Singapore Diagnostic Labs Market to be Dominated by Pathology Test Type Through 2028F
The facility of home sample collection
and a progressively aging population are projected to fuel the Singapore diagnostic labs market in
the forecast period, 2024-2028.
According to TechSci Research report, “Singapore Diagnostic
Labs Market - By Region,
Competition Forecast & Opportunities, 2018-2028F,” the Singapore
diagnostic labs market is expected to grow at an impressive rate in the
forecast period, 2024-2028F. For a timely and an improved identification of
diseases, with an aim to check the increasing healthcare associated costs,
diagnostics have come up with an all-time solution in Singapore. Due to this
underlying reason, Singapore has also emerged as an excellent selection for
several global diagnostic industries to set up their regional businesses.
Established lab industries, along with high technology are also a
characteristic feature of Singapore. In addition, the country is in services
for the dispensation of many medical products all over Asia.
Singapore witnesses a
boom in infectious diseases, such as malaria, influenza, dengue, etc. every
year. It also observes a surge in HIV/AIDS victims each year. For example, 171
new cases were diagnosed with HIV infections in Singapore only during the first
ten months of 2022, out of which 55% were reported during the time of medical
care whereas the remaining 45% were revealed during an HIV screening. This rise
in infectious diseases across the country is likely to have a positive impact
on Singapore diagnostic labs market. Moreover, growing adoption of home
healthcare services in the country is further propelling the market.
Nevertheless, the inaccuracy of diagnostic test results and strict regulatory
policies associated with laboratory accreditation and various tests to be
performed can possibly slow down the market growth.
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XX market data Figures spread through 70 Pages and an in-depth TOC on "Singapore Diagnostic Labs Market"
The Singapore diagnostic labs market is segmented based on provider type, test
type, end user, regional distribution and competitive landscape.
Based on provider type, the
market is divided into stand-alone diagnostic labs, hospital-based diagnostic
labs, and diagnostic chains. The stand-alone diagnostic labs segment is
expected to lead the market in the forecast period, 2024-2028. This is because
of a variety of pathological and radiological tests offered by stand-alone labs
at an affordable price as compared to the hospital-based labs. Furthermore, the
increased consciousness has led to an increase in demand for general medical
check-ups which will drive the segment in the future.
Based on test type, the
market is split into pathology and radiology. The pathology test type will
dominate the Singapore diagnostic labs market in the forecast period. This can
be attributed to a number of benefits possessed by pathological tests such
as confirming the presence of a
particular disease, studying the efficacy of a treatment for a disease
(studying blood glucose levels for few months to check the diabetic control)
and also examining a response to a
therapeutic drug treatment.
Based on end user, the market
is categorized into referrals, walk-ins, and corporate clients. Referrals segment
is expected to observe lucrative growth during the forecast period. This is so
because most medical decisions are made by a physician on the basis of test
results obtained from different diagnostic tests. Additionally, there will be a
growth in the target diseases amongst all ages which will further drive the
segment.
Major companies operating
in Singapore diagnostic labs market
are:
- Innoquest
Diagnostics Pte. Ltd.
- Raffles
Diagnostica Pte. Ltd.
- Parkway
Laboratory Services Ltd.
- Quest
Laboratories Pte. Ltd.
- National
Healthcare Group Diagnostics
- Pathology
& Clinical Laboratory Pte. Ltd.
- Reste
Laboratories Pte. Ltd.
- Biomedics
Laboratory Pte. Ltd.
- Acumen
Diagnostics Pte. Ltd.
- Lifescan
Imaging Pte. Ltd.
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"Singapore has developed
world-class healthcare service abilities in terms of both skilled labor and
infrastructure. Despite having a population of fewer than 6 million,
Singapore's market appeals to diagnostic companies, and the country has
developed into a center for regional medical travel. Services for molecular
diagnostic testing are currently in high demand in the Singapore market which
is creating large investment opportunities in clinical laboratories. Moreover,
digital pathology will assist in achieving a high degree of diagnostic
precision & accuracy in image decoding with the quick increase in
next-generation equipment like fast scanners. Private independent labs working
with major corporations to provide medical examinations or health screenings to
both domestic as well as foreign patients is a significant trend which will
positively drive the Singapore diagnostic labs market." said Mr. Karan
Chechi, Research Director with TechSci Research, a research-based global
management consulting firm.
“Singapore
Diagnostic Labs Market By Provider Type (Stand-Alone
Diagnostic Labs, Hospital-Based Diagnostic Labs, Diagnostic Chains), By Test
Type (Pathology v/s Radiology), By End User (Referrals, Walk-ins, Corporate
Clients), By Region, Competition Forecast
& Opportunities, 2018-2028F” has evaluated the future growth
potential of Singapore diagnostic labs market and provides statistics &
information on market size, 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 Singapore diagnostic labs market.”
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