Singapore’s healthcare market is anticipated to reach S$29.8 billion in 2020, media reports said. This reflects a 9 percent increase on last year’s healthcare market growth of S$27.3 billion. That said, the market is expected to double to S$68.7 billion by 2029, based on Fitch data.

The city-state’s market growth is largely attributed to the government healthcare spend. It is reported that the estimated spend for this year is at $18.4 billion and is expected to triple to $50 billion by 2029.

According to Fitch 2020 forecast, major infrastructure costs are involved. A new general and community hospital is underway and is slated for completion by 2030. This will help to ease workload on the Changi General Hospital (CGH).

Singapore Health Services, also known as SingHealth will run the new hospital in the east. The existing Alexandra Hospital will be redeveloped to run trials on new patient care models. The first phase of the hospital’s redevelopment is expected to be completed by 2030.

The national healthcare spend increased from $13 billion in 2012 to $22 billion in 2017, reflecting a 11 percent increase every year.

Health Minister Gan Kim Yong, told the media, “The healthcare demand has grown substantially as a result of population growth and ageing. This is partly the result of making care more accessible and affordable to all, and partly due to earlier diagnosis and closer monitoring and follow-ups for medical conditions. The range of treatment options has also expanded as the frontiers of medicine advance, increasing utilisation, but at the same time improving life spans and the quality of life.”