Singapore Private Health Insurance Market – Industry Trends and Forecast to 2030

Singapore Private Health Insurance Market, By Type (Critical Illness Insurance, Individual Health Insurance, Family Health Insurance, Disease-Specific Insurance, and Others), Health Plan Category/Metal Levels (Bronze, Silver, Gold Platinum, and Others), Provider Type (Health Maintenance Organizations (HMOS), Preferred Provider Organizations (PPOS), Exclusive Provider Organizations (EPOS), Point-Of-Service (POS) Plans, High-Deductible Health Plans (HDHPS) , and Others), Age Group (Young Adulthood (19-44 Years), Middle Adulthood (45-64 Years), and Older Adulthood (65 Years And Above)), Distribution Channel (Direct Insurance Companies, Insurance Aggregators, and Others) – Industry Trends and Forecast to 2030.

Singapore Private Health Insurance Market Analysis and Size

A health insurance policy consists of several types of features and benefits. It provides financial coverage to policyholders against certain treatments, health insurance policy offering advantages including cashless hospitalization, pre and posts hospitalization coverage, reimbursement, and various add-ons. In the health insurance plan, several types of coverage are available: cashless or reimbursement claim. The cashless benefit is available when the policyholder takes treatment from the network hospitals of the insurance company. If the policyholder takes treatment from the hospitals that are not in the list network, in that case, the policyholder meets all the medical expenses and then claims for reimbursement in the insurance company by submitting all the medical bills.                              

Data Bridge Market Research analyzes that the Singapore private health insurance market which was USD 6231.43 million in 2022, would rocket up to USD 7568.15 million by 2030, and is expected to undergo a CAGR of 2.40% during the forecast period. This indicates that the automatic pipetting robots segment dominates the type segment of the Singapore Private Health Insurance Market owing to the growing demand for automation in laboratories and other research applications. In addition to the insights on market scenarios such as market value, growth rate, segmentation, geographical coverage, and major players, the market reports curated by the Data Bridge Market Research also include depth expert analysis, patient epidemiology, pipeline analysis, pricing analysis, and regulatory framework.

Singapore Private Health Insurance Market Scope and Segmentation

Market Definition

Health insurance is a type of insurance that provides coverage for all kinds of surgical expenses and medical treatment incurred from the illness or injury. Health insurance applies to a comprehensive or limited range of medical services that cover the full or partial costs of specific services. Health insurance provides financial support to the policyholder as it covers all the medical expenses when the policyholder is hospitalized for the treatment. Health insurance also covers pre as well and post-hospitalization expenses.

Singapore Private Health Insurance Market Dynamics

Drivers

• Mandatory Health Insurance

In Singapore, citizens and permanent residents are covered by a mandatory health insurance scheme called MediShield Life. However, this basic insurance may not cover all healthcare expenses, leading many individuals to seek additional private health insurance coverage.

• Comprehensive Coverage

Private health insurance plans in Singapore offers more comprehensive coverage, including higher claim limits, coverage for pre-existing conditions, access to private healthcare providers, and additional benefits such as international coverage and access to specialized treatments.

• Supplementing Employer Coverage

 Many individuals opt for the private health insurance to supplement their employer-provided health insurance coverage, which may have limitations or not fully meet their needs.

• Rising Healthcare Costs

Healthcare costs in Singapore have been increasing due to various factors, including an aging population, advanced medical technology, and increased demand for healthcare services. Private health insurance helps individuals manage these rising costs by providing financial protection.

Opportunities

• Desire for Choice and Flexibility

Private health insurance offers individuals greater choice and flexibility in terms of healthcare providers, treatments, and facilities. This appeals to those who prefer more control over their healthcare decisions.

• Expanding Middle Class

The expanding middle class in Singapore has led to increased awareness of the importance of health and healthcare. As a result, more individuals are seeking private health insurance to ensure that they receive the best available care.

• Regulatory Support

The Singapore government has implemented policies to encourage the development of the private health insurance market. These include initiatives to enhance transparency, consumer protection measures, and regulatory frameworks that support innovation and competition.

• Medical Tourism

Singapore is renowned for its high-quality healthcare system and attracts patients from around the world for medical treatment. Private health insurance may offer international coverage, catering to individuals who travel for medical purposes.

Restraints

• Affordability:

Private health insurance premiums can be expensive, especially for comprehensive coverage. Affordability remains a significant challenge for many individuals, particularly for those with lower incomes or those who perceive the premiums as too high relative to their perceived healthcare needs.

• Pre-existing Conditions and Exclusions

Private health insurance plans often have exclusions or waiting periods for pre-existing conditions, which can limit coverage for individuals with existing health issues. This may discourage some potential customers from purchasing private health insurance or result in higher premiums for individuals with pre-existing conditions.

