This report profiles Singapore’s healthcare industry, discussing market trends through 2014 and mid-2015, with outlook for the remainder of 2015 and beyond. The report also highlights leading players in the sector including Raffles Medical Group Limited, Health Management International Limited, and TalkMed Group Limited.
Singapore has successfully established a strong healthcare infrastructure ranked amongst the best in the world. The country has provided universal health coverage to its citizens with multiple tiers of healthcare. Singapore has focused heavily on public health, including basic sanitation, compulsory inoculation and mass education. It also has a good balance of healthcare expenditure with government, individuals and insurance companies sharing the burden.
However, the country has its own challenges. Ageing population requires increased spending on healthcare. Also, affluent lifestyle has led to prevalence of diseases like obesity and diabetes which has increased the disease burden for the country. To counter this, healthcare providers in Singapore are constantly strengthening their capabilities through research and innovation in medical technology. Equipped with qualified doctors, internationally-accredited hospitals and specialty centers, Singapore has emerged as a medical travel hub in the region.
• Singapore’s annual government health expenditure grew at a CAGR of 17.5% during 2006-2014.
• Government expenditure on health was at around 1.9% of Singapore’s GDP. Healthcare also accounted for 11.9% of the total government expenditure as of FY14.
• Over the last few years, the Singaporean healthcare industry has taken great strides. The annual government health expenditure grew at a CAGR of 17.5% during 2006-14. It grew by 23% y/y in FY14.
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