Hospitals - Singapore

Singapore

The Hospitals market in Singapore is expected to experience significant growth in the coming years.
According to projections, the market's revenue is set to reach US$9.21bn by 2024.
This growth is expected to continue at a steady pace, with an annual growth rate of 7.19% from 2024 to 2029.
As a result, the market volume is predicted to reach US$13.03bn by 2029.
When compared to other countries globally, in the United States is projected to generate the highest revenue in the Hospitals market, reaching a staggering US$1,501.00bn in 2024.
To put these revenue figures into perspective, in 2024, the per person revenue generated in Singapore's Hospitals market is estimated to be US$1.52k.
This indicates the significant economic impact of the healthcare sector in Singapore, providing essential services to the population.
The hospitals in Singapore are renowned for their advanced technology and commitment to providing high-quality healthcare services.

Key regions: United States, China, Germany, Japan, Europe

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Currency

Analyst Opinion

The healthcare industry in Singapore has been growing steadily in recent years, and the hospitals market is no exception.

Customer preferences: Singaporeans are becoming increasingly health-conscious, and this has led to a greater demand for high-quality healthcare services. Patients are also more willing to spend money on healthcare, which has led to a rise in private healthcare providers in the country. Additionally, Singapore has a large aging population, which has increased the demand for healthcare services.

Trends in the market: One major trend in the hospitals market in Singapore is the increasing use of technology. Hospitals are investing in new technology to improve patient care and increase efficiency. This includes electronic medical records, telemedicine, and other digital health solutions. Another trend is the rise of medical tourism in Singapore. The country has become a popular destination for medical tourists due to its high-quality healthcare services and relatively low costs.

Local special circumstances: Singapore has a unique healthcare system that combines public and private healthcare providers. The government heavily subsidizes public healthcare services, which has led to a high standard of care. However, many patients still choose to seek care from private providers due to shorter wait times and more personalized care.

Underlying macroeconomic factors: Singapore has a strong and stable economy, which has helped to support the growth of the hospitals market. The country also has a well-educated and skilled workforce, which has enabled it to become a hub for healthcare innovation and technology. Additionally, the government has been investing heavily in healthcare infrastructure and research, which has helped to attract both patients and healthcare providers to the country.

Methodology

Data coverage:

Data encompasses B2B, B2G, and B2C spend. Figures are based on revenue received by hospitals from public or private sources, allocated to the country where the money is spent, including VAT if applicable.

Modeling approach / Market size:

Market sizes are determined by a bottom-up approach, based on a specific rationale for each market market. Next, we use relevant key market indicators and data from country-specific associations, such as healthcare expenditure per capita, health risk factors, public health spend, and GDP. This data helps us estimate the market size for each country individually.

Forecasts:

In our forecasts, we apply diverse forecasting techniques. The selection of forecasting techniques is based on the behavior of the particular market. For example, forecasts are based on historical developments, current trends, and key market indicators, using advanced statistical methods.

Additional notes:

Data is modeled in US$ using current exchange rates. The market is updated twice per year in case market dynamics change. The impact of the COVID-19 pandemic is considered at a country-specific level.