Healthcare sector faces pressure from mature market and foreign competition

Local patients often choose longer waits or affordable options in Malaysia, CGS International says.

Healthcare services providers in Singapore have limited opportunities for organic growth due to mature market dynamics and competition from public healthcare institutions, CGS International (CGSI) said.

In its report, CGSI attributed the limited growth in Singapore’s healthcare sector to local patients often opting for longer waiting times for non-urgent procedures and health screening packages or seeking more affordable options in Malaysia. Rising healthcare costs have also discouraged foreign patients.

However, CGSI highlighted that Singapore's ability to provide complex procedures, such as proton beam therapy (PBT), and specialized sub-specialties continues to draw patients from across the region who can afford premium treatments.

It expects the healthcare sector to remain under pressure, with consolidation unlikely in the near term.

Among healthcare players, CGSI identified QNM as its top pick in the sector, citing early signs earnings recovery in 1H24 and the acquisition of a Singapore dental clinic.

RFMD, on the other hand, is expected to face continued difficulties with its China hospitals, as minimal reductions in losses during 1H24 and weak revenue momentum.

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