Singapore IVF Treatment Market Size, Share, Opportunities And Trends - Forecasts From 2022 To 2027

The Singapore IVF treatment market is expected to witness positive growth owing to the favorable initiatives taken by the government to promote the birth rate in the country. For instance, in June 2022, Singapore’s Ministry of Health announced to launch a scheme that would provide funding to couples for their pre-implantation genetic testing (PGT) during IVF treatment. Furthermore, the subsidy implementation by the government to reduce the overall IVF cost is also expected to accelerate the market for IVF treatment in Singapore. For instance, in January 2020, the Singapore government under its Assisted Reproduction Technology Scheme (ART) launched new subsidies that would cover 75% cost of assisted conceptual procedures (ACP) such as in-vitro fertilization for couples in public hospitals.

The high cost of living and coupled with low-income appraisal has led to less child planning among the residential population in Singapore, owing to which the government has undertaken necessary steps to boost the childbirth rate in such segment. For instance, the Singapore government, in August 2019, announced to reduce the IVF treatment cost for middle to low-income families who are trying to conceive.

Educational development and improvement in employment, societal attitudes, and values have further improved the market scope of IVF treatment since the improvement in such demographic trends leads to decisions related to marriages and child planning among couples. For instance, according to Singapore’s Ministry of Manpower, in 2022 the employment rate saw a 2.9% growth in comparison to the pre-pandemic level.

The economic outlook for Singapore is expected to show an upward trend owing to the various investment inflows, international collaborations, and initiatives taken by the government which has improved its GDP growth. For instance, according to Singapore’s Ministry of Trade and Industry, the country’s economy witnessed an expansion of 3.6% in 2022 and as per the same source the GDP grew by 2.1% on a year-on-year basis in the Q4 of 2022.

In-Vitro fertilization (IVF) treatment holds a higher success rate for women aging from 25-40 years as women of under such age group have a high probability of conceiving. Singapore is witnessing a positive increase in its female population aging which middle-aged females holding a significant share. For instance, according to the Population Trends 2021 issued by the Singapore Department of Statistics, in 2020, the percentage share of females aged 30-34 years stood at 32.8% which represented a significant increase over 25.1% in 2019.

National Health Expenditure:

The Ministry of Health estimates that by 2030, Singapore's national health expenditures could reach $43 billion. Healthcare spending, covering both public as well as private healthcare spending, is anticipated to make up for 5.9% of GDP and might go close to 9.0% by that same year.

The Singaporean government's Innovation and Enterprise Plan has a budget of about US$19 billion and focuses heavily on "Human Health and Potential," among other areas. The initiative is anticipated to improve the nation's medical device industry.

Moreover, the Ministry of Health, in collaboration with the Agency for Science, Technology, and Research, and other government entities, has increased its emphasis on continuing to invest in both translational and clinical investigation to keep up with developments in biomedical science and promote the creation of new medical therapy.