Singapore Health Care
Market Demand - Due to Ageing Population
- With low fertility rate, coupled with increasing life expectancy of Singapore citizen aged 65 years and above has continue to rise.
- It was projected that by 2030, the elderly population is projected to increase to 18.7% as compared to 1995.
- By 2030, the number of Singaporeans aged 65 and above is projected to double to 900,000. That means 1 in 4 Singaporeans will be in that age group, up from 1 in 8 in 2016.
Reference: https://population.sg/articles/older-singaporeans-to-double-by-2030
Market Demand - Medical Aesthetics
- There has been a strong growing awareness and popularity of medical aesthetics
- Plastic surgery in 2012 was rather popular especially among the young
- 8 out of 10 women in Singapore aged between 20 and 25 will soon have some form of aesthetic work done on their bodies or faces
- Men in Singapore is also attracted to cosmetic procedures mainly due to career pressure.
An American study indicated that good-looking men were 15 per cent more likely to be in higher positions or paid more than their less good-looking peers.
Reference: http://www.businesstimes.com.sg/lifestyle/wellness/best-face-forward
Market Demand - Medical Tourism
- There is a continuing rise of medial tourism as Singapore remains to be a very reputable medical tourism hub, with its high-quality medical services and treatments.
- It was estimated that tourists spend around $1 billion on medical treatments in 2011
- Taking reference from Singapore Tourism Board:
Singapore's quality healthcare, as one of the best in the world, is internationally recognised.
• Ranked first for most efficient healthcare system, out of 51 countries, in 2014 by Bloomberg.
• Ranked second in the world for health-care outcomes according to The Economist Intelligence Unit (EIU) in 2014.
• Ranked first as a global favourite medical tourism destination in PHD Chamber Medical and Wellness Tourism Report 2013.
• 21 hospitals and medical centres and medical organisations in Singapore have obtained the Joint Commission International (JCI) accreditation.
• Singapore's blood supply ranks among the safest in the world. Blood Services Group HSA (previously known as Singapore's Centre for Transfusion) was appointed a World Health Organization (WHO) Collaborating Blood Centre for Transfusion Medicine for the Western Pacific Region in 1992.
Market Demand - Growth Potential
- Growing demand for medical suites to cater to the demand of quality healthcare and medical tourism
- There has been an increasing number of doctors in Singapore. The number of doctors in Singapore crossed 10,000 in 2011.
- Rising occupancy at Novena’s growing medial hub will lead to greater demand for medical suites
- Resulted in the development of Health City Novena, Singapore’s largest medical complex. It will provide a seamless patient transfer with buildings connected via a network of roads, bridges and basement car park.
- Royal Square at Novena is among one of the major players providing private healthcare.
Market Demand - Healthcare Expenditure
- Steady Increase year-on-year
- Health care expenditure seem to be ‘recession-proof’ as there was an increase in 2008/2009
- Within the last 5 years from 2012 to 2016, health expenditures in Singapore grew over 21%, from $8.247m to $10,000m. Year to year growth was around 7.6%
(Source: Singapore Department of Statistics)
Health Expenditure
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Subject: HEALTH EXPENDITURE |
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Topic : Private Consumption Expenditure |
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Title : M014061 - Private Consumption Expenditure At 2010 Market Prices, Annual |
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Year |
1985 |
1986 |
1987 |
1988 |
1989 |
1990 |
1991 |
1992 |
1993 |
1994 |
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HEALTH |
1,446 |
1,858 |
1,993 |
2,315 |
2,441 |
2,796 |
2,838 |
3,074 |
3,154 |
3,227 |
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Year |
1995 |
1996 |
1997 |
1998 |
1999 |
2000 |
2001 |
2002 |
2003 |
2004 |
2005 |
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HEALTH |
3,353 |
3,672 |
3,983 |
3,949 |
4,218 |
4,560 |
4,975 |
5,196 |
5,248 |
5,872 |
6,287 |
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Year |
2006 |
2007 |
2008 |
2009 |
2010 |
2011 |
2012 |
2013 |
2014 |
2015 |
2016 |
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HEALTH |
6,643 |
7,097 |
7,336 |
7,430 |
7,796 |
7,972 |
8,247 |
8,558 |
8,783 |
9,293 |
10,000 |
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SOURCE: SINGAPORE DEPARTMENT OF STATISTICS |
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