Singapore Healthcare Market is Expected to Register Revenues Worth SGD 18 Billion by 2022
With upcoming Sengkang General and Community Hospital, Outram Community Hospital, Integrated Care Hub, and Woodlands General Hospital in the next 5 years, there will be an addition of 3,200 acute hospital beds, and 1,050 community hospital beds. Further, Singapore's hospital bed to 1,000 people ratio will incline to 2.6-2.8 during 2020-2030
Healthcare expenditure to triple by 2030 with ageing demographics. Based on the projected Singapore's population growth to 2030, healthcare expenditure is estimated to triple by 2030, rising to SGD 44 billion from SGD 17 billion in 2013. Personal healthcare expenditure would rise to SGD 28 billion from SGS 11 billion in 2013, comprising 64% of total healthcare expenditure, implying the potential growth in private healthcare.
Singapore Healthcare market will be facilitated by the rising number of healthcare providers coupled with elevating prevalence of chronic diseases such as diabetes, HIV, cancer and others. The Ministry of Health (MOH) has set out three key shifts for the healthcare system which includes effective health promotion and disease prevention, shifting focus from the acute hospital setting to the primary care, community and home settings, while maintaining the quality of services and ensuring appropriate and cost-effective care.