Ken
Research in its latest study, “Singapore Hospital Market Outlook
to 2022 - by Public, Private Hospital & Not-for-Profit Hospital, by
Inpatient & Outpatient, by Acute, Community & Psychiatry Hospitals”,
suggests that demand for hospital services in the market will continue to grow
in Singapore owing to increased adoption of healthcare IT systems and rising
investment by the public sector.
·
The hospital market in
Singapore witness reorganization of public healthcare system into three
integrated clusters to better meet Singaporeans’ future healthcare need namely Central
region (National Healthcare Group (NHG) and Alexandra Health System (AHS), Eastern
region (Singapore Health Services (SingHealth) and Eastern Health Alliance (EHA),
Western region (National University Health System (NUHS) and Jurong
Health Services (JurongHealth)).
·
The market growth rate
declined during 2012-2016 due to slowdown in medical tourism due to rising
competition from neighboring countries such as Malaysia, Indonesia and Thailand.
·
The hospitals market is dominated by public hospitals with
major hospitals being Singapore General Hospital, Changi general Hospital, Khoo
Teck Puat Hospital, and Tan Tock Seng Hospital.
Singapore
hospitals market will be driven by organic expansion of both public and private
hospitals and increased government initiatives in the healthcare sector to
provide better care to the geriatric population. For instance, Tan Tock Seng
Hospital will open new 300 bed infectious disease hospital by 2018 which will act
as a containment facility in the event of an outbreak similar to the severe
acute respiratory syndrome (SARS). Further, the government has revealed
expansion plans for Singapore General Hospital which includes opening of Outram
Community Hospital by 2020, National Cancer Centre Singapore (NCCS) by 2040,
expansion of SGH Accident & Emergency (A&E) Block.
The
market will witness rise in healthcare inflation. Elderly healthcare costs in
Singapore are projected to rise tenfold over the next 15 years to more than SDG
66 billion annually.
Further,
rising competition in the industry may lead major players to undertake mergers
and acquisitions which could drive the industry towards consolidation. Further,
there will be more transparency in terms of pricing as MOH plans to introduce
benchmarks for fees charged by doctors from 2018 which will majorly benefit
foreign patients to make more informed decision.
Rising
focus on high revenue intensity streams which includes secondary care, tertiary
care and quaternary care and comprehensive health screening programs to
increase contribution from outpatients coupled with elevating prevalence of
chronic and lifestyle diseases will propel Singapore hospital market revenue in
future.
Hospitals Covered:
·
Singapore General Hospital
·
KK Women’s and Children
Hospital
·
Bright Vision Hospital
·
Changi General Hospital
·
Raffles Medical Group
·
Tan Tock Seng Hospital
·
Institute of Mental Health
·
Yishun Community Hospital
·
Khoo Teck Puat Hospital
·
IHH healthcare Berhad
For more information on the research report, refer to below
link:
Related
Reports by Ken Research:
https://www.kenresearch.com/healthcare/general-healthcare/uae-healthcare-market-report/37505-91.html
Contact Us:
Ken Research
Ankur Gupta, Head Marketing & Communications
Sales@kenresearch.com
+91-9015378249
Ken Research
Ankur Gupta, Head Marketing & Communications
Sales@kenresearch.com
+91-9015378249
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