Singapore Private Outpatient Diagnostic Imaging Services Market : Sophisticated Technologies Present Opportunities in a Highly Vibrant Healthcare Industry
NEW YORK, March 19, 2015 /PRNewswire/ -- Key Findings
•Singapore's healthcare expenditure is increasing at a rapid pace. This will have a positive impact on the country's healthcare infrastructure and will result in greater spending on healthcare services, which include diagnostic services.
•An estimated x % of the primary healthcare services in Singapore are provided by private practitioners and the remaining x % by government polyclinics. With regard to hospitalization, public sector hospitals account for x % of the services while the remaining x % is provided by private hospitals.
•Singapore has the fastest ageing population (above 65 years) in Southeast Asia and presents opportunities for diagnostic imaging procedures.
•The private outpatient diagnostic imaging services market in Singapore is at the growth stage with an expected compound annual growth rate (CAGR) of x % between 2013 and 2019. This market is competing on technology and services rather than pricing.
•Magnetic resonance imaging (MRI) cases account for about x % of the market amongst other diagnostic imaging modalities. This share will continue to increase throughout the forecast period.
Methodology: The research methodology has been a combination of secondary and primary research. Project Aim: To develop an independent market insight on the revenue derived from services provided to outpatients through the diagnostic imaging modality in the Singapore diagnostic imaging services market. Service Provider Scope:
•Polyclinics & Medical Suites.
•Private Hospitals.
•Private Diagnostic Centers.
•Services provided by the government relating to the above is out of the scope of this market insight.
Project Objectives:
•To review the volume and pricing trends in the private outpatient diagnostics imaging services market for private outpatients in Singapore.
•To assess the key drivers, restraints, and trends in the market.
•To review the competitor environment in the market. Imaging Modality Scope: CT (computed tomography) scanners, MRI, ultrasound, X-ray, mammography, molecular imaging—PET (positron emission tomography)/SPECT (single-photon emission computed tomography).
Healthcare Expenditure—Singapore
•The healthcare expenditure as a percentage of Singapore's GDP was % as compared to % for OECD (Organization for Economic Co-operation and Development) countries in 2012. Countries such as the United States, Japan, United Kingdom, Australia, and Canada spend huge sums of money on healthcare services, which has helped them improve healthcare systems, delivering affordable products and better serving their ageing population. Singapore's healthcare expenditure level as a percentage of its GDP is about half that of the OECD countries, which indicates that its healthcare industry is underserved and that there is an immense opportunity for this industry to grow in the country.
•Singapore's total healthcare expenditure is expected to expand at a CAGR of x % between 2013 and 2019. Greater expenditure on healthcare indicates a higher public spending on healthcare facilities and greater spending on healthcare services (including diagnostic services) by the country's people. Singapore's growing healthcare expenditure may suggest an increase in the country's efforts to emphasize the importance of diagnostic services and education.
Healthcare Expenditure Breakdown
•Public health expenditure consists of recurrent and capital spending from government budgets, external borrowings, and grants, which include donations from international agencies and non-governmental organizations (NGOs), and social health insurance funds. Total health expenditure is the sum of public and private health expenditure. It covers the provision of health services (preventive as well as curative), activities in family planning as well as nutrition. It also covers emergency aid that is designated for healthcare.
•The rapidly growing private sector offers care to those that are privately insured, to patients from foreign countries, or to public patients who can afford very large out-of-pocket payments above levels provided by government subsidies.
•An estimated x % of the primary healthcare services in Singapore are provided by private practitioners and the remaining x % by government polyclinics. With regard to hospitalization, public sector hospitals account of 80% of the services while the remaining x % is provided by private hospitals.
Medical Tourism
•Singapore is Asia's leading medical hub with globally accredited healthcare providers, which deliver quality patient-centric care. Singapore's medical tourism has been receiving large numbers of medical travellers every year.
•Singapore's medical tourism market was estimated at $ x Million in 2013 and is estimated to expand at a CAGR of x % during 2013-2017.
•Singapore has been successful in providing quality assured medical services with trained medical specialists and first-class facilities. The country has many hospitals with JCI (Joint Commission International) accreditation, thereby making it an attractive option for international patients preferring quality services.
•Singapore has been a pioneer in introducing and developing medical tourism. It now faces stiff competition from Thailand and Malaysia. It continues to be a front-runner in the region and the country has taken adequate measures to grow medical tourism as a revenue generator for the economy.
•Singapore has established itself as a major hub of medical tourism in Asia. Patients from Malaysia, Indonesia, China, the United States, and Europe avail of numerous treatments every year.
•Singapore's medical tourism industry has grown phenomenally over the past years mainly due to the modern facilities and low cost of treatment as compared to other countries in the west. To cater to the increasing number of medical tourists, specialities focusing on neurology, orthopaedic, and cosmetic treatments have been opened during the recent years. Factors favoring this growth are a skilled workforce, high success rates of surgeries, and reduced waiting time.
Read the full report: http://www.reportlinker.com/p02768511-summary/view-report.html
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