Singapore’s private hospital market to grow by 13% between 2015 and 2020

The government plans to add at least 1,700 acute beds in 5 years.

Competition in the healthcare sector is likely to remain strong given the onslaught of new infrastructure coming into the public sector.

According to a report by OCBC, in response to capacity pressure faced by our public healthcare sector, the local government continues to place focus on the industry as they expect to add at least 1,700 acute beds by 2020.

Ng Teng Fong General Hospital is also slated to open by July this year. Moreover, specialist centres will expand and be upgraded – a new Centre for Oral Health at NUH is expected to open by 2019, which would increase dental services and provide more training capacity for dentists and dental therapists. All in, Singapore’s healthcare expenditure is estimated to grow from US$9b in 2015 to US$13b in 2020.

Singapore’s private hospital market is expected to grow at a rate of 13% between 2015 and 2020. IHH is still ramping up its Mount Elizabeth Novena Hospital, and Raffles Medical Group’s hospital extension is expected to open in 2017. OCBC thinks that the improved healthcare assurance for Singaporeans may lead to higher demand and waiting time at public healthcare institutions, thus as a result, there could be a patient shift from the public to private sector especially from the middle- to upper- income group.