Singapore Hospital Market is Driven by Organic Expansion of Public & Private Hospitals and Increased Government Spending: Ken Research Implementation of MediShield Life (National Health Insurance System) by the government, expansion of service and product portfolio by major public and private hospital chains, rising focus on geriatric care services and increased adoption of healthcare IT were the key factors driving growth in Singapore hospital Market. The report titled “Singapore Hospital Market Outlook to 2022 - by Public, Private Hospital & Not-for-Profit Hospital, by Inpatient & Outpatient, by Acute, Community & Psychiatry Hospitals� by Ken Research suggested a growth at a CAGR of 3.9% in revenue in Singapore Hospital Market by 2022.
Singapore hospital market inclined at a positive CAGR during 2012-2017. The market is dominated by the public sector which offers specialized and integrated services at affordable rates. The private sector majorly focuses on elite class which prioritizes speed, comfort, assurance of best medical care and privacy. 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 witnessed higher inpatient admissions, improvement in average revenue per inpatient admission due to higher complexity of medical conditions and increased preference for day procedures and outpatient services. Due to increasing ageing population, both public and private hospitals have invested in offering specialized services for the geriatric population. For instance, SingHealth introduced Steps to avoid falls in Elderly