Singapore Healthcare Insurance Market Analysis

Singapore Healthcare Insurance Market Analysis


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The Singapore healthcare insurance market is projected to grow from $2.43 Bn in 2022 to $4.57 Bn by 2030, registering a CAGR of 8.2% during the forecast period of 2022 - 2030. The main factors driving the growth would be a strong economy, government support, technological advancements and an ageing population. The market is segmented by the component, provider, coverage, by health insurance plans and end-user. Some of the major players include NTUC Income, Great Eastern, AIA, AXA and Prudential.

ID: IN10SGHS008 CATEGORY: Healthcare Services GEOGRAPHY: Singapore AUTHOR: Neha Davda

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Singapore Healthcare Insurance Market Executive Summary

The Singapore healthcare insurance market is projected to grow from $2.43 Bn in 2022 to $4.57 Bn by 2030, registering a CAGR of 8.2% during the forecast period of 2022 - 2030. Singapore spent $2,633 on healthcare per person in 2019, a 1.31% decline from 2018. It spent less on healthcare than many other industrialised nations, barely 4.09% of GDP.

One of the best healthcare systems in the world is found in Singapore, which has a highly developed healthcare system. Both citizens and permanent residents must have health insurance in this country, which has a mix of public and private healthcare services. Singapore's healthcare insurance industry is diversified and competitive, offering a wide selection of insurance policies from both domestic and foreign suppliers. The Monetary Authority of Singapore (MAS), which also manages the nation's insurance sector, controls the market.

The Central Provident Fund (CPF) Board, which is in charge of running the government-sponsored MediShield Life program, is one of the major players in the Singapore healthcare insurance industry. All Singaporeans and permanent residents are covered by this program's basic health insurance, which is intended to protect them from expensive hospital expenditures. In Singapore, in addition to MediShield Life, there are a number of private health insurance policies that provide more thorough coverage for medical care and hospitalisation. A variety of suppliers, including local and foreign insurance companies, provide these products for purchase.

Singapore Healthcare Insurance Market

Market Dynamics

Market Growth Drivers

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

  1. Strong economy- Singapore's economy is robust and steady, thus residents have more discretionary cash to spend on health insurance. The demand for private health insurance policies that give more extensive coverage than what is offered by the government-run MediShield Life program has increased as a result
  2. Government support- The Singaporean government supports the healthcare sector and has put in place a number of regulations to promote its expansion. For instance, the government offers tax breaks and subsidies to healthcare providers, which helps to control costs and lower the cost of health insurance
  3. Technological advancements- A rise in demand for healthcare insurance packages that cover cutting-edge treatments and procedures can be attributed to Singapore's leadership in healthcare technological advancements. For instance, there is rising demand for health insurance policies that offer remote healthcare monitoring and telemedicine services
  4. Ageing population- The ageing population of Singapore is increasing the demand for insurance and healthcare services. People need health insurance coverage more as they get older since they are more likely to need hospitalisation and medical care

Market Restraints

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

  1. Government regulations- The Singaporean government has strict regulations governing the insurance market as well as the healthcare sector. This may limit the adaptability and innovation of insurance services and products, which may have an effect on the market's expansion
  2. High cost of insurance- In Singapore, the cost of health insurance premiums can be high, especially for complete coverage. This may make insurance more expensive for some people and have an effect on how many people purchase insurance
  3. Limited competition- There is little competition in Singapore's healthcare insurance sector, which could lead to higher pricing and less innovation in insurance goods and services

Competitive Landscape

Key Players

  • NTUC Income (SGP)- Singapore's top provider of life, health, travel, and automobile insurance as well as savings, investments, and retirement plans is Income Insurance
  • Great Eastern (SGP)- Great Eastern, is a multinational finance and insurance company headquartered in Singapore with activities throughout a number of Asian nations and jurisdictions. Medical expense insurance, critical illness insurance, and disability income insurance are among the healthcare insurance products it provides
  • AIA- A worldwide insurance and finance company, AIA is based in Hong Kong. It dominates the Asia-Pacific market as the largest publicly traded life insurance firm. In addition to writing life insurance policies for both individuals and corporations, it also provides accident and health insurance, retirement planning, wealth management services, variable contracts, investments, and securities
  • AXA- Offering a variety of healthcare insurance products, such as health insurance, critical illness insurance, and personal accident insurance, AXA is a global insurance firm with a significant local presence in Singapore
  • Prudential- About 19 million consumers in Asia and Africa receive asset management and life and health insurance from Prudential. By encouraging financial inclusion and lowering the cost of healthcare, they want to help people make the most of life. They safeguard people's wealth, assist in asset growth, and give them the ability to set aside money for their objectives

Upcoming Events

May 2023- The 18th Asia Conference on Healthcare and Health Insurance is set to take place in Singapore on May 10 and 11, 2023. "Reimagining Health Insurance: Addressing Pain Points Toward a Promising Future" is the conference's theme.

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
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 Services
5.3 Reimbursement Process for Treatment

6. Methodology and Scope

Healthcare Insurance Market Segmentation

By Provider (Revenue, USD Billion):

It mainly includes healthcare insurance that provides safety against the increasing cost of medical treatments and in case of health emergencies such as critical illnesses. Hence, it is the best way to safeguard medical expenses.

  • Public
  • Private

By Coverage Type (Revenue, USD Billion):

In terms of sales and market share, it is anticipated to rule the market over the projection period. This is explained by a number of benefits provided by life insurance, including guaranteed death payout and permanent coverage. Additionally, investing in these kinds of plans enables working professionals to save taxes

  • Life Insurance
  • Term Insurance

By Health Insurance Plans (Revenue, USD Billion):

  • Health Maintenance Organization (HMO)
  • Preferred Provider Organization (PPO)
  • Exclusive Provider Organization (EPO)
  • Point of Service (POS)
  • High Deductible Health Plan (HDHP)

By Demographics (Revenue, USD Billion):

  • Minors
  • Adults
  • Seniors

There is a high prevalence of lifestyle disease in the adult population that can increase health risks in the future. The population is more prone to cardiac and other diseases that require hospitalization. Healthcare insurance plans for seniors are more of a necessity, especially in the case of retirement. Also, it carries various advantages such as no medical screening before buying plans, includes coverage of the outpatient department, and provides the benefit of fee annual checkups along with lifetime renewability.

By End-user (Revenue, USD Billion):

  • Individuals
  • ?Corporates

A large number of people buy individual health plans as they are also customizable. Also, it gives more control over deductibles, co-pays, and benefits limits and is not dependent on employment status.

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”.

 

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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.

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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

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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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Last updated on: 24 March 2023
Updated by: Ritu Baliya

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