Singapore has one of the longest life expectancy with females living to 86.42 years and males living to 82.13 years. Longer lifespan could mean more people requiring healthcare in their later years. According to the 2023 Legatum Prosperity Index, Singapore is ranked 1st among 104 countries, in the “health component” category which measures the extent to which people are healthy and have access to the services needed to maintain good health1.
According to the Ministry of Health, Singapore’s National Health expenditure could increase to $43 billion in 2030. Healthcare spending, comprising both public and private healthcare expenditure, is expected to account for 5.9% of GDP and could go up to 9.0% by that same time. This increase is largely attributed to rising government spending on healthcare, as well as the local population’s consumption of healthcare services, attributed largely to an aging population and a trend towards earlier diagnosis of chronic conditions, close monitoring, and follow-up2.
The Health Sciences Authority of Singapore is the world’s first to achieve highest maturity level in WHO classification3. Our high population density means a highly efficient coverage. Combining a world class regulatory structure reputation for your brand, with low-investment, this can form the test bed to larger markets in South East Asia. In addition, Vita Plus Medical’s team is highly trained to help you navigate this local market and beyond Singapore. To partner with us, please reach out to info@vitaplusmedical.com.
References:
- 2023 Legatum Prosperity Index.
- International trade Administration – Singapore, Healthcare (05-01-2024).
- WHO News (27-02-2022)