Singapore has always had a progressive healthcare system with prioritizing innovative solutions to the existing problems at a much faster pace. HealthTech startups have recently been the pioneers of the healthcare system in Singapore with their innovative services and an increasing number of companies providing varied services.
Key factors of Growth
According to a report published by the government of Singapore, healthcare would be one of the fastest-growing segments for consumer household expenditure at 6.4% per annum in ASEAN countries.
The key factors which would be contributing to this growth are the Ageing population, Rising Incomes, Under-developed healthcare system in some of these countries, and prevalence of risk behaviors such as smoking. As Singapore is one of the significant members of the ASEAN countries, it showcases these parameters to a large extent.
Singapore is expected to be 9% of the total Health-tech startup space in Asia. Singapore showed tremendous growth from 45 in 2012 to 174 in 2018 in the Health tech domain, evidence of the growing scenario of Singapore’s Healthtech startups.
These startups are a blend of innovations using technologies such as Artificial Intelligence, Blockchain, etc, a good amount of investments and expertise in managing these innovations. This has led to a successful run for mostly all HealthTech startups in Singapore.
The Health tech market of Singapore reflects two broader categories. One being Digitisation of Health Care System, which includes startups such as Biofourmis, Holmusk, Aureus, and many more.
The second category is the Consumerization of Healthcare which includes startups like HelloHealth, Homage, MyDoc to name a few.
Current trend in this space has led to giving broader services options to the users and has also led to innovations in both segments of healthcare.
The diverse and dense scene of Singapore health tech startups with a good amount of talent, innovation, capital, and experience has made it possible for startups to thrive out in the market. In the near future, we can only see the increase in this space with a good amount of new startups coming up and also raising capital to foster growth.
Efficient and Cost-effective solutions pave the way for a good consumer base and the startups are rightly understanding and implementing these strategies.
Corporation from the government has also led to the rapid increase of these startups. For instance, Holmusk recently announced its partnership with the National Heart Center of Singapore.
The startups use Machine Learning and data analytics to provide care to patients diagnosed with coronary artery disease. The collaboration of corporate and public health tech innovation has to lead to a dynamic ecosystem for these startups. In the coming times, this becomes a great opportunity for health tech to thrive in this region.