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