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Singapore's healthcare market set to grow by 9% this year
https://www.straitstimes.com/business/economy/fitch-spore-healthcare-market-set-to-grow-by-9-this-year

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1. Growing demand for diagnostics (X-rays, Ultrasounds, and MRIs)

Diagnostics entails the identification of an illness or symptoms that could convert into a potential disease.

Asia is the fastest-growing region in this space, with a double-digit growth rate of nearly 13%.

Singapore hopes to capture the opportunities of this fast-growing market, by attracting innovative companies to develop investible diagnostic assets that could potentially improve healthcare outcomes and bring down overall medical costs.

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Singapore’s 2018 healthcare cost inflation hits 10%, 10 times the economic inflation rate. https://www.businesstimes.com.sg/government-economy/singapore-2018-healthcare-cost-inflation-hits-10-10-times-the-economic-inflation

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Microeconomics Prelim Analysis (Price Elasticity of Demand)

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Microeconomics Prelim Analysis (Price Elasticity of Demand)

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2. Cost of healthcare

Subsidiaries applies to Singapore citizens and permanent residents only

Public healthcare funded by taxes which covers only one-fourth of Singapore’s total health cost

Medishield: a basic health insurance scheme use to pay for large bills

Medisave: a mandatory saving plan of worker’s wages (singapore is preparing the residents)

Singapore imposes user fees for all healthcare services - a policy designed to reduce overuse of non-necessary medical services

Ministry of Health publishes public and private treatment fee benchmarks regularly which gives patients an estimate of how much they should expect to pay for care

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Industry gateway to healthcare market with IT
https://www.aseanbriefing.com/news/singapores-healthcare-industry-gateway-to-aseans-healthcare-market/

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4. Industry gateway to healthcare market with IT

Growing demand for pharmaceutical products, which Singapore have a manufacturing base.

The government’s key strategies have been to transform the healthcare sector through IT-enabled systems, strong clinical research, improving long-term care, and moving towards sophisticated care.

Singapore’s healthcare market is expected to grow to US$29 billion in 2020, a nine percent increase from the previous year, and could more than double to US$67 billion by 2029.

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Ageing Population effects on healthcare
https://epochtimes.today/ageing-population-singapore-challenge/

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3. Ageing Population effects on healthcare

The hospital admission is targeted to hit 791,000 yearly, up from the current 520,000. Healthcare expenditure for the ageing republic is set to triple to S$44 billion by 2030.

Therefore the increasing number of beds in hospitals is still insufficient to accommodate the ageing population in Singapore.

Though sufficient to meet Singapore’s Healthcare 2020 target, it is barely a quarter of the total number of beds required by 2030.

To meet the required quota, more hospitals would have to be built within the next decade. By then, they would also need to be operationally ready.

The ageing population in Singapore and a possibly slow economy by 2020 can create a huge healthcare burden, if managed poorly.

Looking beyond 2020, Singapore will face an increase in projected healthcare demand

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Good selection of key information sources.
You can consider to categorize/group your analysis under the main concepts learnt: Demand, Supply, Price Elasticity of Demand, Market Structure, etc.
- Mr Matthew Pon

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Growing demand for diagnostics in Singapore’s healthcare
https://www.edb.gov.sg/en/news-and-events/insights/innovation/growing-demand-for-diagnostics-in-singapores-healthcare.html

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More jobs opportunity in the healthcare sector to be created by end of 2021

https://www.straitstimes.com/singapore/health/7500-jobs-and-1600-training-opportunities-in-healthcare-sector-to-create-by-end

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Cost of healthcare in Singapore
https://www.pacificprime.sg/blog/singapores-healthcare-system/#:~:text=Singapore's%20public%20healthcare%20is%20funded,Central%20Provident%20Fund%20(CPF).

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Insurance linked to high medical inflation

https://www.straitstimes.com/singapore/health/insurance-linked-to-high-medical-inflation

https://smartwealth.sg/healthcare-cost-statistics-singapore/

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Singapore’s unemployment rate decreasing in the healthcare industry

https://www.tnp.sg/news/singapore/almost-5500-jobs-offer-singapores-healthcare-sector

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1.  Singapore's healthcare market set to grow by 9% this year

Singapore’s healthcare market is expected to grow to $29.8 billion this year, a 9% rise over last year’s (2019) $27.3 billion.

By 2029, the market will more than double to $68.7% billion.

As a proportion of gross domestic product (GDP), Singapore's healthcare spending - comprising public and private healthcare expenditure - is expected to account for 5.9 percent of GDP this year and could go up to 9 percent by 2029.

It estimated a more modest rise for private healthcare expenditure, from a forecast of $11.4 billion this year to $18.8 billion in 2029.

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4. Singapore’s unemployment rate decreasing in the healthcare industry

Job opportunities increase for those in the healthcare sector and there are both executive and support roles available.

There are also 760 training opportunities.

Some of the professional roles offered are registered nurses who can earn up to $5,200 a month and allied health professionals who can earn up to $5,000 a month.

According to the ministry, about 8,350 individuals were employed into jobs and training positions from April 2020 to November 2020.

93% were placed into short-term positions which includes swabbers and swab assistants since Covid-19.

This decreases the unemployment rate in the healthcare industry as Singapore needs more manpower in that sector in light of the Covid-19 situation.

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2. Singapore’s 2018 healthcare cost inflation hits 10%, 10 times the economic inflation rate.

Singapore’s medical trend rate in 2018 was 10%, 10 times more than the estimated inflation rate of 1%

Singapore’s headline inclination officially came in at 0.4%

Singapore is 6th place out of the 11 Asian countries surveyed, with cost inflation only slightly lower than the average of 10.4%

Globally, the top 3 health-related risk factors that greatly influence the rise of medical costs are; metabolic and cardiovascular risk, dietary risk, and emotional/mental health risk

In Asia, environmental risks are the second biggest contributor as high pollution levels affect health in many of the major Asian cities.

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5. More jobs opportunity in the healthcare sector to be created by end of 2021

Amid the economic doom and gloom, the healthcare sector could create much needed opportunities

thousands of job and training positions in the works for a wide spectrum of people, even if some do not have healthcare experience.

7,500 jobs and 1,600 traineeships, attachments and skills training opportunities created from now until the end of next year

Most of these positions are suitable for fresh graduates entering the workforce and mid-career job seekers - with or without a background in healthcare.

The healthcare sector will always need people in all hiring positions, across all areas

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3. Insurance linked to high medical inflation
(1st link)

Studies show that Singapore’s medical inflation is partially driven by supplier-led factors (high-cost pharmaceuticals and biologics)

Singapore’s ageing population, longer lifespan, and increasing affluence are major factors pushing up medical inflation

(2nd link)

The general inflation rate for the healthcare industry in 2018 was 1% and expected to be 1.4% in 2019. However, the inflation rate in 2018 was 10% and expected to be 10.1% in 2019

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Very good analysis on how product/industry [healthcare] contributes to SG economy :)
You can consider including broad analysis on the overall/aggregate economic indicators of SG, as well as how the current economic climate has impact the product/industry.

Cheers,
Mr Matthew Pon