Singapore Connected Healthcare Market Analysis

Singapore Connected Healthcare Market Analysis

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The Singapore-connected healthcare market is projected to grow from $79.63 Mn in 2022 to $610.67 Mn by 2030, registering a CAGR of 29% during the forecast period of 2022 - 2030. The main factors driving the growth would be a growing ageing population, technologically advanced infrastructure, growing start-up ecosystem and government support. The market is segmented by type, function and by application. Some of the major players include Doctor Anywhere, KroniKare, HiDoc, Siemens Healthineer, Philips Healthcare and Apple.

ID: IN10SGHS004 CATEGORY: Healthcare Services GEOGRAPHY: Singapore AUTHOR: Neha Davda

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Singapore Connected Healthcare Market Executive Summary

The Singapore-connected healthcare market is projected to grow from $79.63 Mn in 2022 to $610.67 Mn by 2030, registering a CAGR of 29% during the forecast period of 2022 - 2030. Singapore spent $2,633 per person on healthcare in 2019, a 1.31% decrease from the previous year. In comparison to many other industrialised countries, it spent only 4.09% of its GDP on healthcare.

The Connected Healthcare Industry in Singapore is a fast-growing industry that uses digital technologies to improve the quality and efficiency of healthcare delivery. Singapore, with a strong emphasis on innovation and technology, has become a magnet for healthcare companies and start-ups developing cutting-edge solutions to improve patient care and reduce costs.

Telemedicine, digital health records, wearables, remote patient monitoring, and artificial intelligence are all part of Singapore's connected healthcare business. These technologies are changing the way healthcare is delivered in Singapore, allowing patients to receive care at any time and from any location, and providing healthcare providers with the tools they need to provide more tailored and efficient care. The Singapore government has been actively supporting the adoption of connected healthcare technology in order to improve the country's healthcare quality and accessibility. This includes programs like the National Electronic Health Record (NEHR) system, which allows healthcare providers to electronically access patients' health records, and the Smart Nation Initiative, which strives to use technology to enhance the lives of Singaporeans.

Singapore Connected Healthcare Market

Market Dynamics

Market Growth Drivers

The Singapore-connected healthcare market is expected to be driven by factors such as:

  1. Growing ageing population- Singapore has one of the world's fastest ageing populations. As the number of senior people grows, so does the demand for healthcare services. Remote patient monitoring and telemedicine, for example, can help to fulfil this demand by making care more accessible and efficient
  2. Technologically advanced infrastructure- High-speed internet, cutting-edge telecommunications, and robust cybersecurity systems are all part of Singapore's highly developed technological infrastructure. For the creation and application of connected healthcare solutions, this offers a solid foundation
  3. Growing start-up ecosystem- Singapore has a thriving start-up community with a strong emphasis on healthcare innovation. The government has assisted entrepreneurs in developing and commercialising their ideas in the domestic and foreign markets through a variety of funding schemes and incubation programs
  4. Government support- Singapore has a thriving start-up community with a strong emphasis on healthcare innovation. The government has assisted entrepreneurs in developing and commercialising their ideas in the domestic and foreign markets through a variety of funding schemes and incubation programs

Market Restraints

The following factors are expected to limit the growth of the connected healthcare market in Singapore:

  1. Data privacy and security- Ensuring data privacy and security is crucial since connected healthcare devices depend on the gathering and transmission of sensitive patient data. Any compromise of the security and privacy of patient data could have negative effects on both patients and healthcare professionals, weakening faith in the healthcare system
  2. Limited inoperability- More interoperability and data sharing are required between Singapore's numerous healthcare systems and providers. The efficiency and efficacy of healthcare delivery may be impacted by the limits on the capacity to effortlessly share patient data across various systems and providers at the moment
  3. High Cost- The cost of implementing connected healthcare technologies can make healthcare providers wary of making new technology investments without a clear indication of their profitability. The high price of these technologies may prevent smaller healthcare providers from implementing them

Competitive Landscape

Key Players

  • Doctor Anywhere (SGP)- Doctor Anywhere is a digital healthcare platform that connects users to a variety of healthcare services such as telehealth, prescription delivery, and health coaching
  • KroniKare (SGP)- KroniKare is a medical technology firm that has created a number of connected healthcare products, such as remote wound monitoring and telemedicine
  • HiDoc (SGP)- HiDoc is a digital health platform that uses telemedicine, health monitoring devices, and other digital health solutions to connect patients with healthcare experts
  • Siemens Healthineer- Siemens Healthineers is a multinational medical technology firm that provides diagnostic imaging systems, telemedicine, and health information systems
  • Philips Healthcare- Philips is a global healthcare corporation that provides telemedicine, remote patient monitoring, and digital health records, among other connected healthcare technologies
  • Apple- Apple's Health app and Apple Watch have a number of health and fitness features, and the company is increasingly cooperating with healthcare organisations to incorporate its technologies into patient treatment

1. Executive Summary
1.1 Service Overview
1.2 Global Scenario
1.3 Country Overview
1.4 Healthcare Scenario in Country
1.5 Healthcare Services Market in Country
1.6 Recent Developments in the Country

2. Market Size and Forecasting
2.1 Market Size (With Excel and Methodology)
2.2 Market Segmentation (Check all Segments in Segmentation Section)

3. Market Dynamics
3.1 Market Drivers
3.2 Market Restraints

4. Competitive Landscape
4.1 Major Market Share

4.2 Key Company Profile (Check all Companies in the Summary Section)

4.2.1 Company Overview Product Applications and Services Recent Developments Partnerships Ecosystem Financials (Based on Availability)

5. Reimbursement Scenario
5.1 Reimbursement Regulation
5.2 Reimbursement Process for Services
5.3 Reimbursement Process for Treatment

