Singapore's medical tourism market size is expected to grow at exponential CAGR by 2032.Rising demand for specialized treatments, rise in demand for online medical agencies (OMA), and advancements in healthcare technology are the main market drivers anticipated to propel Singapore's medical tourism market.
Source: MRFR Database, Primary Research, Secondary Research, and Analyst Review
Singapore's medical tourism market CAGR is expanding due to growing technological advancements in the healthcare industry in terms of medical devices, surgical procedures, wearables, and connected healthcare, which have urged end-users to adopt better healthcare facilities for improving the quality of patient care. Telemedicine, information & communication technology, and telehealth have opened doors for patients worldwide to consult doctors, book appointments, and receive high-quality medical attention without hesitation. Singapore attracts international medical tourists seeking high-quality healthcare services, state-of-the-art medical facilities, and a favorable regulatory environment. The city-state's reputation for medical excellence, skilled healthcare professionals, and strategic location contribute to its appeal. The globalization trend, coupled with Singapore's commitment to healthcare excellence, positions the country as a preferred destination for medical tourists, fostering the expansion of its medical tourism market.
Moreover, rapid medical technology and telemedicine improvements have facilitated the globalization of healthcare services. Patients now research and attach with medical facilities and experts worldwide, making it easier to access information about treatment options, expenses, and quality of care in various medical tourism destinations. In addition, some countries actively promote medical tourism as a part of their economic expansion strategy. Governments deliver incentives, tax breaks, and infrastructure to help attract international patients and healthcare investments. This government approval significantly boosts the expansion of the medical tourism market revenue in specific regions.
The Singapore medical tourism market segmentation is based on service, including medical treatment {cardiac procedures, oncology procedures, orthopedic & spine procedures, dental procedures, and others}, cosmetic treatment {cosmetic procedures, rejuvenation procedures, and others}, and alternative treatment. The medical treatment segment dominated the market mostly due to increased demand for medical procedures, such as dental, orthopedic, spinal, and cardiac, contributing to the segment's development. The availability of advanced facilities & services in Singapore at a lower cost encourages tourists from high-income countries to opt for medical visas to visit these nations.
The Singapore medical tourism market segmentation, based on service providers, includes public and private. The private held a major market share due to the adoption of cutting-edge healthcare technologies and the availability of internationally recycled and accredited private care providers. Healthcare establishments in Singapore are seeking international recognition from regulatory authorities, which can assist them in accessing international healthcare insurance and purchaser networks. Insurance companies are incorporating health tourism policies in their medical plans to boost the availability of care services in Singapore. Furthermore, a rapid expansion in healthcare expenses coupled with a large number of uninsured or underinsured individuals is prompting tourists to need medical treatment to avail of inexpensive healthcare services and treatments.
Figure 1: Singapore Medical Tourism Market, by Service Provider, 2022 & 2032 (USD Billion)
Source: Primary Research, MRFR Database, Secondary Research, and Analyst Review
The medical tourism market is witnessing growth driven by the country's world-class healthcare infrastructure, renowned medical professionals, and advanced medical facilities, attracting international patients seeking high-quality and specialized medical treatments. Singapore's strategic location, ease of travel, and well-established reputation for medical excellence contribute to its status as a premier medical tourism destination. Additionally, government initiatives promoting medical tourism, streamlined visa processes, and focusing on healthcare innovation further bolster Singapore's appeal. The integration of cutting-edge technologies and comprehensive healthcare services positions Singapore as a preferred hub for medical tourists seeking top-notch medical care and a superior patient experience.
Medical Tourism Key Market Participants & Competitive Insights
Prominent market players invest heavily in R&D to enhance their product lines, expanding the medical tourism market even more. Market players are also undertaking different strategic activities to expand their footprint, with substantial market developments such as new product establishment, mergers and acquisitions, contractual agreements, and collaboration with other organizations. The medical tourism industry must deliver cost-effective items to extend and stay in a more competitive and rising market climate.
Major players in the medical tourism market are attempting to extend market needs by investing in research and development operations, including Bumrungrad International Hospital, Apollo Hospitals, Bangkok Chain Hospital, Fortis Healthcare, Asian Heart Institute, KPJ Healthcare Berhad, Livonta Global, and Gleneagles Hospital.
Key Companies in the Medical Tourism market include
Bumrungrad International Hospital
Bangkok Chain Hospital
Fortis Healthcare
Asian Heart Institute
KPJ Healthcare Berhad
Livonta Global
Gleneagles Hospital
Medical Treatment
Cardiac Procedures
Oncology Procedures
Orthopedic & Spine Procedures
Dental Procedures
Others
Cosmetic Treatment
Cosmetic Procedures
Rejuvenation Procedures
Others
Alternative Treatment
Public
Private
| Report Attribute/Metric | Details |
| Market Size 2022 | Â |
| Market Size 2023 | Â |
| Market Size 2032 | Significant Value |
| Compound Annual Growth Rate (CAGR) | XX %Â |
| Base Year | 2022 |
| Market Forecast Period | 2023-2032 |
| Historical Data | 2018- 2022 |
| Market Forecast Units | Value (USD Billion) |
| Report Coverage | Growth Factors, Revenue Forecast, Market Competitive Landscape, and Trends |
| Segments Covered | Service, Service Provider, and Region |
| Countries Covered | Singapore |
| Key Companies Profiled | Bumrungrad International Hospital, Apollo Hospitals, Bangkok Chain Hospital, Fortis Healthcare, Asian Heart Institute, KPJ Healthcare Berhad, Livonta Global, and Gleneagles Hospital |
| Key Market Opportunities | Rising demand for specialized treatments. |
| Key Market Dynamics | Rise in the demand for online medical agencies (OMA) |
Frequently Asked Questions (FAQ) :
The Singapore medical tourism market size was esteemed at USD XX Billion in 2022.
The market is projected to expand at exponential CAGR during the forecast period, 2023-2032.
The prominent players in the market are Bumrungrad International Hospital, Apollo Hospitals, Bangkok Chain Hospital, Fortis Healthcare, Asian Heart Institute, KPJ Healthcare Berhad, Livonta Global, and Gleneagles Hospital.
The medical treatment category dominated the market in 2022.
The private category had the largest market share.
Assistant Manager He holds an experience of about 7+ years in market research and business consulting, working under the spectrum of life sciences and healthcare domains. rahul conceptualizes and implements a scalable business strategy and provides strategic leadership to the clients. his expertise lies in market estimation, competitive intelligence, pipeline analysis, customer assessment, etc. in addition to the above, his other responsibility includes strategic tracking of high growth markets & advising clients on the potential areas of focus they could direct their business initiatives
Get in Touch
© 2024 Market Research Future ® (Part of WantStats Reasearch And Media Pvt. Ltd.)
