Implementation of MediShield
Life (National Health Insurance System) by the government, expansion of service
and product portfolio by major public and private hospital chains, rising focus
on geriatric care services and increased adoption of healthcare IT were the key factors driving growth in Singapore hospital
Market.
The report titled “Singapore Hospital Market Outlook to 2022 - by Public, Private Hospital
& Not-for-Profit Hospital, by Inpatient & Outpatient, by Acute,
Community & Psychiatry Hospitals” by Ken Research suggested
a growth at a CAGR of 3.9% in revenue in Singapore Hospital Market by 2022.
Singapore
hospital market inclined at a positive CAGR during 2012-2017. The market is
dominated by the public sector which offers specialized and integrated services
at affordable rates. The private sector majorly focuses on elite class which prioritizes
speed, comfort, assurance of best medical care and privacy.
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 witnessed higher inpatient admissions,
improvement in average revenue per inpatient admission due to higher complexity
of medical conditions and increased preference for day procedures and
outpatient services. Due to increasing ageing population, both public and
private hospitals have invested in offering specialized services for the
geriatric population. For instance, SingHealth introduced Steps to avoid falls
in Elderly (SAFE) Programme and Singapore General Hospital introduced Community
Care Programme in 2016 to aid the old age medical conditions.
Backed
by greater demand, major hospitals have invested in expansion strategies. For
instance, IHH Healthcare witnessed positive growth in revenue due to ramp up of
Mount Elizabeth Novena Hospital as the hospital added 30 beds.
Most of
hospitals in Singapore have undertaken organic methods of expansion. Public
hospitals have extended their capabilities to provide higher grade services at
affordable prices. For instance, SingHealth established SingHealth Duke-NUS
Disease Centres (SDDC) for diabetes, blood cancer, breast, head & neck,
lung and liver transplant in 2017. Raffles Hospital extended its service
portfolio to include skin, aesthetics and women related services.
The
market faces certain challenges in terms of slowdown of medical tourism,
retention of quality doctors, rising healthcare inflation and growing
competition which has led major hospitals to shift their focus on expansion
into neighboring countries such as China and Malaysia.
The
market is expected to witness an increase in number of outpatients in public
and private hospitals due to rising focus on preventive care services and
growing awareness about various medical diseases and prevention.
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
