Rising demand for quality healthcare services and increasing disposable income of the population are expected to drive the demand for Singapore medical tourism market during the forecast period.
According to TechSci Research report, “Singapore Medical Tourism Market By Type (Inbound vs Outbound) By Services (Orthopedic Surgery, Cardiac Surgery, Cancer Treatment, Neurology & Neurosurgery, Cosmetic Surgery, Others), By Region, Forecast & Opportunity) Report, 2026 “, the Singapore medical tourism market is expected to experience steady growth during the forecast period, 2022-2026. Medical tourism is defined as a planned trip across borders to benefit from a 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’s health system has established international service centers to patients to provide medical tourist assistance to international patients.
They work with hospitals and provide information such as hospital pricing to patients and coordinate appointments with health specialists. Singapore is expanding the healthcare system by opening new hospitals and setting up facilities to reach other countries, encouraging them to avail medical tourism facilities. Patients prefer to take advantage of Singapore healthcare facilities for complex treatment in the fields of oncology, neurology, ophthalmology, organ transplants and stem cell transplants, among others. The availability of healthcare systems along with the support and assistance from the local tourism department and leading market authorities are expected to drive the growth of the market over the next five years.
The COVID-19 epidemic across the world, declared a pandemic by the World Health Organization, has had a negative impact on several countries. Major authorities in Singapore have imposed lockdown restrictions and issued a set of precautionary measures to contain the spread of the novel coronavirus. Patients affected by the coronavirus began to suffer from shortness of breath, coughing and sneezing. Due to the temporary ban on international travel around the world, patients could not travel abroad for medical treatment and had to resort to health facilities in their own country.
Hospitals were overloaded with coronavirus patients and all resources were spent on treating coronavirus patients. Medical tourism has been hit hard during this period and is expected to accelerate after the easing on international travel is lifted. The availability of rapid means of transport to take the patient to the desired location, as well as the presence of attractive tourist destinations around health facilities, such as shopping malls, amusement parks, food centers, among others , are expected to boost the medical tourism industry during the forecast period. .
However, lengthy reimbursement processes and difficulties encountered during international travel, such as VISA approval issues, language barrier, unavailability of documents, may hamper the growth of the medical tourism market over the course of the year. the forecast period.
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Singapore medical tourism market is segmented into type, services, regional distribution, and enterprise. Depending on the type, the market can be divided into entering and exiting. The inbound segment is expected to represent a significant market share during the forecast period, 2022-2026, owing to the high-end investments for the development of healthcare facilities by the major authorities and market players. Presence of easy regulations to invite patients from other countries is expected to influence the demand of the medical tourism industry during the forecast period.
Mount Elizabeth Hospital, National University Hospital, Raffles Hospital (Raffles Medical Group), National Cancer Center, National Heart Center Singapore, National Dental Center, Singapore General Hospital, Changi General Hospital, Gleneagles Hospital, National Skin Center, Johns Hopkins Singapore International Medical Center , Tan Tock Seng Hospital and Farrer Park Hospital are the major players operating in the medical tourism market in Singapore. Manufacturers are increasingly focusing on research and development processes to fuel higher market growth. To meet changing customer demand for efficiency and sustainability, several medical tourism manufacturers are offering their offerings at the cutting edge of technology.
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“The high-end healthcare spending and the huge allocation of funds for research and development activities for the technological advancement of the existing healthcare system is expected to pave the way for the growth of the medical tourism market. The use of advanced technologies to provide quality treatment with high precision, in addition to the presence of a plethora of health facilities covered by insurance, which further facilitates cashless transactions, is expected to accelerate the growth of the market. medical tourism market during the forecast period. Supporting government policies and adoption of attractive marketing strategies by market players for the expansion of the healthcare system and fueling the growth of the medical tourism industry through 2026 ”, said Mr. Karan Chechi , Research Director at TechSci Research, a global research-based management company. consulting firm.
“Singapore Medical Tourism Market By Type (Inbound vs Outbound) By Service (Orthopedic Surgery, Cardiac Surgery, Cancer Treatment, Neurology & Neurosurgery, Cosmetic Surgery, Others), By Region, Business Forecast and Opportunity, 2026” Assessed the future growth potential of the Singapore medical tourism market and provided statistics and information on the market size, share, structure and future growth. The report aims to provide cutting edge market insights and help policymakers make sound investment decisions. In addition, the report also identifies and analyzes emerging trends as well as key drivers, challenges and opportunities in the Singapore medical tourism market.
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