Singapore Healthcare Market is Driven by Expansion of Major Healthcare Institutions and Favourable Government Initiatives to support Medical Tourism: Ken Research Implementation of Medishield Life by the government, growing public and private partnerships in R&D activities, expansion of service and product portfolio by major private hospital chains and pharmaceutical companies were the key factors driving growth in Singapore Healthcare Market. The report titled “Singapore Healthcare Market Forecast to 2022 - by Type of Clinics (Medical and Dental), by Type of Hospital (Private, Public and Not-for-Profit), by Prescription and OTC Drugs, by type of Medical Devices (Consumables, Diagnostic Imaging, Patient Aids, Orthopedics & Prosthetics, Dental Products and Others)� by Ken Research suggested a positive CAGR of 6.8% in terms of healthcare revenues during the period 2018-2022.
During 2012-2017, Singapore healthcare witnessed increase in number of outpatients, growing demand for specialized services in geriatric care & chronic disease treatment, greater investment in manufacturing activities by top global pharmaceutical & medical device companies and adoption of technology to move towards integration of healthcare services. 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 faces certain challenges in terms of slowdown of medical tourism, retention of quality doctors, rising healthcare inflation and growing competition. Singapore Pharmaceutical market can be characterized by the presence of best-in-class infrastructure, integrated and advanced hubs for pharmaceutical manufacturing and research and access to regional markets and skilled workforce. 8 out of 10 of the global pharmaceutical companies have established their manufacturing and R&D facilities in Singapore which act as major hubs for the Asia Pacific region.