GURUGRAM, India, August 31, 2018 /PRNewswire/ --
Key Takeaway from Ken Research report titled,"Singapore Healthcare Market Forecast to 2022"
Singapore Healthcare market will be facilitated by the rising number of healthcare providers coupled with elevating prevalence of chronic diseases such as diabetes, HIV, cancer and others. The Ministry of Health (MOH) has set out three key shifts for the healthcare system which includes effective health promotion and disease prevention, shifting focus from the acute hospital setting to the primary care, community and home settings, while maintaining the quality of services and ensuring appropriate and cost-effective care.
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Singapore hospital market will be driven by organic expansion as more public hospitals are expected to start by 2022 and increased government initiatives in the healthcare sector are anticipated to provide better care to the geriatric population and patients suffering from chronic diseases. The clinics market is expected to witness consolidation as players continue to seek volume growth to benefit from economies of scale.
The pharmaceutical market growth will be driven by increase in number of public private partnerships to drive R&D investment in clinical trials, growing Contract Research Organization Market and biopharmaceutical segment. The best in class research and manufacturing infrastructure will continue to attract foreign investment in this segment. As pharmaceutical companies get new drug approvals, the pharmacy retail segment will benefit as they widen their product portfolio and enhance their geographic presence by setting up more number of outlets.
The medical device segment will witness advancements in technology and shift from treatment to preventive care and health promotion, where mobile applications and wearable devices or the Internet of Things will see an increased uptake.
Increased focus on research and development for pharmaceutical products, medical devices and laboratory services coupled with elevating prevalence of chronic and lifestyle diseases will propel the Singapore healthcare market revenue in future.
Ken Research in its latest study, "Singapore Healthcare Market Forecast to 2022 - by Type of Clinics (Medical and Dental), by Type of Hospital (Private, Public and Not-for-Profit), by Prescription and OTC Drugs, by type of Medical Devices (Consumables, Diagnostic Imaging, Patient Aids, Orthopedics & Prosthetics, Dental Products and Others)", suggests that demand for healthcare services in the market will continue to grow in Singapore owing to favorable government incentives, strong IP protection system, adoption of healthcare IT systems for integration, increased focus on biopharmaceuticals and nutrition and dietary supplements.
For more information on the research report, refer to below link:
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SOURCE Ken Research
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