According to ASEAN Briefing, the health care system in Singapore is one of the Singapore's success stories according to to market insights firm done by Fitch Solutions. The Singapore’s healthcare stage 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.
The growth is largely depending on the increasing government spending on
healthcare, which is estimated at US$18 billion this year (or 5.9
percent of GDP) and will jump to US$50 billion by 2029. There will be around 26.6 percent of the country’s population who will be over the age of 65 in
2035. More
Singaporeans are using healthcare services, given its ageing population.
Comparing to other countries like Singapore, however, still spends less of its economy on healthcare than other major economies, such as the United States, which spends on average 17 percent of GDP (US$3.6 trillion) on healthcare annually. And yet, life expectancy at birth in Singapore is higher by two or three years compared to the UK and its infant mortality rates are among the lowest in the world, approximately half of that of Canada, the UK, and France.
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