Global Market Research Reports : Ken Research: Medical Clinics Market Singapore

Friday, June 22, 2018

Singapore Dental and Medical Clinics Market is Expected to Reach SGD 4.8 Billion by 2022: Ken Research

Key Takeaways from Ken Research report titled, Singapore Dental and Medical Clinic Market Outlook to 2022

· Singapore clinics market is dominated by the private GP clinics which cater to 80% of the primary care demand in Singapore. Major clinics group include Singapore Medical Group, Q&M Dental, TalkMed Group, Singapore O&G, and Healthway Medical Corporation.

· The market has witnessed the adoption of asset light model by leading clinics group which has enabled them to achieve higher growth rates and increase their cross selling opportunities within different specialization departments.

Ken Research in its latest study, “Singapore Medical and Dental Clinics Market Outlook to 2022 – Led by Inorganic Expansion of Major Clinics and Expansion into More Specialized Services” suggests that demand for outpatient services in the market will continue to grow in Singapore owing to increased adoption of healthcare IT systems and rising investment by the private and public sector.

Expected Inorganic Growth in Future

Singapore clinics market will be led by an increase in mergers, acquisitions and joint ventures as large players acquire smaller clinics in order to expand their service portfolio. New Joint Ventures will lead to enhancing technical knowhow resulting in better quality service. The market will be driven by emergence of more specialized group which run on asset light model and rely heavily on growing number of doctors to leverage on economies of scale. Such developments will lead the market towards consolidation.

Increase Healthcare Service Practice and Scope of General Practitioners in Singapore

MOH has proposed methods for the prevention of diseases. Mental health services will be strengthened as polyclinics witness expansion to include mental health facilities. Further, MOH will roll out a scaled up primary care network scheme to provide more support encouraging more number of general practitioners to enter the space. Around 340 GP clinics have joined the Primary Care Network Scheme which involves clinics organizing themselves into networks that support holistic and team-based care. GPs in PCNs are able to share and optimize resources, and they can also share best practices among themselves to better manage care of chronic diseases.

Government Support to open More Primary Care Units

MOH will open more primary care facilities. Keat Hong and Tampines family medicine clinics are to open in 2018 followed by new polyclinics in Pioneer, Punggol and Bedok. New polyclinics in Bukit Panjang, Eunos, Sembawang and Kallang will begin operation in 2020 while those in Yishun and Ang Mo Kio will be redeveloped in 2018. Participation in electronic records system could become a licensing requirement for clinics. This will help in improving the quality of health care services.

Future Growth Factors

Rising focus on high revenue intensity streams along with general OPD services which includes offering specialized services and comprehensive health screening programs coupled with elevating prevalence of chronic and lifestyle diseases will propel Singapore clinics market revenue in future.

Companies Covered: Singapore Medical Group, Q&M Dental Group, ISEC Healthcare, TalkMed, Singapore O&G, Healthway Medical Corporation, HC Surgical Specialists Limited and Unity Denticare

For more information on the research report, refer to below link:

https://www.kenresearch.com/healthcare/general-healthcare/singapore-medical-dental-clinics-market/149666-91.html

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https://www.kenresearch.com/healthcare/general-healthcare/india-online-healthcare-services-market-report/3568-91.html

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Singapore Medical and Dental Clinics Market Outlook to 2022-Ken Research

The report titled “Singapore Medical and Dental Clinics Market Outlook to 2022 – Led by Inorganic Expansion of Major Clinics and Expansion into More Specialized Services” covers dental and medical clinics market segment by region, growth driver, restraints, government regulations, competitive landscape of major players in the Singapore clinics market including Singapore Medical Group, Q&M Dental Group, ISEC Healthcare, TalkMed, Singapore O&G, Healthway Medical Corporation, HC Surgical Specialists Limited and Unity Denticare. The report concludes with market projections for future and analyst recommendations highlighting the major opportunities and cautions.

Singapore Clinics Market Overview

Singapore clinics market inclined at a positive CAGR during 2013 to 2017. The market is at a growing stage with major clinic groups undertaking inorganic methods of expansion and widening their service portfolio. The demand for primary healthcare services has increased due to increase in ageing population and increasing chronic diseases prevalence. Diabetes, hypertension, hyperlipidaemia were the top chronic conditions treated at clinics during the review period. Clinics in Singapore provide primary healthcare services at subsidized rates under CHAS Scheme which includes primary medical treatment, preventive healthcare and health education.

Singapore Clinic Market Segmentation

By Type of Clinic: Medical clinics have accounted for the largest share in the overall Singapore Clinics market revenue in 2017. This is majorly driven by organic and inorganic expansion of large players and adoption of asset light model. Other types of clinics include dental clinics.

By Region: Majority of the clinics are located in the central and north region of Singapore driven by high population, and greater connectivity with other parts of Singapore. Within this region Woodlands and Yishun have the most number of clinics offering dental and family medicine.

Singapore Clinics Market Competition Overview

The clinics market is dominated by private GP clinics which meet majority of the total primary care demand in Singapore. These range from solo practices to medium and large corporate groups. The market has witnessed a rise in number of mergers and acquisitions and major clinics have increased their specialized doctor personnel in order to enter into new medical segments. Leading clinics groups have adopted asset light model in order to attain higher growth rates. Major competition parameters include geographic presence, services offered, doctor personnel, facilities and price.

Singapore Clinics Market Future Potential

The clinics market in Singapore is expected to grow at a double digit CAGR during 2017 to 2022. The market will be driven by emergence of more specialized group which run on asset light model and rely heavily on growing number of doctors to leverage on economies of scale. This will further enhance cross selling opportunities within the group. Such developments will lead to consolidation. Further, the organic growth of the private healthcare sector is expected to improve in the coming years as major players shift focus to offering specialized services. Participation in electronic records system could become a licensing requirement for clinics. This will help in improving the quality of health care services.