Hospitals

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 7.18% 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, United States is projected to generate the highest revenue in the Hospitals market, reaching a staggering US$1.50tn 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.

Definition:
Hospitals are licensed facilities that provide a variety of medical and surgical services, some of which are also provided by other facilities. A distinguishing characteristic of hospitals is “inpatient care,” which refers to services where patients are admitted to a hospital to stay overnight for closer monitoring.

This market includes general hospitals, psychiatric hospitals, and specialist hospitals, which provide various services to patients, ranging from diagnostics, medical and surgical treatments, nursing and specialized accommodation to other medical services. Depending on the specific legal regulations, the medical services provided by hospitals can vary greatly from country to country. Long-term care facilities, ambulatory care providers, and medical retailers are excluded from this market.

Structure:
The Hospitals market is divided into three categories: Inpatient Care, Outpatient Care, and Other Hospital Services. Inpatient Care comprises all the medical and surgical services that are provided to patients who are admitted to a hospital for an overnight stay. Outpatient Care covers all medical and surgical services that are provided to patients without having to spend the night in a hospital. Other Hospital Services includes hospital services that are provided outside of a basic hospital setting, e.g., day-care, long-term care, and home-based care.

Additional information:
The shown KPIs include revenues, average revenue per capita, number of hospitals, density of hospitals, average revenue per hospital, number of hospital beds, density of hospital beds, and average revenue per hospital bed. Market values represent revenues paid to hospitals by the respective healthcare payers (including VAT, if applicable). Reported market revenues include spending by consumers (B2C), enterprises (B2B), and governments (B2G). Revenues are allocated to the country where the money is spent.

General hospitals, including community, county, and regional hospitals
Psychiatric hospitals
Specialist hospitals, such as maternity clinics and aesthetics clinics

Long-term care facilities
Ambulatory care providers, such as specialist practices and dental practices
Providers of ancillary medical services
Medical retailers and other providers of medical supplies

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.

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.

This report presents a comprehensive analysis and additional information on the Health market, in a PDF format.

The healthcare landscape in the United States is a complicated one. There are federal health insurance plans for low-income individuals namely Medicaid and CHIP (Children’s health insurance program) and Medicare for seniors and the disabled. Aside from these, people must buy private health insurance or be left uninsured because the U.S. is the only high-income country without universal healthcare coverage. Hospitals in the U.S., therefore, receive payment from multiple payers. Most revenue generated by U.S. hospitals comes from private insurance, self, or other payments. The complexity of this multi-payer system is instrumental to the U.S. having the highest administrative health costs per capita among wealthy nations.