6. Methodology and Scope

Connected Healthcare Market Segmentation

By Type (Revenue, USD Billion):

Based on the Type the market is segmented into mHealth services, mHealth Devices, and E- Prescription

  • MHealth services
  • mHealth Devices
  • E- Prescription

By FunctionType (Revenue, USD Billion):

  • Remote patient monitoring
  • Clinical monitoring
  • Telemedicine
  • Others (Assisted Living)

By Application Type (Revenue, USD Billion):

  • Diagnosis and Treatment
  • Monitoring Application
  • Wellness and Prevention
  • Healthcare management
  • Others

Insights10 will provide you with the reports within 10 key parameters which are:

  1. Market Overview
  2. Market Growth Drivers & Restraints
  3. Epidemiology of Disease Type
  4. Market Segmentation
  5. Market Share
  6. Competitive Landscape
  7. Key Company Profiles
  8. Healthcare Policies & Regulatory Framework
  9. Reimbursement Scenario
  10. Factors Driving Future Growth

Based on our many years of experience, we believe that these are the parameters that are critical to decision-making for business stakeholders. Our focused approach to developing reports focused on 10 key parameters, enabled us to arrive at the name “Insights10”.


Stage I: Market Data Collection

Primary Interviews: We have developed a network of experts, freelancers, and researchers across countries through which we engage with local experts to gather key data points and assumptions about each market. We also engage regularly with some of the best market research agencies such as Atheneum, GuidePoint, GLG, etc. to conduct surveys and interviews, and build intelligence. We have language translators as a part of our team, who between them can cover 30+ languages allowing us to extract better local insights.

Secondary Data Collection: We have developed strong expertise and experience in secondary data collection methods for developing unique data sets and research material. We gather data from multiple reliable sources to maintain a high level of accuracy and consistency. The market data is analyzed and forecasted using appropriate statistical and coherent models. The report offers an overall analysis of the market size, growth, and market share as well as a segment-level analysis of the specific market. Our report includes precise, to-the-point information related to the overall market, competition, growth drivers, challenges, regulatory updates, and competition.

Data Sources: We have access to multiple highly reliable free and subscription data sources. We have many years of experience to understand which sources are more dependable for what and which to prefer for the reliable and latest information. The key sources of information include the following, but are not limited to:



Stage II: Market Data Analysis and Statistical Model

Market Trends: We generally look at macro parameters and micro indicators. The macro parameters include changes in government policies, demand and supply of the market, government intervention programs, and major market share. The micro indicators are GDP growth, market size, market volume, etc. We also understand nuances specific to each country like the US, Canada, India, Germany, etc., and have worked across 60+ countries and hence not only understand global trends but how these differ by country, how payment models, market structure, cultural parameters, etc. differ in each country.

Market Sizing and Analysis: Our expert data analytics team has created various market forecast models by employing the top-down approach i.e. starting with the large overall market and segmenting different areas and the bottom-up approach i.e. starting with population and epidemiology and rolling up based on spend, etc., estimating the size of the market, and distributing among the geographic and/or product segments.

The top-down approach is mainly used for new product forecasting and the bottom-up approach is used for demand estimation of any product for different countries summed up to form the total market. We are able to round off insights and build stronger forecasts because we always do both these methods and triangulate the final numbers.

The study on the market covers the analysis of the leading geographies such as Asia-Pacific, Africa, Europe, Middle East, North America, and  Latin America for the period of 2022 to 2030. The qualitative analysis covers the industry landscape and trends, market opportunities, competitive landscape, and policy and regulatory scenario, and the quantitative analysis covers different market estimates and forecasts.

Data Triangulation & Validation:

Data triangulation of various sources and results of the research are carried out by benchmarking with reliable sources such as industry statistics, statistical databases, and company-level averages, etc.

We make sure to finalize the numbers in alignment with the market research. Firstly, our internal experts ensure thorough validation and checking to ensure accurate and precise analysis and then validation is also done using a multiple-data analysis model. Two-level validation is done and entails the finalization of the report scope and the way of representation pattern.



Stage III: Interpretation and Presentation

Analysis & Interpretation: The information gathered is then analyzed and synthesized. The second series of interviews are done if necessary to check and validate. The future opportunities are analyzed by understanding product commercialization and many other factors. It also comprises the analysis of data discrepancies observed across various data sources. Information procured from secondary and primary results is then, interpreted by considering the following parameters: (a partial list)

  • Establishing market drivers and trends
  • Analyzing the regulatory landscape to understand future growth
  • Market Segment based analysis to obtain revenue/volume
  • ​Analyzing current needs and determining penetration to estimate the market

Insights: Our reports deliver actionable insights backed with supporting facts and figures to assist you in achieving exemplary growth. Our in-depth analyses are interspersed with relevant insights and statistics to offer an executive-level view of a given market. The description helps in correlating many minor factors affecting the market and their impact on the different segments within the market.

Data curated from the analysis and interpretation are drawn to portray all in one consolidated report.

Presentation & Reporting: The market research report is presented in different forms such as charts by using a scientific approach for easy understanding. Historic, current, and future analysis is provided for each market in terms of both value and volume. The size of the market is interpreted in the US Dollar value and the respective unit, based on the product, for volume consumption.

The foreign exchange rates are calculated on the respective dates and for the respective regions covered in the study.

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This report addresses

  • Intelligent insights to take informed business decisions
  • Qualitative, acute and result oriented market analysis
  • Market size and forecasts from 2022 to 2030
  • Opportunities for expansion and in-depth market analysis
  • Segmentation and regional revenue forecasts
  • Analysis of the market share and competitive landscape
  • Strategic Recommendations to chart future course of action
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Last updated on: 17 March 2023
Updated by: Ritu Baliya

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