ASEAN
13 April 2015
Singapore’s Vibrant Healthcare Industry
Singapore’s Vibrant Healthcare Industry is an Attractive Market for Advanced Diagnostic Imaging Services, says Frost & Sullivan. Consumer demand for high-quality services is bolstering innovation.
Singapore’s private outpatient diagnostic imaging services market is receiving a huge boost from a combination of factors including a growing aged population, higher prevalence of non-communicable diseases, and the influx of medical tourists.
An estimated 80 percent of the primary healthcare services in the country are provided by private practitioners and the remaining by government polyclinics. In response to the substantial opportunities, device manufacturers are focusing their efforts on developing sophisticated imaging technologies and offering quality output.
New analysis from Frost & Sullivan, Singapore Private Outpatient Diagnostic Imaging Services Market, finds that the market earned revenues of US$127.8 million in 2013 and estimates this to reach US$273.0 million in 2019.
“With the increasing number of elderly and chronic disease patients, there is a marked shift in attitude from disease treatment to prevention,” said Frost & Sullivan Healthcare Consultant Poornima Srinivasan.
“Both patients and healthcare givers are seeking solutions that can aid in early diagnosis and regular monitoring, which, in turn, is driving the usage of diagnostic imaging services,” she added.
However, the market is somewhat constricted by the high capital expenditure on equipment. Hospitals and laboratories are also deterred by the service and maintenance costs of diagnostic imaging products such as Magnetic Resonance Imaging (MRI), Computed Tomography (CT), Positron Emission Tomography (PET), and Single Photon Emission CT (SPECT).
In addition, most diagnostic services, except for mammograms and colonoscopy, are not covered by the national insurance schemes in Singapore. Inadequate reimbursements tend to cause hospitals to defer their usage. Yet, consumer awareness regarding early diagnosis and intervention and the demand for low-radiation imaging equipment have made a strong case for sophisticated imaging technologies.
“The private outpatient diagnostic imaging market in Singapore is competing on technology and services rather than pricing,” noted Srinivasan.
“To retain their customer base and attract more customers, device manufacturers and service providers are aiming to invest in new technologies that can deliver more accurate results and a wider variety of tests,” she added.
Given the competitive nature of the market and end-user desire for novel, high-quality products, diagnostic imaging service providers with innovative technologies will flourish.
Singapore Private Outpatient Diagnostic Imaging Services Market is part of the Advanced Medical Technologies (http://www.medtech.frost.com) Growth Partnership Service program. Frost & Sullivan’s related studies include: Drivers for Healthcare R&D Investment in Asia-Pacific, Technology Trends in Cardiac Imaging, Global Orthopedic Implant Market, and Multi-parameter Patient Monitoring Market in Asia-Pacific. All studies included in subscriptions provide detailed market opportunities and industry trends evaluated following extensive interviews with market participants.
Its “Growth Partnership” supports clients by addressing these opportunities and incorporating two key elements driving visionary innovation: The Integrated Value Proposition and The Partnership Infrastructure.
· The Integrated Value Proposition provides support to its clients throughout all phases of their journey to visionary innovation including: research, analysis, strategy, vision, innovation and implementation.
· The Partnership Infrastructure is entirely unique as it constructs the foundation upon which visionary innovation becomes possible. This includes its 360 degree research, comprehensive industry coverage, career best practices as well as our global footprint of more than 40 offices.
For more than 50 years, its has been developing growth strategies for the global 1000, emerging businesses, the public sector and the investment community. Is your organization prepared for the next profound wave of industry convergence, disruptive technologies, increasing competitive intensity, Mega Trends, breakthrough best practices, changing customer dynamics and emerging economies?
An estimated 80 percent of the primary healthcare services in the country are provided by private practitioners and the remaining by government polyclinics. In response to the substantial opportunities, device manufacturers are focusing their efforts on developing sophisticated imaging technologies and offering quality output.
New analysis from Frost & Sullivan, Singapore Private Outpatient Diagnostic Imaging Services Market, finds that the market earned revenues of US$127.8 million in 2013 and estimates this to reach US$273.0 million in 2019.
“With the increasing number of elderly and chronic disease patients, there is a marked shift in attitude from disease treatment to prevention,” said Frost & Sullivan Healthcare Consultant Poornima Srinivasan.
“Both patients and healthcare givers are seeking solutions that can aid in early diagnosis and regular monitoring, which, in turn, is driving the usage of diagnostic imaging services,” she added.
However, the market is somewhat constricted by the high capital expenditure on equipment. Hospitals and laboratories are also deterred by the service and maintenance costs of diagnostic imaging products such as Magnetic Resonance Imaging (MRI), Computed Tomography (CT), Positron Emission Tomography (PET), and Single Photon Emission CT (SPECT).
In addition, most diagnostic services, except for mammograms and colonoscopy, are not covered by the national insurance schemes in Singapore. Inadequate reimbursements tend to cause hospitals to defer their usage. Yet, consumer awareness regarding early diagnosis and intervention and the demand for low-radiation imaging equipment have made a strong case for sophisticated imaging technologies.
“The private outpatient diagnostic imaging market in Singapore is competing on technology and services rather than pricing,” noted Srinivasan.
“To retain their customer base and attract more customers, device manufacturers and service providers are aiming to invest in new technologies that can deliver more accurate results and a wider variety of tests,” she added.
Given the competitive nature of the market and end-user desire for novel, high-quality products, diagnostic imaging service providers with innovative technologies will flourish.
Contact
If you are interested in more information on this study, please send an e-mail to Melissa Tan, Corporate Communications, at This email address is being protected from spambots. You need JavaScript enabled to view it..Singapore Private Outpatient Diagnostic Imaging Services Market is part of the Advanced Medical Technologies (http://www.medtech.frost.com) Growth Partnership Service program. Frost & Sullivan’s related studies include: Drivers for Healthcare R&D Investment in Asia-Pacific, Technology Trends in Cardiac Imaging, Global Orthopedic Implant Market, and Multi-parameter Patient Monitoring Market in Asia-Pacific. All studies included in subscriptions provide detailed market opportunities and industry trends evaluated following extensive interviews with market participants.
About Frost & Sullivan
Frost & Sullivan, the Growth Partnership Company, works in collaboration with clients to leverage visionary innovation that addresses the global challenges and related growth opportunities that will make or break today's market participants.Its “Growth Partnership” supports clients by addressing these opportunities and incorporating two key elements driving visionary innovation: The Integrated Value Proposition and The Partnership Infrastructure.
· The Integrated Value Proposition provides support to its clients throughout all phases of their journey to visionary innovation including: research, analysis, strategy, vision, innovation and implementation.
· The Partnership Infrastructure is entirely unique as it constructs the foundation upon which visionary innovation becomes possible. This includes its 360 degree research, comprehensive industry coverage, career best practices as well as our global footprint of more than 40 offices.
For more than 50 years, its has been developing growth strategies for the global 1000, emerging businesses, the public sector and the investment community. Is your organization prepared for the next profound wave of industry convergence, disruptive technologies, increasing competitive intensity, Mega Trends, breakthrough best practices, changing customer dynamics and emerging economies?