Consumer demand for high-quality services bolsters innovation
Singapore, 30 March 2015 – Singapore’s private outpatient diagnostic imaging services market is receiving a huge boost from a combination of factors including a growing aged population, higher prevalence of non-communicable diseases, and the influx of medical tourists. An estimated 80 percent of the primary healthcare services in the country are provided by private practitioners and the remaining by government polyclinics. In response to the substantial opportunities, device manufacturers are focusing their efforts on developing sophisticated imaging technologies and offering quality output.
New analysis from Frost & Sullivan, Singapore Private Outpatient Diagnostic Imaging Services Market (http://www.frost.com/q293927029), finds that the market earned revenues of US$127.8 million in 2013 and estimates this to reach US$273.0 million in 2019.
“With the increasing number of elderly and chronic disease patients, there is a marked shift in attitude from disease treatment to prevention,” said Frost & Sullivan Healthcare Consultant Poornima Srinivasan.
“Both patients and healthcare givers are seeking solutions that can aid in early diagnosis and regular monitoring, which, in turn, is driving the usage of diagnostic imaging services,” she added.
However, the market is somewhat constricted by the high capital expenditure on equipment. Hospitals and laboratories are also deterred by the service and maintenance costs of diagnostic imaging products such as Magnetic Resonance Imaging (MRI), Computed Tomography (CT), Positron Emission Tomography (PET), and Single Photon Emission CT (SPECT).
In addition, most diagnostic services, except for mammograms and colonoscopy, are not covered by the national insurance schemes in Singapore. Inadequate reimbursements tend to cause hospitals to defer their usage. Yet, consumer awareness regarding early diagnosis and intervention and the demand for low-radiation imaging equipment have made a strong case for sophisticated imaging technologies.
“The private outpatient diagnostic imaging market in Singapore is competing on technology and services rather than pricing,” noted Srinivasan.
“To retain their customer base and attract more customers, device manufacturers and service providers are aiming to invest in new technologies that can deliver more accurate results and a wider variety of tests,” she added.
Given the competitive nature of the market and end-user desire for novel, high-quality products, diagnostic imaging service providers with innovative technologies will flourish.
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Singapore Private Outpatient Diagnostic Imaging Services Market is part of the Advanced Medical Technologies (http://www.medtech.frost.com) Growth Partnership Service program. Frost & Sullivan’s related studies include: Drivers for Healthcare R&D Investment in Asia-Pacific, Technology Trends in Cardiac Imaging, Global Orthopedic Implant Market, and Multi-parameter Patient Monitoring Market in Asia-Pacific. All studies included in subscriptions provide detailed market opportunities and industry trends evaluated following extensive interviews with market participants.