The Singapore healthcare industry is expected to grow rapidly as the demand will be highly driven by medical tourism in Singapore and the ageing factor of the population. Globally, the country has one of the best healthcare infrastructures in the world. In 2017, the consumer health has seen a solid current value growth in Singapore. Earlier this decade, the Singaporean healthcare market identified as a high level of medical inflation. In 2010, the doctors in Singapore were from Malaysia approximately 10% and 14% from India and other countries, also 22% of nurses in the public healthcare sector were from India, China, the Philippines and other countries. The inflation rate of medical in Singapore was 20%, double the regional average in 2014, in the year 2015-16 it was declined to 15% and in 2017 the figure falls down to double digits, 9.5% before escalating back to 10.9% in 2018.
The Singaporean healthcare sector has a lot of opportunities for new entrants. By 2030, the expenditure of the healthcare industry is expected to triple, from $17 billion in 2013 to $44 billion. Personal healthcare expenditure in Singapore will rise from US$ 7.97 (S$ 11 billion) in 2013 to the US $28 billion (S$ 38.64 billion) in 2030. This clearly shows that the total healthcare expenditure will go up 64% and the potential growth implies in private healthcare. It is expected that the total health care spending will grow on an average 3,000 USD per capita. The hectic lifestyle of consumers in Singapore leading peoples towards a disbalancing life suffering from lots of ailments, such as sleeping disorders, poor eating habits and headaches.
Singapore Healthcare Industry Expansion:
The Singaporean government is highly focused on taking initiative in the healthcare sector to provide better facilities to the patient suffering from chronic diseases and towards the geriatric population to provide care. By 2022, more public hospitals are expected to start that will be driven by organic expansion. The Singapore healthcare market is going to be facilitated by the growing number of health care providers to chronic diseases such as diabetes, HIV, cancer and others. The three key shifts have been set by the Ministry of Health (MOH) for the healthcare industry, such as shifting focus from the acute hospital to the primary care, community and home settings while maintaining the quality of services, effective health promotion and disease prevention programs and ensuring appropriate and cost-effective care.
Singapore is a leading country in biomedical sciences manufacturing and R&D activities. The Island is providing opportunities to private enterprises to associate and work in collaboration with its public-sector research institutes, clinical research units in hospitals as well as international research organisations. The clinics market is assumed to witness expansion because players in the market are seeking volume growth to get benefited from economies of scale. Singaporean government’s medical advancements initiate is a strong commitment to basic and clinical R&D and further illustrated by the institution of dedicated state-of-the-art infrastructure that co-locates public sector research institutes with corporate labs.
Government and Its Role in the Singapore Healthcare Industry:
A strong public healthcare system is provided to the Singaporean citizens by its government. This is based on four separate pillars, such as Subsidies, Medisave, MediShield Life and Medifund. These Subsidies provide a rebate of up to 80% at public healthcare institutions to their citizens. Singaporean citizens choose Medisave for smaller health bills through a personal savings scheme. MediShield Life provides assistance to the consumer with larger hospital and health care bills, while for needy Singaporeans Medifund is a safety net to provide help. Supplement to this the Singaporean can select to purchase private cover in the form of an Integrated Shield Plan (IP), either MediShield Life or additional private insurance coverage which is also available to non-resident patients. Two-third of Singaporean citizen opts to purchase an IP.
Singaporean government targeted to attract sectoral investment on focussing on government initiatives and friendly policies, permitting public-private partnership, making Singapore an easy preferred manufacturing base, building a dedicated infrastructure to provide synergies and economies of scale and providing necessary incentives and impetus on digital health and med-tech. According to EDB, this has helped the healthcare industry sector in becoming a significant and growing contributor to Singapore’s economy approximately 3.5 to 4% of GDP. It helped in creating 18,000+ jobs in recent years if we calculate approximately 2:1 is the ratio split between pharma and med-tech.
Advancement in Digital Healthcare Industry Solutions:
Singapore’s vision is clear of becoming a Smart Nation, so the strategies are. The country is focussing on its strong and capable presence in IT sectors and Infocomm to work with the Singapore healthcare industry, to transform their competencies into applications within healthcare. Along with this partnership, EDB is working on other similar institutions with a related mandate to help in meeting the objectives of creating partnerships and job opportunities with trying to unlocking new possibilities of the market. The Global IT Hub in Singapore putting a lot of energy on the emerging and increasing areas of technology, such as data science and cybersecurity, apart from focussing on software engineering.
