Updated on 21 January 2014
The top private healthcare service providers in Singapore, Malaysia and Thailand likely to witness revenue growth due to increased medical tourism
Singapore: Healthcare across the Asia-Pacific is in a state of accelerated evolution due to not only changing demographics, but also due to disruptions in the traditional industry value-chain, analyzes Frost and Sullivan.
While the top private healthcare service providers in countries like Singapore, Malaysia and Thailand are likely to witness between 15 to 20 percent revenue growth due to continued growth in medical tourism, a shift in balance of consumers where public healthcare is prioritised for those with greater need and growing customer sophistication, there is a need to focus on cost efficient delivery of healthcare through shared responsibility across the value chain.
With a significant increase in the old-age dependency ratio especially in industrialised countries like Australia, Japan and Singapore, aging populations have a higher demand for surgical interventions as well as aging in place supportive care. While these countries are seeing a transition in healthcare infrastructure towards day or ambulatory surgery as well as home healthcare, emerging markets in Asia have been been slower to adopt this as healthcare is still very much treatment oriented and hospital focused. With increasing patient population, budget constraints and shortage of resources impacting the current medical world, Asia has not been spared and efficiency is the buzz word in the management of every hospital and delivery of healthcare services.
Singapore faces the same challenges particularly with public healthcare facilities becoming increasingly over-crowded with patients. However, Singapore is an investment intensive country with a special focus on R&D investments. At the same time, the country is also ahead of the technology adoption curve as compared to other countries in the Asia-Pacific region and encourages consumers to use sophisticated technologies to support health and wellness.
The evolution and establishment of polyclinics or clinics, is both complementary to as well as a threat to the private hospital sector. Transitioning and ensuring seamless care across primary and tertiary centres is not seamless and holistic healthcare management is still a challenge. However, a well-established primary care infrastructure increases the accessibility for patients.