SG ageing population to increase demand for additional health facilities, non-building sector

The healthcare spending of Singapore is seen to reach US$26.3b in 2025, according to Fitch Solutions.

Singapore’s rapidly ageing population is seen to spur demand in construction of additional healthcare facilities and non-residential buildings sector, with the spending for healthcare expected to reach US$26.3b in 2025 as its, Fitch Solutions said.

The proportion of the population above 65 years old increased from 9% in 2010 to 15.2% in 2020 and is expected to reach 22.5% by 2030 and over 33% by 2050, coupled with falling fertility rates and increased life expectancies.

“As such, given the combination of demographic factors, Singapore is expected to face increasing demand for additional healthcare facilities and facilities dedicated to elderly care in the next decade,” it said.

Fitch expects total healthcare spending in Singapore to reach US$26.3b by 2025 but a portion of this will go to existing public healthcare subsidy framework. Spending, in the immediate term, will prioritise COVID-19 pandemic and vaccination administration first, “and as such will see greater allocation for infrastructure as the market gradually recovers.”

“We expect this to feed into our growth forecasts for the non-residential buildings sector, alongside several ongoing projects in the commercial and industrial space, at an annual average of 6.1% in real terms over the coming decade,” it said.

Singapore currently has four hospital projects in the pipeline, as well as 15 primary care facilities (polyclinics) and 11 nursing homes under development. The government early this year said that it will set aside S$180m to develop over 200 eldercare centres by 2024.

The ageing population will also gradually affect the types of residential developments, it said, noting the launch of Singapore’s “first assisted living public housing development” earlier this year, the Bukit Batok Community Care Apartments designed for senior citizens.

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