The country is not only focussing on providing technology to the healthcare industry but also expanding its competencies into areas such as digital health, bioinformatics and cognitive computing, etc. The Singaporean government is also supporting the area which is a non-existent area of traditional healthcare companies, skill development, it is increasingly becoming important, apart from core IT operations. For further advancement and growth of the healthcare industry, it is a great essence to create an ecosystem to build such med-tech companies that can enable capabilities and platforms in the healthcare sector.
Singapore-based next-generation healthcare IT Company designed to help the entire healthcare ecosystem with its pioneered cloud-based products. They provide solutions to Labs, Hospitals, Pharmacies, Blood Banks, Radiology, Medical Devices (IoT), Insurance Companies, and Accounting in increasing their revenue and operational efficiency. It is supporting 10 million patient health records with more than 200+ clients spread across 15 countries in the Indian Subcontinent, South East Asia, Middle East and Africa. The interface of Attune technologies has over 1100 devices, such as ICU machines and lab analyzers to absorb labs into the health network. This platform is bringing ‘Internet of Things’ to the patient’s life and connecting the entire healthcare sector.
On-demand healthcare is widening the accessibility of medical services to the people. It is the leading telehealth service provider across Malaysia, Singapore and the Philippines. Doctor2U is providing such services as Doctor Home visit, Medication Delivery, Live Chat, Video Consultation and Ambulance through a mobile application. Falck First Ambulance and Doctor2U have partnered and totally 20 ambulances allocated. This feature also utilises Falck’s retainer agreements with top private hospitals, such as Pantai, Gleneagles and Prince Court to provide ambulatory services for them.
It is a Singapore-based medical device company which develops robotic-assisted a novel surgical system that can advance current endoscopic surgeries. Through which, a surgeon is enabled to perform incision-less surgery by open and laparoscopic surgery, without cutting you open removing cancerous tumours from your stomach and intestines. EndoMaster is a unicorn startup not because it has a worth of billion bucks but because it has a rare and promising medical device in Singapore. Many startups are focussing on disease detection type services while this startup is focussing on the surgical room and the bodies of patients.
Existing Challenges of the Singapore Healthcare Industry:
In Singapore, developing a smarter healthcare sector is still the biggest challenge. The healthcare providers in the country continue experiencing shrinking margins and rising costs. With the changing and uncertain health economy in Singapore, it is a task to create a positive margin. The combined healthcare industry spending of the world’s major regions’ was USD $7 trillion, in 2015 and is expected to reach USD $8.7 trillion by 2020. Globally, Singapore is recognised as the world’s most efficient healthcare systems and public hospitals yet facing high congestion levels in hospitals, they are incapable to keep up the pace with the booming medical demand. The healthcare provider should more focus on providing more personalized care, improve communication with consumers, and elevate the patient experience lifecycle (research, diagnosis, treatment, and follow-up) with the increasing trend of digitalisation.
Reducing cost, increasing access and improving healthcare services with the help of exponential technologies. Demographic, economic trends with the advancement in technologies provide guidance to hospitals that how they can accordingly staff, sized, and designed. Cybersecurity is one of the major concerns of the Singaporean healthcare industry. Digitalization in the healthcare industry creating challenges for governments, health systems, and insurers, which must collect, analyze, and store more and more data. The government should make health policy and complex regulations at the macro level to strengthen healthcare security and safety, ethics, risk and individual organizations need to focus executive attention on compliance.
Opportunities in the Singaporean Healthcare Industry:
The Singapore healthcare industry will be going to provide economic growth opportunities. Various international companies are tending to grasp the opportunity to penetrate to Singapore healthcare industry, which is filled with potential. There are no barriers to enter the Singaporean economy market as the country believes in keeping the trade open and an open economy. Singaporean local production is primarily for export or contract manufacturing. The major competition in the market is the US and in the medical device manufacturing in the market are from Germany and other European economies.
Opportunities are developing in the diverse areas of the Singapore healthcare industry, such as nurses and therapists to non-clinical positions like centre managers and operations executives, with the growing ageing population in the country. With the Fourth Industrial Revolution, digital technology, robotics, and other automated tools have an enormous opportunity to ease current concerns and evolve ways in which care is delivered. Singapore healthcare system is one of the best services providing good health outcomes in the world because they have excellent health services, quality infrastructure and sound policies. The workforce is purely motivated to serve best services to patients and their families with dedication and passion.
For customised market research reports for any kind of startups and business in any industry, you can contact Craft Driven Market Research team here directly.Tags: Attune Technologies, Craft Driven, Digitalization, Doctor2U, EndoMaster, Falck First Ambulance, Healthcare Industry, market research, On-demand Healthcare, Singapore, Singapore Healthcare, Singapore Market Research