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Singapore Health and Wellness Market Report by Product Type (Functional Foods and Beverages, Beauty and Personal Care Products, Preventive and Personalized Medicinal Products, and Others), Functionality (Nutrition and Weight Management, Heart and Gut Health, Immunity, Bone Health, Skin Health, and Others), and Region 2024-2032
Report Format: PDF+Excel | Report ID: SR112024A24256
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Singapore Health and Wellness Market Overview:
The Singapore health and wellness market is projected to exhibit a growth rate (CAGR) of 10.50% during 2024-2032. The market is driven by rapid urbanization, which leads to long working hours and higher levels of stress, along with the growing aging population that require more healthcare services to manage chronic conditions, age-related illnesses, and preventive care.
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Report Attribute
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Key Statistics
|
|---|---|
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Base Year
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2023 |
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Forecast Years
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2024-2032
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Historical Years
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2018-2023
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| Market Growth Rate (2024-2032) | 10.50% |
Singapore Health and Wellness Market Trends:
Rapid Urbanization
An article published in 2024 on the website of the Central Intelligence Agency (CIA) stated that the urban population of Singapore was 6.081 million in 2023. Urbanization often brings with it a faster-paced lifestyle, longer work hours, and higher levels of stress. Consequently, there is a growing demand for stress-relief solutions, mental health services, and wellness programs to help urban dwellers cope with these pressures. Additionally, urbanization leads to a change in lifestyle, most people spend hours driving in traffic and have less time for physical exercise. This is leading to the increasing prevalence of obesity, cardiovascular diseases and other diseases associated with lifestyle.
Therefore, there is a growing market for fitness facilities, active transportation options, and wellness programs aimed at promoting physical activity and combating sedentary behavior. In line with this, the developed areas signify enhanced physical pollution in the form of air and sound pollution that has potential impacts on the respiratory system, sleep quality, and overall health.
Growing Aging Population
As per the National Population and Talent Division, the citizen population aged 65 and above reached 19.1% in June 2023, compared to 11.7% in June 2013. As people are aging, they typically require more healthcare services to manage chronic conditions, age-related illnesses, and preventive care. This increasing demand for healthcare services is driving the growth in the healthcare industry, including hospitals, clinics, nursing homes, and home care services. Furthermore, as the senior population grows, there is an increase in demand for products and services customized to the needs of older persons. This comprises mobility aids and devices, home healthcare items and equipment, elderly-specific housing and accommodations, and senior care facilities. Companies that target this demographic can benefit from growing demand for aged care products and services.
In addition, as people live longer, there is a growing emphasis on healthy aging and maintaining quality of life in later years. This is fostering development of more preventive healthcare services, wellness programs and lifestyle changes as part of the aging process. As a result, several companies are offering products or services in the areas of nutrition, fitness, brain health, and social well-being.
Singapore Health and Wellness Market News:
- February 22, 2023: AIA Singapore, a leading life insurer in employee benefits, and WhiteCoat Holdings Pte. Ltd. partnered to provide end-to-end digital mental healthcare solutions covering mental wellbeing and mental health therapy.
- January 9, 2024: CapitaLand Wellness Fund (C-WELL) acquired its first asset in Singapore in a joint purchase with Ascott, CapitaLand’s lodging business unit.
Singapore Health and Wellness Market Segmentation:
IMARC Group provides an analysis of the key trends in each segment of the market, along with forecasts at the country level for 2024-2032. Our report has categorized the market based on product type and functionality.
Product Type Insights:
- Functional Foods and Beverages
- Beauty and Personal Care Products
- Preventive and Personalized Medicinal Products
- Others
The report has provided a detailed breakup and analysis of the market based on the product type. This includes functional foods and beverages, beauty and personal care products, preventive and personalized medicinal products, and others.
Functionality Insights:
- Nutrition and Weight Management
- Heart and Gut Health
- Immunity
- Bone Health
- Skin Health
- Others
A detailed breakup and analysis of the market based on the functionality have also been provided in the report. This includes nutrition and weight management, heart and gut health, immunity, bone health, skin health, and others.
Regional Insights:
- North-East
- Central
- West
- East
- North
The report has also provided a comprehensive analysis of all the major regional markets, which include North-East, Central, West, East, and North.
Competitive Landscape:
The market research report has also provided a comprehensive analysis of the competitive landscape. Competitive analysis such as market structure, key player positioning, top winning strategies, competitive dashboard, and company evaluation quadrant has been covered in the report. Also, detailed profiles of all major companies have been provided.
Singapore Health and Wellness Market Report Coverage:
| Report Features | Details |
|---|---|
| Base Year of the Analysis | 2023 |
| Historical Period | 2018-2023 |
| Forecast Period | 2024-2032 |
| Units | Million US$ |
| Scope of the Report | Exploration of Historical Trends and Market Outlook, Industry Catalysts and Challenges, Segment-Wise Historical and Future Market Assessment:
|
| Product Types Covered | Functional Foods and Beverages, Beauty and Personal Care Products, Preventive and Personalized Medicinal Products, Others |
| Functionalities Covered | Nutrition and Weight Management, Heart and Gut Health, Immunity, Bone Health, Skin Health, Others |
| Regions Covered | North-East, Central, West, East, North |
| Customization Scope | 10% Free Customization |
| Post-Sale Analyst Support | 10-12 Weeks |
| Delivery Format | PDF and Excel through Email (We can also provide the editable version of the report in PPT/Word format on special request |
Key Questions Answered in This Report:
- How has the Singapore health and wellness market performed so far and how will it perform in the coming years?
- What has been the impact of COVID-19 on the Singapore health and wellness market?
- What is the breakup of the Singapore health and wellness market on the basis of product type?
- What is the breakup of the Singapore health and wellness market on the basis of functionality?
- What are the various stages in the value chain of the Singapore health and wellness market?
- What are the key driving factors and challenges in the Singapore health and wellness?
- What is the structure of the Singapore health and wellness market and who are the key players?
- What is the degree of competition in the Singapore health and wellness market?
Key Benefits for Stakeholders:
- IMARC’s industry report offers a comprehensive quantitative analysis of various market segments, historical and current market trends, market forecasts, and dynamics of the Singapore health and wellness market from 2018-2032.
- The research report provides the latest information on the market drivers, challenges, and opportunities in the Singapore health and wellness market.
- Porter's five forces analysis assist stakeholders in assessing the impact of new entrants, competitive rivalry, supplier power, buyer power, and the threat of substitution. It helps stakeholders to analyze the level of competition within the Singapore health and wellness industry and its attractiveness.
- Competitive landscape allows stakeholders to understand their competitive environment and provides an insight into the current positions of key players in the market.
Need more help?
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