Singapore Home Healthcare Market Insights Forecasts to 2033

• The Singapore Home Healthcare Market Size was valued at USD 469 Million in 2023.
• The Market is growing at a CAGR of 7.81% from 2023 to 2033
• The Singapore Home Healthcare Market Size is expected to reach USD 995 Million by 2033

The Singapore Home Healthcare Market is anticipated to exceed USD 995 Million by 2033, growing at a CAGR of 7.81% from 2023 to 2033. The increasing demand for cost-effective alternatives to curb the rising cost of healthcare and penetration of the virtual & remote care industry are driving the growth of the home healthcare market in the Singapore.     

Market Overview

Home healthcare is the medical care service that is delivered in the patient’s home. It helps the patient rest, recover, and receive treatment in the comfort of their own home or residence. These services may include wound care, medication administration, rehabilitation, and help with everyday tasks like bathing and dressing. In addition to helping people regain their freedom and become more self-sufficient while managing their illness or condition, home healthcare can improve both acute and chronic diseases. Further, home hospitalization has become recognized in the field of geriatric medicine as a therapeutic strategy which is due to the increased number of geriatric patient population who get hospitalized for longer duration. The growing use of telehealth services enables home healthcare practitioners to remotely monitor patients and offers continuous care. Further, the integration of technological advancements in medical equipment for cost-effective care and convenience is bolstering the market growth.

Report Coverage

This research report categorizes the market for the Singapore home healthcare market based on various segments and regions and forecasts revenue growth and analyzes trends in each submarket. The report analyses the key growth drivers, opportunities, and challenges influencing the Singapore home healthcare market. Recent market developments and competitive strategies such as expansion, product launch, and development, partnership, merger, and acquisition have been included to draw the competitive landscape in the market. The report strategically identifies and profiles the key market players and analyses their core competencies in each sub-segment of the Singapore home healthcare market.

Driving Factors

The concern regarding the growing demand for hospital beds and duration of hospitalization and cost is surging the demand for home healthcare. Further, the penetration of remote patient monitoring which is the approach of telehealth for screening programs and managing chronic diseases such as diabetes and hypertension is propelling the market growth. The penetration of virtual care including telemedicine services provides a range of medical services that are driving the home healthcare market. The benefits of home healthcare including convenience and the ability to provide care to people living in rural places or those with mobility limitations are contributing to driving the market.

Restraining Factors

The limited insurance coverage and shortage of homecare workers are restraining the Singapore home healthcare market.

Market Segmentation

The Singapore Home Healthcare Market share is classified into product, service, and therapeutic area.

• The therapeutic products segment is anticipated to hold the largest market share during the forecast period.

The Singapore home healthcare market is segmented by product into therapeutic products, testing, screening, & monitoring, and mobility care products. Among these, the therapeutic products segment is anticipated to hold the largest market share during the forecast period. Therapeutic products refer to pharmaceutical health products that are used for therapeutic, preventive, palliative, or diagnostic purposes. They contain chemical or biological substances, exerting effect either pharmacologically, chemically, or by other physiological means. The increasing prevalence of chronic disorders such as renal and respiratory diseases is driving the market demand.

• The skilled nursing services segment accounted for the largest market share during the forecast period.

The Singapore home healthcare market is segmented by service into skilled nursing, rehabilitation therapy, hospice & palliative care, unskilled care, respiratory therapy, infusion therapy, and pregnancy care. Among these, the skilled nursing services segment accounted for the largest market share during the forecast period. Nursing service care includes wound dressing, ostomy care, intravenous therapy, administering medication, monitoring the general patient's health, pain control, and other health support. The growing need for homecare services is contributing to drive market in the skilled nursing services segment.   

• The neurological disorders segment dominated the Singapore home healthcare market with the largest market share during the forecast period.       

Based on the therapeutic area, the Singapore home healthcare market is divided into oncological disorders, neurological disorders, respiratory disorders, movement disorders, cardiovascular disorders, pregnancy, wound care, diabetes, and others. Among these, the neurological disorders segment dominated the Singapore home healthcare market with the largest market share during the forecast period. The negative impact on patient’s daily functioning and independence due to neurological disorders such as Alzheimer’s disease, Parkinson’s disease, multiple sclerosis, and others surges the demand for home healthcare. The growing cases of dementia in the country are responsible for driving the market demand in the neurological disorder segment.

Competitive Analysis:

The report offers the appropriate analysis of the key organizations/companies involved within the Singapore home healthcare market along with a comparative evaluation primarily based on their product offering, business overviews, geographic presence, enterprise strategies, segment market share, and SWOT analysis. The report also provides an elaborative analysis focusing on the current news and developments of the companies, which includes product development, innovations, joint ventures, partnerships, mergers & acquisitions, strategic alliances, and others. This allows for the evaluation of the overall competition within the market.

List of Key Companies

• Active Global Home & Community Care
• Speedoc
• Prism
• Variantz
• NTUC Health Home Care Services and Biocomm Pte Ltd
• Homage Home Care
• Healthhub home healthcare
• Others

Key Target Audience

• Market Players
• Investors
• End-users
• Government Authorities 
• Consulting And Research Firm
• Venture capitalists
• Value-Added Resellers (VARs)

Recent Developments

• In March 2024, Singapore’s Ministry of Health (MOH) broadened the Mobile Inpatient Care @ Home (MIC@Home) programme to provide hospital-level acute care and support in patients’ homes. The expansion includes the improvement of rehabilitative care, community-based mental health, investment in healthcare infrastructure, and an increase in hospital capacity through more beds and manpower.

Market Segment

This study forecasts revenue at Singapore, regional, and country levels from 2020 to 2033. Spherical Insights has segmented the Singapore Home Healthcare Market based on the below-mentioned segments

Singapore Home Healthcare Market, By Product

• Therapeutic Products
• Testing
• Screening, & Monitoring
• Mobility Care Products

Singapore Home Healthcare Market, By Service

• Skilled Nursing
• Rehabilitation Therapy
• Hospice & Palliative Care
• Unskilled Care
• Respiratory Therapy
• Infusion Therapy
• Pregnancy Care

Singapore Home Healthcare Market, By Therapeutic Area

• Oncological Disorders
• Neurological Disorders
• Respiratory Disorders
• Movement Disorders
• Cardiovascular Disorders
• Pregnancy
• Wound Care
• Diabetes
• Others