• Information Asymmetry

Understanding the complex terms, conditions, and coverage options of private health insurance plans can be challenging for the consumers. Information asymmetry, where insurance providers have more information than consumers, can make it difficult for individuals to make informed decisions about which plan best suits their needs.

Challenges :

• Adverse Selection

Adverse selection occurs when individuals with higher healthcare needs or pre-existing conditions are more likely to purchase private health insurance, while healthier individuals may opt out. This can lead to an imbalance in the risk pool, with a higher proportion of high-risk individuals covered by insurance. As a result, insurance providers may face increased claims costs, which can lead to higher premiums for policyholders and potential challenges in maintaining the financial sustainability of private health insurance plans.

This Singapore Private Health Insurance Market report provides details of new recent developments, trade regulations, import-export analysis, production analysis, value chain optimization, market share, the impact of domestic and localized market players, analyzes opportunities in terms of emerging revenue pockets, changes in market regulations, strategic market growth analysis, market size, category market growths, application niches and dominance, product approvals, product launches, geographic expansions, technological innovations in the market. To gain more info on the Singapore Private Health Insurance Market contact Data Bridge Market Research for an Analyst Brief, our team will help you make an informed market decision to achieve market growth.

Recent Development

• In March 2022, AXA published a paper which shares expert insights for businesses to shape and improve their wellbeing and mind health plans to empower more people to be the best version of themselves. This has in turn helped the company to attract more customers from all the regions
• In October 2020, Great Eastern launches GREAT CareShield disability insurance plans for their customers. This has helped the company to build a strong base in Singapore and Malaysia

Singapore Private Health Insurance Market Scope

The Singapore Private Health Insurance Market is segmented based on health plan category/ metal levels, provider type, age group, distribution channel. The growth amongst these segments will help you analyze major growth segments in the industries and provide the users with a valuable market overview and market insights to help them make strategic decisions for identifying core market applications.

Type

• Critical Illness Insurance
• Individual Health Insurance
• Family Health Insurance
• Disease-Specific Insurance
• Others

Health Plan Category/Metal Levels

• Bronze
• Silver
• Gold
• Platinum
• Others

 Provider Type

• Health maintenance organizations (HMOS)
• Preferred provider organizations (PPOS)
• Exclusive provider organizations (EPOS)
• Point-of-service (POS) plans
• High-deductible health plans (HDHPS)
• Others

Age Group

• Young Adulthood (19-44 Years)
• Middle Adulthood (45-64 Years)
• Older Adulthood (65 Years and Above)

Distribution Channel

• Direct Insurance Companies
• Insurance Aggregators
• Others

Singapore Private Health Insurance Market Regional Analysis/Insights

The Singapore Private Health Insurance Market is analyzed and market size insights and trends are provided by country, type, health plan category/metal levels, provider type, age group and distribution channel as referenced above.

The countries covered in the Singapore Private Health Insurance Market report are Singapore.

Singapore is expected to witness significant growth during the forecast period of 2023 to 2030 due to the rising demand of health insurance policies.

The country section of the report also provides individual market-impacting factors and changes in regulation in the market domestically that impact the current and future trends of the market. Data points such as downstream and upstream value chain analysis, technical trends, Porter's five forces analysis, and case studies are some of the pointers used to forecast the market scenario for individual countries. Also, the presence and availability of global brands and their challenges faced due to large or scarce competition from local and domestic brands, the impact of domestic tariffs, and trade routes are considered while providing forecast analysis of the country data.   

Research bases institutes Growth Installed Base and New Technology Penetration

The Singapore Private Health Insurance Market also provides you with a detailed market analysis for every country's growth in medical or research laboratories expenditure for capital equipment, installed base of different kind of products for Pipetting Robots Market, impact of technology using life line curves and changes in regulatory scenarios and their impact on the Pipetting Robots Market. The data is available for historic period 2010-2020.

Competitive Landscape and Singapore Private Health Insurance Market Share Analysis​​​​​​​

The Singapore Private Health Insurance Market competitive landscape provides details of competitors. Details included are company overview, company financials, revenue generated, market potential, investment in research and development, new market initiatives, global presence, production sites and facilities, production capacities, company strengths and weaknesses, product launch, product width and breadth, and application dominance. The above data points provided are only related to the companies' focus related to the market.

Some of the major market players operating in the Singapore Private Health Insurance Market are:

• Aetna Inc. (U.S.)
• Cigna (U.S.)
• AIA Group group limited ( Hong Kong)
• Allianz ( Germany)
• HSBC group (Hong kong)
• Tokio Marine (Japan)
• AXA ( France)
• Prudential Assurance Malaysia Berhad (Malaysia)
• Raffles medical group ( Singapore)
• Bupa Global (U.K.)
• Aig Asia Pacific Insurance Pte. Ltd (Singapore)