Singapore Medical Tourism Market Insights Forecasts to 2033

• The Market Size is Growing at a CAGR of 19.7% from 2023 to 2033
• The Singapore Medical Tourism Market Size is Expected to hold a significant share by 2033

The Singapore Medical Tourism Market Size is anticipated to hold a significant share by 2033, Growing at a CAGR of 19.7% from 2023 to 2033. The increasing inbound travel and technological advancements in the healthcare industry are driving the Growth of the medical tourism market in Singapore.     

Market Overview

Medical tourism refers to the practice of traveling to receive medical care. Singapore stands out as a destination for medical tourism with its quality medical facilities, qualified professionals, and advanced technology. With numerous JCI-accredited hospitals, top-notch medical care is provided to the patients in the country. Prestigious organizations such as the Singapore Medical Council and Singapore Nursing Board have accredited the highly skilled doctors. The usage of social media for marketing and promotion of medical tourism destinations in the country is providing lucrative market growth for medical tourism. Further, the incorporation of AI-powered systems in medical tourism for enhanced patient experience, streamlined operations, and ensuring optimal treatment outcomes are driving the market growth.      

Report Coverage

This research report categorizes the market for the Singapore medical tourism 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 medical tourism 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 medical tourism market.

Driving Factors

Compared to an estimated 6.3 million visits in 2022, Singapore had 13.6 million tourists in 2023, a 115% increase. The increasing inbound travel is propelling the market for medical tourism. The technological advancements in the healthcare industry are propelling the market growth. For instance, there is driving advancement in the healthcare industry including integration of AI in health institutions, development of predictive preventive care, and IT infrastructure systems in collaboration of Ministry of Health with Health Promotion Board (HPB), Synapxe, the public healthcare clusters (National Healthcare Group, National University Health System, and SingHealth), and national clinical translational programmes.

Restraining Factors

The challenges associated with medical tourism including lack of infrastructure, language barriers, lack of regulations & accreditation, difficulty in promotion, and legal issues associated with different country laws are restraining the Singapore medical tourism market. Further, the lack of effective follow-up treatment in the home country is a challenging factor that may be responsible for hampering the market.

Market Segmentatio

The Singapore Medical Tourism Market share is classified into treatment type and service provider.

• The medical treatment segment dominated the market with the largest market share during the forecast period.       

Based on the treatment type, the Singapore medical tourism market is divided into medical treatment, cosmetic treatment, and alternative treatment. Among these, the medical treatment segment dominated the market with the largest market share during the forecast period. Most of the hospitals and specialty centers in Singapore offer high-quality healthcare. The increasing cases of chronic disorders are driving the market demand as patients seek medical tourism options for accessing comprehensive care for disease management.

• The private segment accounted for the largest market share during the forecast period.

The Singapore medical tourism market is segmented by service provider into public and private. Among these, the private segment accounted for the largest market share during the forecast period. The private sector delivers world-class medical facilities and the availability of advanced medical infrastructure and technological advancements. The rising adoption of advanced technologies and the availability of accredited private care providers are driving the market growth.

Competitive Analysis:

The report offers the appropriate analysis of the key organizations/companies involved within the Singapore medical tourism 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

• Apollo Hospitals
• Fortis Healthcare
• Asian Heart Institute
• KPJ Healthcare Berhad
• Livonta Global
• Gleneagles Hospital
• Others

Key Target Audience

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

Market Segment

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

Singapore Medical Tourism Market, By Treatment Type

• Medical Treatment
• Cosmetic Treatment
• Alternative Treatment

Singapore Medical Tourism Market, By Service Provider

• Public
• Private