Thanks to expertise and top-notch infrastructure.
It has been noted that Singapore’s reputed high-end medical infrastructure and expertise in complex procedures have been drawing in medical tourists.
According to a research note from Maybank Kim Eng, with high price points, the bulk of the patients belong to the premium segment and are more inelastic to pricing and currency fluctuations.
Further, medical tourism revenue grew at a 10% CAGR in the last decade, to around SG$1b currently.
Here's more from Maybank Kim Eng:
With GDP growth averaging c.5% in the past decade, median income in the country has been climbing in tandem. Rising affluence is typically accompanied by demand for better-quality services and shorter waiting and treatment times. As a result, healthcare spending in the private sector has been rising.
In the past decade, the population has aged. The number of citizens aged 65 years and above went from one in 11 in 2005 to one in eight in 2015. Based on the government’s 2013 Population White Paper, this is expected to increase further to one in six by 2020. In addition, hospital admission rate increases with age.
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