Rising demand for quality healthcare services and growing disposable income among the population is expected to drive the demand for Singapore medical tourism market in forecast period.
According to TechSci Research report, “Singapore Medical Tourism Market By Type (Inbound v/s Outbound) By Services (Orthopedic Surgery, Cardiac Surgery, Cancer Treatment, Neurology & Neurosurgery, Cosmetic Surgery, Others), By Region, Company Forecast & Opportunities, 2026”, the Singapore medical tourism market is expected to witness steady growth in the forecast period, 2022-2026. Medical tourism is defined as planned travel across the borders to avail medical treatment, which may or may not be available in the patient’s home country. Patients prefer countries that provide quality medical treatment at affordable rates. Singapore healthcare system has set up International Patient Service Centers to provide medical tourism assistance to international patients.
They work with hospitals and provide information such as providing hospital pricing to patients, and coordinate appointments with healthcare specialists. Singapore is expanding the healthcare system by opening up new hospitals and setting up facilities to reach out to other countries encouraging them to avail themselves of facilities of medical tourism. Patients prefer to avail the healthcare facilities in Singapore for complex treatment in the field of oncology, neurology, ophthalmology, organ transplants, and stem cell transplants, amongst others. Availability of healthcare systems and the support and assistance from the local tourism department and the leading authorities in the market are expected to boost the market growth in the next five years.
The COVID-19 outbreak across the world which has been declared as a pandemic by World Health Organization has affected several countries adversely. Leading authorities in Singapore imposed lockdown restrictions and released a set of precautionary measures to contain the spread of novel coronavirus. Coronavirus-affected patients started suffering from shortness of breath along with coughing and sneezing. Due to the temporary ban on international traveling around the globe, patients were unable to travel overseas for medical treatment and had to avail healthcare facilities from their own countries.
Hospitals were overburdened with the patients suffering from coronavirus and all the resources were spent for the treatment of coronavirus-affected patients. Medical tourism was badly affected during this period and is expected to pick up the pace after the relaxations on international travel are uplifted. Availability of fast transportation facilities to take the patient to their desired location along with the presence of attractive tourist destinations around the healthcare facilities such as shopping malls, amusement parks, food centers, amongst others is expected to boost the medical tourism industry in the forecast period.
However, lengthy reimbursement processes and difficulties encountered during international travel such as VISA approval issues, language barrier, unavailability of documents may restrain the growth of the medical tourism market in the forecast period.
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Singapore medical tourism market is segmented into type, services, regional distribution, and company. Based on the type, the market can be bifurcated into inbound and outbound. The inbound segment is expected to account for major market share in the forecast period, 2022-2026 owing to the high-end investments for the development of healthcare facilities by the leading authorities and the market players. The presence of easy regulations to invite patients from other countries is expected to influence the demand of the medical tourism industry in the forecast period.
Mount Elizabeth Hospital, National University Hospital, Raffles Hospital (Raffles Medical Group), National Cancer Centre, National Heart Centre Singapore, National Dental Centre, Singapore General Hospital, Changi General Hospital, Gleneagles Hospital, National Skin Centre, Johns Hopkins Singapore International Medical Centre, Tan Tock Seng Hospital, Farrer Park Hospital are the leading players operating in Singapore medical tourism market. Manufacturers are increasingly focusing on research and development process to fuel higher growth in the market. To meet evolving customer demand with respect to better efficiency and durability, several medical tourism manufacturers are coming up with their technologically advanced offerings.
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“High-end healthcare expenditure and the huge fund allocation for research and development activities for technological advancement of the existing healthcare system is expected to pave the way for the medical tourism market growth. Use of advanced technologies to provide quality treatment with high accuracy in addition to the presence of a plethora of healthcare facilities under insurance coverage which further aids in facilitating cashless transactions is expected to accelerate the growth of the medical tourism market in the forecast period. Supportive government policies and adoption of attractive marketing strategies by the market players for the expansion of the healthcare system and fuel the growth of the medical tourism industry till 2026” said Mr. Karan Chechi, Research Director with TechSci Research, a research-based global management consulting firm.
“Singapore Medical Tourism Market By Type (Inbound v/s Outbound) By Services (Orthopedic Surgery, Cardiac Surgery, Cancer Treatment, Neurology & Neurosurgery, Cosmetic Surgery, Others), By Region, Company Forecast & Opportunities, 2026” has evaluated the future growth potential of Singapore medical tourism market and provided statistics & information on market size, shares, structure and future market growth. The report intends to provide cutting-edge market intelligence and help decision makers take sound investment decisions. Besides, the report also identifies and analyzes the emerging trends along with essential drivers, challenges, and opportunities in the of Singapore medical tourism market.
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