The out-of-pocket health expenditure in Singapore has been on a steady decline from 2013 to 2023, with a consistent decrease in the expenditure value observed year-on-year. As of 2023, the expenditure stood at 52.51 Units, reflecting an overall downward trend. The year-on-year variation shows that the expenditure has largely decreased, with the most significant annual reduction seen in 2014 (-5.35%). Over the last two years (2022-2023), a slight decline continued with an average decrease close to 0.67% per year. The compound annual growth rate (CAGR) over the last five years shows an average annual reduction of approximately 0.68%. Looking into the future, forecasts suggest the trend will continue, with an expected CAGR of -0.56% from 2024 to 2028, translating into a total decrease of around 2.79% over this period.
Future trends to watch for include:
- Potential policy changes or healthcare reforms that might further impact out-of-pocket health expenditure.
- Technological advancements in healthcare which could reduce costs and thus lower direct expenditures.
- Economic fluctuations that might influence personal spending capacities on health.
- Demographic changes, especially related to an aging population, that could alter healthcare consumption patterns.
