Singapore Telemedicine Market Size & Outlook, 2023-2030
Singapore telemedicine market, 2018-2030 (US$M)
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Singapore telemedicine market highlights
- The Singapore telemedicine market generated a revenue of USD 4,085.4 million in 2023 and is expected to reach USD 14,342.3 million by 2030.
- The Singapore market is expected to grow at a CAGR of 19.6% from 2024 to 2030.
- In terms of segment, product was the largest revenue generating component in 2023.
- Services is the most lucrative component segment registering the fastest growth during the forecast period.
Telemedicine market data book summary
| Market revenue in 2023 | USD 4,085.4 million |
| Market revenue in 2030 | USD 14,342.3 million |
| Growth rate | 19.6% (CAGR from 2023 to 2030) |
| Largest segment | Product |
| Fastest growing segment | Services |
| Historical data | 2018 - 2022 |
| Base year | 2023 |
| Forecast period | 2024 - 2030 |
| Quantitative units | Revenue in USD million |
| Market segmentation | Product, Services |
| Key market players worldwide | Twilio Inc Class A, Teladoc Health Inc, Zoom Video Communications Inc |
Other key industry trends
- In terms of revenue, Singapore accounted for 3.6% of the global telemedicine market in 2023.
- Country-wise, U.S. is expected to lead the global market in terms of revenue in 2030.
- In Asia Pacific, China telemedicine market is projected to lead the regional market in terms of revenue in 2030.
- India is the fastest growing regional market in Asia Pacific and is projected to reach USD 15,114.5 million by 2030.
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Telemedicine Market Scope
Telemedicine Market Companies
| Name | Profile | # Employees | HQ | Website |
|---|
Singapore telemedicine market outlook
The databook is designed to serve as a comprehensive guide to navigating this sector. The databook focuses on market statistics denoted in the form of revenue and y-o-y growth and CAGR across the globe and regions. A detailed competitive and opportunity analyses related to telemedicine market will help companies and investors design strategic landscapes.
Product was the largest segment with a revenue share of 51.53% in 2023. Horizon Databook has segmented the Singapore telemedicine market based on product, services covering the revenue growth of each sub-segment from 2018 to 2030.
The government in Singapore is undertaking initiatives to boost telemedicine adoption in the country. For instance, as of May 2021, nearly 700 direct telemedicine service providers that meet the Ministry of Health’s process and governance measures are listed on its website.
This list includes hospitals, such as Alexandra Hospital, Jurong Community Hospital, & Raffles Hospital, and clinics, such as Admiralty Medical Center, Apple Wellness Center, and CMI Health Services. The Ministry of Health also aimed at licensing telemedicine services through its upcoming Healthcare Services Act.
The Healthcare Services Bill was approved in January 2020 before the COVID-19 pandemic. At that time, this was planned to be implemented in three phases from early 2021 to end of 2022. However, now the new timeline is September 2021 to March 2023.
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Target buyers of Singapore telemedicine market databook
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Our clientele includes a mix of telemedicine market companies, investment firms, advisory firms & academic institutions.
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30% of our revenue is generated working with investment firms and helping them identify viable opportunity areas.
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Approximately 65% of our revenue is generated working with competitive intelligence & market intelligence teams of market participants (manufacturers, service providers, etc.).
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The rest of the revenue is generated working with academic and research not-for-profit institutes. We do our bit of pro-bono by working with these institutions at subsidized rates.
Horizon Databook provides a detailed overview of country-level data and insights on the Singapore telemedicine market , including forecasts for subscribers. This country databook contains high-level insights into Singapore telemedicine market from 2018 to 2030, including revenue numbers, major trends, and company profiles.
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Singapore telemedicine market size, by component, 2018-2030 (US$M)
Singapore Telemedicine Market Outlook Share, 2023 & 2030 (US$M)
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