Singapore Digital Health Market Analysis

Singapore Digital Health Market Analysis


$ 3999

Singapore's Digital Health market is projected to grow from $xxBn in 2022 to $xxBn by 2030, registering a CAGR xx% during the forecast period of 2022-2030. The market will be driven by the collaboration amongst healthcare stakeholders across the ecosystem to address people's expectations, Efficient and low-cost digital technologies. The market is segmented by solution, by deployment & by end-use. Some of the major players include Doctor Anywhere, Holmusk & Biofourmis Inc.

ID: IN10SGDH005 CATEGORY: Digital Health GEOGRAPHY: Singapore AUTHOR: Vidhi Upadhyay

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Singapore Digital Health Market Executive Summary

Singapore's Digital Health market is projected to grow from $xxBn in 2022 to $xxBn by 2030, registering a CAGR xx% during the forecast period of 2022-30. Singapore's healthcare spending, which includes both public and private spending, is estimated to account for 5.9% of the GDP. Healthcare spending (%GDP) has been progressively rising in recent years and is predicted to rise further as the population ages and healthcare requirements become more complicated. According to World Health Organization (WHO), Singapore has developed world-class healthcare standards.

While digital technologies have been more readily available after the COVID-19 outbreak, consumer adoption in Singapore remains low. In recent years, the Singapore government has actively encouraged the use of digital technology in healthcare, with the objective of enhancing the productivity and accessibility of healthcare services. Effective communication among providers across the healthcare ecosystem, trying to remove economic barriers to healthcare services and care, and assisting patients in navigating their journey can all help to increase the uptake of digital health technologies in Singapore, resulting in more effective and accessible healthcare experiences for everyone.

singapore digital health market analysis

Market Dynamics

Market Growth Drivers

Singapore's government is a highly reliable source of information, providing an opportunity for authorities and Digital Health businesses to collaborate which will be a major growth driver for the digital health market. Moreover, Improved efficiency of healthcare service delivered, increase cost savings at both ends by the caregiver and receiver, improved health outcomes, and data privacy for medical records are important pieces that add up to support the growth of the digital health market in Singapore.

Market Restraints

Low trust in technology companies, financial struggles, and difficulty finding and using quality digital tools are some potential barriers to adoption. Data privacy and security are top considerations for Singaporeans, and meeting these demands might boost trust in, and hence the adoption of, digital technology.

Competitive Landscape

Key Players

  • Doctor Anywhere: An online platform that offers telemedicine services to book appointments and gets video consults
  • Holmusk: It is a digital health platform that uses huge data to manage chronic diseases and influence positive health outcomes
  • Biofourmis Inc.: They provide an innovative analytics engine that creates a personalized baseline for each patient
  • Singtel: It is a telecommunications company offering a wide range of digital health solutions, including telemedicine, remote monitoring, and digital health platforms
  • NTT Data: It is a global IT services company that has a strong presence in Singapore. It offers digital health solutions, including EHR systems, population health management, and digital health platforms

Healthcare Policies and Regulatory Landscape

The Ministry of Health (MOH) is responsible for the regulation of healthcare services which consists of digital health in Singapore. The Health Sciences Authority (HSA) is in charge of medical device and health supplement regulation, as well as digital health goods and services it also establishes product safety and effectiveness standards and inspects to guarantee compliance.

The Infocomm Media Development Authority (IMDA) establishes standards for personal data protection and cybersecurity and performs inspections to verify compliance. The Personal Data Protection Commission (PDPC) is in charge of personal data protection regulation, including private data used in digital healthcare.

Reimbursement Scenario

Digital healthcare reimbursement in Singapore is offered by a combination of government subsidies and private insurance. Reimbursement policies and coverage for digital health services differ based on the service and payer.

Medisave is a government-managed savings plan that allows citizens to set away a percentage of their salary for medical bills. Certain digital health services, such as telemedicine consultations and remote monitoring, can be compensated with Medisave.

MediShield Life is a basic health insurance policy that offers lifetime protection against big healthcare expenditures to citizens and permanent residents, regardless of age or health status.

1. Executive Summary
1.1 Digital Health Overview
1.2 Global Scenario
1.3 Country Overview
1.4 Healthcare Scenario in Country
1.5 Digital Health Policy 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
4.2.1.1 Overview
4.2.1.2 Product Applications and Services
4.2.1.3 Recent Developments
4.2.1.4 Partnerships Ecosystem
4.2.1.5 Financials (Based on Availability)

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

6. Methodology and Scope

Digital Health Market Segmentation

The Digital Health Market is segmented as mentioned below:

By Solution (Revenue, USD Billion):

  • Software
  • Services

By Deployment (Revenue, USD Billion):

  • Cloud-based
  • On-premises

By End-use (Revenue, USD Billion):

  • Diagnostic Centres
  • Healthcare Payers
  • Healthcare Research Centres
  • Hospitals & Clinics
  • Nursing Care Centres
  • 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: 15 June 2023
Updated by: Dr. Purav Gandhi

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