapore Private and Public Hospitals (Inpatient & Outpatient and by Acute, Community & Psychiatry Hospitals), Pharmaceutical (Prescription & OTC Drugs, by Patented & Generic Drugs), Pharmacy Retail (by drugs & private label goods and by region), Clinics, Contract Research Organization (by Therapeutic Class & by Clinical Trial Phase), Medical Devices (by type of medical devices, and by end user)
Companies Covered:-
Singapore Medical group, Q&M Dental Group, Singapore General Hospital, Changi General Hospital, GSK, Singapore, Beacon pharmaceuticals, Guardian Pharmacy, Unity Pharmacy, Singapore Clinical Research Institute, QT Vascular, Biosensors International, National Healthcare Group Diagnostics, Innovative Diagnostics and Radlink
For more information about the publication, refer to below link:-
https://www.kenresearch.com/healthcare/general-healthcare/singapore-healthcare-market/154981-91.html
Related Reports:-
https://www.kenresearch.com/healthcare/general-healthcare/uae-healthcare-market-report/37505-91.html
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Ken Research
Ankur Gupta, Head Marketing & Communications
+91-9015378249
