It missed the region’s profitable market, which could grow to $172.1B by 2032.
Analysts say Singapore should use its advanced medical capabilities to attract high-net-worth individuals who don’t mind the cost of advanced treatments, as the city’s nation continues to fight for medical visitors in Southeast Asia.
Bijay Singh, head of Healthcare, DKSH Holding Ltd.’s business unit, told Healthcare, “Patients from regional markets, especially Indonesia and China, seek complex medical procedures and quality of value.”
Singapore faces competition from more cost-effective hubs such as Malaysia, Thailand, Indonesia and Vietnam, which all offer medical procedures at a fraction of Singapore’s cost.
According to the Ministry of Health as of January, in Singapore, bilateral breast reduction mastoplasty (500 grams per breast removal), surgeon-only costs up to $13,164 (17,600 seconds).
In response to the question via email, Singh said Malaysia provides treatment for up to 80% of the cities in 2 cities and simplifies the process for medical tourists.
More than a decade ago, Singapore shifted its focus from medical tourism to criticism, i.e., public resources were transferred to criticism of serving non-citizens. In October 2023, Health Minister Ong ye Kung Fu cites the negative impact of medical tourism on local care.
In a speech at an economic policy forum at the time, he said that many top doctors would rather provide better financial rewards in the medical tourism industry. “Citizens are starting to notice the difference in service levels between what they are going through and what medical visitors are going through and are not happy.”
However, Singapore may miss out on the health and health tourism market in Southeast Asia, which is worth $51.5B in 2023 and is expected to grow 12.7% to $172.1B annually by 2032, according to the Global Market Insights report.
Singapore’s strength lies in its cutting-edge treatments, such as proton therapy and its expertise in oncology, cardiology and organ transplantation, Singh said.
City countries are also investing in fertility treatments in amid a decline in birth rates and an aging population. He added that local hospitals can increase their appeal by offering comprehensive medical travel packages.
“Singh also can focus on the company's healthcare market,” Singh said. “This is said in English [people]This attracts Western companies and foreign patients from Western companies. ”
According to a report from CGS International Securities Singapore Singapore PTE, the Johor-Singra Mountain Special Economic Zone is expected to further transport patients to the hospital in Johor Bahru, according to a report from CGS International Securities Singapore Singapore PTE, which has affected Singapore's appeal. Limited
Singh said Indonesia has provided a streamlined process for medical visitors through its special economic zone in Batam, while Thailand is known for its affordability and high-quality services, especially in cosmetic surgery and health care treatment.
Raise appeal
Alec Lee, managing director of healthcare at US-based market intelligence firm Frontierview, told Healthcare Asia that Singapore should adopt flexible pricing strategies to stay competitive.
“An example of doing so could be maintaining high interest rates for complex procedures while providing flexible pricing models for routine processing or follow-up,” he said in an emailed reply. “Partnerships with insurance companies and medical tourism facilitators will be an additional driving force for increasing overall appeal.”
He noted that bundled services such as accommodation, transportation and post-treatment care can also provide better value for foreign patients.
Lee said Singapore’s strong regulatory framework is an advantage to attract foreign healthcare investment.
He added: “Singapore’s adoption of a holistic and flexible approach, combined with awareness of lower complication rates and reduced demand for duplicate procedures, can help justify premium pricing while at the same time demonstrating value for money.”
Singh said the government could also increase the attractiveness of city countries by expanding parcels and strengthening partnerships with global health insurers.
Lee said government support from institutions such as the Economic Development Commission and the Singapore Tourism Commission can help promote health care internationally.
He added: “Public-private partnerships in medical education and research can bridge the resource gap and enhance the country’s reputation as a leading healthcare hub, ultimately attracting more foreign patients.”
