Singapore Medical Tourism Market to Grow at a Steady Rate through 2026
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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